Last night at TechHub Bucharest we discussed the challenges that startups face when tackling new markets with a couple of experienced specialists who opened up some very interesting subjects. We got to discover important insights about unfamiliar markets who have tremendous potential and great advice on platforms and tools was shared. Since a lot of information was presented in a condensed time-frame, we thought you might find it useful to read some of the highlights and keep them close in case you should need them.
Alexandra Marcu, Senior Director Corporate Marketing Avangate - How to Expand Globally and Sell Locally
- Setting up specific goals and constantly measuring them should be part of any process in your startup
- Innovate in your product, but don't try to reinvent the wheel when it's not necessary
- Don't drift away from your product and your core business; outsource everything else
- Keep an eye on the competitors: pricing, messaging, positioning, campaigns
- It's a good idea to start with a global approach and move to a local target approach when you grow, down the road
- Expand your reach: multiply your marketing power with affiliates and partners
- Explore any opportunity to attract new customers with Power Promotions: Cyber Monday, Black Friday, etc.
- Integrate all your campaigns, communication and promotion channels. Maintain consistency and don't overpromise.
- Test, experiment and optimize continuously. Keep an eye on changing buyer behaviour.
- Taxation is major headache for a startup selling worldwide - do your research and get good legal advice.
- Target developed and emerging countries in tandem - use specific strategies, local currencies and different prices best suited to shoppers in each market.
- Match regional prices in local currencies for specific product/subscription options
- Have a strong offer to tackle competitors - in some cases, localized pricing will enable you to position your products as better alternatives to local offerings.
- Have a fully localized strategy: subscription and upgrade prices, no matter what changes occur in the user's life (changing countries of residence, etc.).
- Localize your marketing campaigns: upselling and cross-selling, including the products' pricing and details.
- Accelerate your time-to- market for the local strategies so you can iterate quickly and optimize even faster.
Some important stats:
- Research shows that customers are more likely �to purchase� if the shopping cart is displayed in their native language (more than 70%) and their preferred payment method is listed as an option. - 80% of shoppers in Europe are less likely to buy goods online if the website is not in their own language. - 42% online buyers said they would never buy products or services online in a different language.
Dan Brasoveanu, Global PPC Campaigns Manager Bitdefender - The go-to markets
Tips on how to scale:
- market research & insights - pricing, product and creative assets localization - distribution network or platform - go to market plan - A/B testing, MVT testing, the optimization works - look at the local players who dominate the online landscape and use the preffered local networks - research information about user habits, preferences and communicated in their own language.
Bogdana Orzu, Marketing Manager KeepCalling - Inside International Marketing
- Understand the customer and have a good product to sell.
- Get native inside (localize for the right customers, set up remote teams, etc.).
- What gets measured gets done: set your objectives and key performance indicators.
- Your marketing goals should be aligned to your business goals, so build your ecosystem this way from the start.
- First cut is the deepest: getting the first customer on an international market can be a very educational experience.
- Combine a double strategy: address core values (like Apple does) and measure and iterate (as Google does).
- Make marketing a core business competency: learn that marketers are an entrepreneur's best friends, get advice and promote from the moment you have a viable product.
- Build a team & know how both in your HQ and in your remote markets, if you have the resources.
Some useful tools: - Search: Adwords Keyword planner, Adwords Ad preview tool, SEMrush, Adgooroo, FaceBook Graph Search - Display: Adwords Display Planner - Listening tools: Google alerts, Tweetdeck, Radian6, Tagboard.
Our lovely moderator, Bogdana Butnar, Google Business Development/Telco-Tech, also presented some interesting news for the startup community in Romania: the launch of Google Export, a program you'll definitely want to read more about.
See you guys at the next meetup!