How To Succeed in New Markets - The CMOs Perspective

28/07/2020
39f63fa9 d26a 45b0 8572 2ef3ef44696e

The Roundtable of Chief Marketing Officers

One of the biggest marketing investments to be made by any firm is the decision to export and serve international markets.

It is an attractive idea for many companies when they have achieved a strong position in their home market and customers from other markets begin enquiring about their products or services. For example, any American firms benefited from American GI’s introducing their products to new markets at the end of World War II. It wasn’t the result of a marketing plan but a side benefit of their loyal customers going abroad.

Sometimes there are many challenges in the domestic market and the home government actually wants to encourage firms to export to gain much needed dollar/euro/pound sterling revenue and create local jobs. These firms usually enjoy a cost advantage and did not initially think of a marketing strategy but only order fulfillment. China pursued such a strategy during the past 30 years when it originally opened up to the West.

Other countries such as Canada and Turkey have many successful entrepreneurs and their government is doing a very good job in providing export programmes to support new product launches in new markets to help them succeed. 

International experience defines best in class CMOs 

Shopify, Hootsuite, Canada Goose and Lulemon are four notable Canadian brands that have found international success through their marketing efforts. Large companies will usually benefit from a Chief Marketing Officer who can provide strategic direction in approaching new markets.

In any case, success internationally in new markets requires significant marketing effort and most importantly marketing leadership. Many companies make the mistake of assuming the brand and marketing plan in their home market will work again in the new market. It requires the marketing team to shift their thinking to understand the cultural barriers and the local competitors.

Usually the existing management team has an intuitive understanding of their home market developed over years of engaging with customers and delivering improved business results year in and year out. They may not be marketing experts but their experience has provided them with the wisdom and insight.

However, when that same management team approaches a new market they lack that in-depth knowledge.

If they do have a Chief Marketing Officer, they do have someone who understands marketing strategy but without actual international experience, that same individual will realise they need expert help.

How can SME’s compete globally?

Smaller organisations will probably rely on the CEO and some of the marketing executives to lead the charge into the new market. 

What they all sense is their lack of knowledge and experience of the new market may hinder their success even if the value proposition of the product or service is compelling. It is precisely at this moment, that a roundtable of marketing experts is one of the best ways to get some exceptional marketing brains on your export initiative. 

However, where do you find international marketing talent when you have no presence in the foreign market? You need an insiders perspective of your target export market.

Benefit from an outsiders perspective with an insiders knowledge 

At gigCMO, we have had many satisfied customers use our gigCMO RoundTable of international Chief Marketing Officers to validate the opportunity and approach to new export markets. 

Our clients have told us they value four key benefits:

1) An outside perspective.

We bring the best fractional CMOs from within your industry or beyond to collaborate in a peer review to vet your  business strategy and marketing execution.

2)  No long term commitment.

You can engage the gigCMO Roundtable for only the number of hours you require. Normally, the session itself last 1-2 hours 

3) High return on investment.

Can you imagine the value of leading CMOs working with you for export success? 

4) Speed of response.

We are available when you need us.

Whether or not it is looking at the marketing strategy or key elements of the go-to-market programme such as how to ensure high conversion rates in your sales funnel or how to develop the best inbound and content programmes, our team of marketing brains will help you ensure the greatest chance of success.

At gigCMO, we are motivated by your international trade challenges. We understand international marketing - the strategy and the tactics. We understand the role marketing technology (martech) plays in the business. We bring a very valuable outside perspective. We understand that special feeling when you are winning in your export markets.

You need marketing brainpower and gigCMO has it.

To read more about leadership click here