According to a recent Gartner study of 700 buyers across the US, EMEA, Brazil, India, and China, consumers spend only 32% of their purchasing journey interacting with supplier-side content or sales people. The majority of their time is devoted to internal assessments, peer discussion and listening to the recommendations of external experts.
Last week I was in Berlin to attend this year's EU-Startups Conference. The Conference is an event for aspiring entrepreneurs aiming to build global companies from within Europe. An occasion for founders, startup enthusiasts, corporates and investors to come together, network and discover opportunity.
Most European startups will need to expand beyond their borders to break even and become profitable, these are things to consider when growing beyond the EU
Once you've found traction in your home market, it's logical to set your sights on expanding beyond your borders. Most European startups know that their primary market is only their first market, and identifying new markets is crucial to breaking even and beginning to make a profit. But breaking into new markets can put significant strain on a well-established business, let alone a startup.
As a business owner, it's exciting to see your business expand into new countries. On the flip side, international expansion can bring an array of new challenges.Often small businesses wander into global growth by accident. The result of an opportunistic deal in another country. The deal went smoothly, the sales process was similar, and now the sales team is excited by the prospect of expanding into a new market.
There are specific events that trigger customers into a buying mode, you can use these events to make your marketing more effective.
Marketing has changed a lot in the past decade. It has become far more data-driven and by using the data correctly, small businesses can derive huge value from their marketing initiatives. This excites me. It means that without spending large sums of money and by being agile, small companies can take on the incumbents in a market.
How do modern marketers stay ahead of the pack? By being Agile, by having the ability to quickly test new ideas, gather real-time data on their effectiveness and make rapid course corrections based on their success or failure.
I was going through my usual morning ritual; preparing my first cup of coffee (in Italy), checking in with the talented Paula and Simi (based in Romania), preparing for a call with the Indoo.rs team in Vienna, and flipping through the queries on HARO – yes, I can multitask.
Are you considering growing your business and expanding into new markets? Have you thought about the effect growth may have on your business? That growth doesn’t necessarily translate into more profit.