Things You Should Know to Make Your Business Grow: Recent Episodes
gigCMO
gigCMO is a business growth consultancy in the UK, the US, Europe, India and China.
Our team of experienced, international, and talented fractional Chief Marketing Officers and CEO Whisperers are available to drive your business and global growth forward with pragmatic advice.
gigCMO solves all of the hassles of bringing in an injection of commercially driven, customer-focused, c-suite marketing expertise when you need it, where you need it and only for as long as you need it
We have four engagement models:
CMO RoundTable CMO Expertise on Demand CEO Whisperer CMO Whisperer for developing up and coming talent
How can Local Businesses Compete in the Global Marketplace? Every business can gain more customers and opportunities beyond their local or home country markets. However, businesses serious about succeeding in their global expansion must be ready to face some tough competition.
Local businesses must understand the unique challenges and opportunities of the global marketplace and develop strategies that allow them to stand out from the competition. We will explore some key factors that can help local businesses compete in the global marketplace and thrive in a rapidly changing business landscape.
You can make the process much smoother for your business by partnering with gigCMO. Our Fractional CMO services cater to start-ups, scale-ups, and SMEs who are looking to grow their business and revenue.
Contact us today and learn more.
Introducing UK businesses to international expansion opportunities in Canada Learn about exploring business opportunities in Canada and contact gigCMO for further guidance on expanding your business internationally.
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Ways to Respond to Disruption As disruption becomes the norm, businesses are grappling with the crucial decision of how to respond effectively. The best course of action is to view disruption as an opportunity to seize the many new areas of strength and competitive advantage that will arise due to the inevitable status quo changes.
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Adapting to Digital Disruption Digital disruption has transformed customer expectations and behaviour and created new opportunities for innovation and business expansion. Businesses need to harness the power of digital tools and strategies to effectively scale operations, leverage automation and digital marketing to drive growth and optimise efficiency.
By offering specialised solutions and knowledgeable advice, we at gigCMO are dedicated to assisting businesses to thrive in digital disruption.
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Disruption Vs. Innovation: What’s The Difference?It's been over a decade since Harvard professor Clayton Christensen created the concept of disruptive innovation, but ever since, the terms innovation and disruption have frequently mixed the two concepts. Understanding the difference between disruption and innovation is essential for businesses looking to identify opportunities for growth and remain competitive in an ever-changing market.
Let us show you how to foster an innovative culture within your company and use the power of continuous improvement to achieve success.
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Business Disruption: Everything You Need To KnowDisruption has become the key imperative in business. With new technologies, changing customer preferences, and unpredictable events like pandemics, companies face constant challenges that require them to adapt quickly to stay ahead of the curve.
Contact gigCMO today for help communicating your value proposition in a way that generates revenue and growth.
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Is Your Business Committed To Innovation?Those who are genuinely 'committed innovators' (as named by McKinsey) outperform their peers. In this podcast, we delve into research from the global management consultancy, which notes that innovation "leaders generate twice as much revenue growth from innovation as others do", to find out how.
What to turn your business into a committed innovator? Ready to expand globally? Talk to gigCMO! Connect with us through Linkedin
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"Why is business growth a choice - are you making it?"A new report finds that business growth isn't a matter of luck - it's a proactive choice. So, what choices do you need to make to grow your business, and how could you inadvertently choose not to grow?
'Growth' is the buzzword of the day - specifically, 'business growth'. It's just about the only thing that Rishi Sunak, Liz Truss and Keir Starmer can agree on; Business growth is the golden ticket out of inflation and out of recession and into greater economic stability.Ready to expand globally? Talk to gigCMO! Connect with us through Linkedin
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How British Companies Can Cross the Pond Successfully to the American Market?High-growth companies of every kind have a powerful desire to expand internationally, but it is all too simple to miss chances if you adopt the wrong strategy. But it does not mean it is a bad idea; it just means that, if you are eyeing up new areas, you need to start being strategic with your marketing right away.
Why not take advantage of the resources available through gigCMO to help you achieve your business's global aspirations? The path to success may not be easy, but it is certainly within reach with gigCMO.
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The ultimate guide for international market expansion Localised and personalised experiences are the expectation of the modern customer. However, more than simply being up to date, as a business in a new and competitive market, these are the hallmarks that help generate trust and remove barriers to purchase for new customers.
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A playbook for business expansion into new marketsIn this podcast, we want to examine why business expansion into new markets needs a strategic approach and how to go about it for the best chance of success.
We are advocates of the importance of an outside perspective to hold up a mirror to your business plans and decision-making, if for no other reason than to galvanise your choices.
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Why suffer a recession when new markets beckon?
As a team with international scope and expertise spanning the UK, Europe, Canada, the USA and the countries of the Arabian Gulf we can offer a view on international expansion. When many UK businesses are feeling the pinch of recession, that international perspective can be game-changing.
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Nine Signs Your Company Needs Fractional CMO ServicesBusinesses that want to be competitive need to prioritise marketing, but without the right leadership, all marketing efforts may be ineffective.
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Changing the way you think from start-up to scale-upWhen you've maximised your initial network and have grown off the back of your USP alone, what's the mindset difference that takes you from start-up to scale-up?
Creating a powerful partnership. Find out more about how the relationship between sales and marketing drives business success.
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Businesses that embrace diverse and inclusive opinions at the Board level and in a variety of ways see tangible benefits to culture, innovation, and the bottom line.
In a complex world, clarity is critical. This article looks at key factors that help business leaders find clarity of purpose and process to grow their business successfully.
What is the difference between the businesses that sink and the ones that swim in the wake of a crisis? Recognising changes in consumer habits, and the ability to change them, are key.
Businesses that routinely innovate will thrive as we hurtle toward an age of disruption. While old rules of thumb about navigating difficult times may work for some, for others, the best approach is to lean into the challenge and innovate your way through the waters of economic uncertainty.
Whatever stage your company is at, there are questions you should ask yourself to help create a marketing strategy that will increase business and grow awareness of your organisation. In this episode, we look at 15 questions that will help you create a marketing strategy that will increase business and grow awareness of your organisation.
Last year, McKinsey published their ten growth rules based on empirical research into what it takes to generate value-creating growth today. Three of these rules struck a particular chord with us for their essential role in differentiating your business in the marketplace and putting competitive advantage first. As we begin a year in which individuals, companies and national economies grapple with inflation and recession, those with an appetite to thrive know that the key is robust and consistent revenue growth. So, what's the number one rule of business growth?
In the early days of modern marketing, E. Jerome McCarthy, an author and a professor at Michigan State University, developed the four Ps within the marketing mix. This was detailed in the influential book Basic Marketing: A Managerial Approach, which he co-authored with W Perrault Jr and JP McCann in 1960. The four Ps were pivotal in really allowing brand managers to think strategically about their organisation and distil the ingredients that separated their brand from all the others. It's that nuanced knowledge - a brand's 'secret sauce' - that continues to see one brand thrive while another merely rumbles along or fails.The long-standing success of the four Ps in the marketing mixFor those who are unaware, the four Ps stand for:* Product: the element that satisfies a consumer need * Price: the cost to buy the product or service * Place: the marketplace where people can buy your product or service * Promotion: all advertising and promotional activities
As we head towards 2023, it’s a time to reflect on the challenges and opportunities presented to businesses and business leaders in the new year. It is no secret that the commercial environment is changing at an ever-increasing pace, but none more so than in the last three years. The move towards digital consumption has escalated tenfold, and the factors that feed into that make it an ever more competitive environment with less predictable consumer behaviours. Customers are savvier than ever; they are not just informed by low prices but by brand values and a deep sense of wariness. For example, Gartner noted that 81% of customers turn off data tracking on their phone/apps and push notifications, while 75% use an ad blocker. Gimmicks no longer sway customers; the emphasis, particularly for a business looking for longevity and cumulative growth, is customer experience built into everything from customer service to platform functionality and marketing messaging.
Marketing is The New SalesThe mindset shift has changed from old-school sales to modern marketing. That means that instead of focusing on making a sale and moving on, marketing is about building long-term customer relationships with a view to sustainable business growth and repeat sales/ subscription retention. This podcast delves deeper into how marketing has become the new sales and what that looks like for modern businesses.
Creating a powerful partnership. Find out more about how the relationship between sales and marketing drives business success.
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The Things Every Business Leader Should KnowIt's necessary to have people within your ranks who will challenge your thinking, and it's essential to have the agility to evolve. However, the most intangible skill a leader - in business or government - needs to have, is the ability to unite teams and galvanise them to achieve their goals.
In short, teams must believe in you and your message; that's more than a marketing slogan - that's about brand purpose.
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Business Leaders - Are You Sure You know What Game You're Playing?Your most significant competitor is the one you don't yet know exists. Your most important challenge is one you can't predict. Your most significant opportunity is probably not the one you think it is. So, how do you get ahead in a world of change beyond our wildest comprehension?
Want to be a game changer? Find out how gigCMO can help
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Is Your Business Committed To Innovation? Those who are genuinely 'committed innovators' (as named by McKinsey) outperform their peers. In this podcast, we delve into research from the global management consultancy, which notes that innovation "leaders generate twice as much revenue growth from innovation as others do", to find out how.
What to turn your business into a committed innovator?
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Why Martech is the Key to Growth Hacking In this episode, we look at why marketers underutilise their marketing capabilities and how business leaders can galvanise their resources to win in the market.
Grow your business with bluechip marketing expertise. Find out about gigCMO’s Fractional CMO talent on demand
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In this podcast episode, we talk about, 'How To Build Geopolitical Resilience in Your Business'?
Resilience has been an important topic for businesses in the last few years, and it seems that it is not going anywhere soon.
- How can you build geopolitical resilience within your business in the face of fragmenting global order?
- What business leaders worry about the most
- Is now the time for market expansion?
Grow your business with bluechip marketing expertise. Find out about gigCMO’s Fractional CMO talent on demand
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In this week's podcast episode, we talk about. How Do You Return From 'Crisis' Marketing?
The economy has not yet recovered from the global economic crisis. Businesses are forced to alter their marketing strategies and communications plans, hoping to survive in a marketplace where they are unsure how best to position themselves: how do we position ourselves in this post-global economic crisis?
Grow your business with bluechip marketing expertise. Find out about gigCMO’s Fractional CMO talent on demand
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Could Your Perspective Be Affecting Your Business Success?
In this episode, we explore how firms view their competitors and how this process contributes to their success. We study an insightful paper from Sruthi Thatchenkery at the School of Management at University College London and Riitta Katila from the Department of Management Science and Engineering at Stanford University.
Grow your business with bluechip marketing expertise. Find out about gigCMO’s Fractional CMO talent on demand
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Business Growth In A Cold Climate As a report by McKinsey explores the 10 rules of value-creating business growth, based on empirical evidence since the 2008 global financial crisis, we reflect on their findings for achieving business growth in challenging economic climates.
In this podcast, we talk about:
- The challenge of business growth
- McKinsey's 10 'rules' for business growth
- A winning, scalable formula for business growth
- Grow in your core industry to drive revenue
- Expand internationally
- Organic growth and acquisitions
- Pruning your business portfolio
Grow your business with bluechip marketing expertise. Find out about gigCMO’s Fractional CMO talent on demand
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Market share: The Value of Knowing the Numbers When going into a new market or launching a new product or service, it's always important to consider alternative future possibilities. It is surprising how few firms do so when assessing potential market share. In addition to considering the Total Addressable Market, businesses should also consider their Serviceable Addressable Market and their Serviceable Obtainable Market when planning their business development strategy.
In this podcast, we talk about understanding your market share, and the importance of market share analysis to grow your business.
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In this week's podcast, we talk about why small businesses need a marketing department.
Every company needs a marketing capability. Why? Because marketing is how you reach out to customers, identify their needs, and retain them. It's how you find new customers and keep them coming back. In short, marketing is how you sell yourself.
The questions you need to ask yourself in today's world are:
- What marketing functions need to be within the organisation?
- Which ones need to be close to it?
- And which ones should be outsourced?
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Multichannel marketing research from Mckinsey, surveying 3,500 decision-makers in 12 markets, has shown that "what customers want from omnichannel is "more" - more channels, more convenience, and a more personalised experience. And if they don't get what they're looking for, they'll take their business elsewhere." In this podcast, we talk about, "Omnichannel marketing is the future of business success" Customers want an omnichannel approach to sales and customer service. What do companies need to do to retain customer loyalty?
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For many businesses, finance is the primary focus, dominating decision-making and business development processes. However, while finance is important in itself, it isn't a driver for business growth and success. For business growth, you need customers - returning ones, recommended ones and ones who will recommend you. That's why savvy businesses are placing their emphasis on customer centricity and customer experience.
In this podcast, we look at the hallmarks of truly customer-centric businesses, the business benefits customer-centricity brings, and how to set out on a path to better understanding and improving the customer experience at your firm.
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What do businesses need to know about artificial intelligence to support the future of business and business growth?
From machine learning (ML) to reinforcement learning (RL), deep learning (DL) to natural language processing (NLP) and transformer architecture. Artificial intelligence (AI) and its impact on business (and life beyond it) is becoming more real, impactful, and wide-reaching than ever before. In the most recent State of AI Report (the fourth annual review of AI and its impact on the world), authors Nathan Benaich - General Partner of Air Street Capital, and Ian Hogarth - an angel investor in 100+ start-ups, have explored the progression of artificial intelligence across the board, including research breakthroughs, the demand for talent, and the impact on industry and politics. We highly recommend reading it - although you may want to do so with a large cup of coffee. So, what do businesses need to know about artificial intelligence and the future of business?
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In this week's podcast we talk about, "Why is business growth a choice - are you making it?"
A new report finds that business growth isn't a matter of luck - it's a proactive choice. So, what choices do you need to make to grow your business, and how could you inadvertently be choosing not to grow?
'Growth' is the buzzword of the day - specifically, 'business growth'. It's just about the only thing that Rishi Sunak, Liz Truss and Keir Starmer can agree on; Business growth is the golden ticket out of inflation and out of recession and into greater economic stability.
Our website: www.gigcmo.com
Connect with us on Linkedin: www.linkedin.com/company/gigcmo/
In this week's podcast, we talk about, "Tactical Marketing vs Strategic Marketing: What's the Difference?"
We all have marketing ideas for making our businesses profitable. But do we know how to implement the right marketing tactics, or is that the first thing that comes to mind when we're asked to market a business? Is it strategic marketing or tactical marketing?
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In this week's podcast, we look at the role of a marketing consultant or marketing consultancy and explore how they can help to make your marketing department more dynamic.
The marketing world is changing rapidly, particularly over the last two years, as your customers' behaviours and needs are changing more quickly than ever, which can be difficult for a marketing department to keep up with. The need to be agile and dynamic enough to adapt, keep up with the latest trends, and keep marketing teams engaged and motivated is critical for any business, while remaining true to its brand values and core business objectives is more important than ever.
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In this week's podcast we talk about, "Start-ups need to think differently in the current market"
In a challenging market, start-ups need to do is scale-up, showing that they have the strength to weather the economic storm and continue to attract investment.
Start-ups are exciting. People have the opportunity to make a lot of money because, in that fledgling phase, there is a high level of risk. Right now, few people have the stomach for gambling. What start-ups need to do is scale-up, showing that they have the strength to weather the economic storm through a strong market presence, a loyal customer base and by developing a brand value that drives sales but is also worth more than the sum of its parts. The key to that is marketing.
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Plato famously wrote: "our need will be the real creator", which over time morphed into the proverb, "necessity is the mother of invention". Certainly, it seems that the world is currently in need of something.
In this episode of "How do board actions strengthen CMO performance?"
A broad cross-section of CEOs feels that their CMOs are not financially accountable and often seem ineffective. This is not a new problem, but it doesn't appear to be going away either. It can't be that every CMO out there isn't up to the task; instead, it's a question of defining the role and expectations for the modern business.
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In these podcast episode, we talked about "Business Growth through Marketing Reinvention"
Businesses today are complex, and the rapid changes in marketing processes are an ongoing challenge for all. The past few years have amplified the digital transformation over the past decade, causing a sea change in how businesses engage with customers. Despite these rapid changes, marketing remains the same - it's all about insight and people.
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Businesses are faced with a particularly potent set of challenges at the moment. The pandemic’s commercial legacy is a combination of drained coffers, skills shortages, materials shortages, delivery delays, high levels of consumer demand and relatively low tolerance levels.
It seems to be a universally acknowledged truth that the Queen's recent Platinum Jubilee celebrations were a great success - for her, for the monarchy and the UK.
On the one hand, it was a joyful occasion after so much stress and strain around the world in recent years, and poignantly, one in which people could celebrate together.
However, it was also more than that. It was a moment that showed the monarchy doing what it does best - putting the shine back on brand Britain, and as always, there's a lesson in that about the enduring power of brand for all of us.
Business expansion into a new market or territory is an exciting time for any business. However, lots of companies approach new markets without a properly structured approach. Invariably this is the result of thinking that you can repeat whatever you did in your home market that has resulted in success - a mistake that often leads to failure.
Pre-pandemic, most people went to the office to work, whether permanent employees, consultants or business partners. Irrespective of having a meeting or a full day of data processing, most work was transacted in person. Today that balance of work has shifted. Now, instead of the assumption that people meet in person unless told otherwise, now the assumption is that they will join a video call unless told otherwise.
Why have a Fractional CMO when you could employ a marketing director? Isn’t it the same thing? Not exactly. For some, a Fractional CMO works alongside an employed marketing director, offering an outside perspective. For others, a Fractional CMO provides a better fit than a full-time marketing director, delivering different benefits that suit some businesses and organisations more than others.
Find out more about gigCMO’s services.
With great power comes great responsibility, so goes the saying, but it also tends to come with an awful lot of yes men/women. Whether you're the CEO of a large conglomerate or the founder of a flourishing scale-up, everyone needs someone they can rely upon to give an honest opinion about the matters of the day. In short, every CEO needs a counterweight.
The way we think about business growth, development, marketing strategy, and competitors also needs to shift for CEOs. It's no longer about looking at your industry and thinking about where you rank amongst the known leaders; it's about looking at the global picture - across sectors - and understanding where the opportunities are.
Any CEO or business founder will know that your team constitutes the biggest line item on your profit and loss (P&L), but your team is also one of the most valuable parts of your organisation. So, when it comes to recruitment, you need to get it right. That means getting the best person for the job and the best person for your working environment.
In this podcast, gigCMO will uncover the needs of your business from the perspective of marketing today.
Going from start-up to scale-up requires a change of thinking. So how do you make sure your business is amongst the unicorns of the scale-up world and not just another flash in the pan?
We talk a lot about the 'brand' - brand value, purpose-driven brands, brand essence, brand values, and brand character in marketing. The brand is an essential part of a company's long-term success and will be some of the most valuable intellectual property (IP) the company may ever create. But for startups, it's arguably not the immediate priority - your mission is. However, the two are often confused, especially in the early stages of building a company.
While deeper research can be done into understanding your target market, we have found that in B2B businesses, there are essentially three personas that can be typically identified in the sales process. Each of these personas needs to be considered in strategic discussions, with their role, challenges, and influence taken into consideration.
Events are a big part of many businesses. Whether it’s a conference that a team member is speaking at or an exhibition where you have a stand or even a webinar, they can be great for brand awareness. However, given the investment requires both time and money, CEOs need to make sure that it is executed to the same standard as other business-building initiatives. That requires a playbook.
We look at Swiss psychiatrist and psychoanalyst Carl Jung's archetypes in personality and psychology and show how using them as a guide can help you define the essence of your brand and connect with customers and potential customers on a deeper level.
Post-pandemic, we're getting our heads back in gear. Businesses don't just want to survive; they want to thrive, and the key to that is a customer focus.
Keeping a brand relevant is both the challenge and the privilege of successful businesses. If you’re successful enough to stay in the game for any period, then the odds are you will need to put in the work to keep the customer experience positive and your brand relevant.
With 12½ trillion hours spent online last year, and new records for social media use, the data available to businesses about consumer behaviour is growing. Following a new Digital 2022 Global Overview Report, there is plenty for business leaders and marketing experts to digest and consider when updating their marketing strategy in line with business objectives. The report is extensive, although it makes for interesting and recommended reading for CEOs and business leaders, giving you an insight into the behaviour of your customers to maximise opportunities. Here, we have pulled out some of our observations to help you plan for the upcoming financial year.
We are in the business of listening. There’s nothing more exciting than having a conversation with someone passionate about their business, learning their story, where they came from, where they want to go, and sometimes, what challenges they’re facing in the interim as well. Through listening to CEOs, we build relationships, and, over time, we occasionally find that there’s an appropriate way for our Fractional CMOs to provide strategic support through our on-demand or roundtable services.
Maybe you have a marketing department, and maybe you don’t. Maybe you have a CMO, maybe you don’t; the people who come to us tend to be business owners at mid-size businesses, SMEs and scale-ups. While we do work with large enterprises, most of these have the bench strength that means they don’t need our support- the exception being the need for an outside perspective on particular challenges.
Certain things in business and marketing are not that different from one company to the next. The mechanics of marketing, the fundamentals of business- these do not vary enormously. We collectively talk at length about best practices. However, there's a big difference between following a template and knowing what you're doing. In this article, we look at some of the tools that are readily available to you and what a marketing expert really brings to the table.
Your CMO is central to business growth, but how do you hire the right one?
Business is competitive, so how can you give your firm a competitive advantage that is difficult to beat? You need the best people for the job. Finding the right person for the job combines informed hiring processes, rigorous candidate assessment and clear strategic business objectives.
It all begins at the top, but sometimes even leaders need support, which is why a CEO whisperer could be the key.
The year 2022 brings its own unique challenges and opportunities for companies of any shape and size. Is your business keeping up with the best Marketing Strategy?
Lockdowns, delays, and other global events are complicating matters on the market and pose a challenge for your business.
So, how do you ensure that your strategies are aligned with current trends? One of the ways is to bring in a commercially driven and battle-tested marketing leader to help your company thrive in this demanding and unpredictable period.
Learn more on how we can help your business grow by listening to this podcast below.
Every business leader is scanning the horizon for opportunities as well as risks. Being anxious is normal for every leader - however, having a robust strategy and a good team in place will ensure you will get a good night's sleep.
Learn more on how we can help your business grow by listening to this podcast below.
One of the most difficult challenges for businesses is keeping their teams, particularly their marketing departments, up to date.
Working with the right marketing expert who provides you with the proper guidance and mentorship in achieving the best for your organization is one of the effective ways to stay up with your marketing needs. Our Fractional CMOs provide new opportunities for troubleshooting and crisis management that will assist you in meeting a specific goal.
As marketing experts with years of collective experience in brand leadership positions, our team has a track record of assisting businesses in various and changing environments.
Learn more on how we can help your business grow by listening to this episode!
Marketing requires certain investments before you see the ROI, which can be difficult on the budget, especially for small businesses and start-ups. Does this mean that you should put off investing in marketing?
While a marketing department or team can take various shapes and forms, one thing is sure: your company must have marketing capabilities to reach your target audience and sell your product or service.
If you want to learn how to cut your marketing costs without sacrificing effectiveness, listen to this episode!
Rumsfield could have been talking about marketing when he said "There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are things we don't know we don't know."
If you think you know or know what you don't know or maybe need a fresh perspective, listen to this podcast episode and there will definitely be fewer unknown unknowns.
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It's incredible what can come from a good conversation, whether personal or business-related. However, roundtable discussions are often under-utilised.
One of the advantages of a marketing roundtable is that it brings together some of the most brilliant minds in marketing. This chat is essentially a way to get a massive injection of marketing expertise and immediate and actionable feedback.
Listen to this podcast episode for an inspiring story that may help you better engage with and understand the marketing roundtable.
We have come to expect businesses to be authentic, transparent, sustainable, and to operate with purpose - that is why we are showcasing you stories of companies that create a lot of value. One of the examples of a business that gives back a lot to the community is The Hygiene Bank. We spoke to the CEO, Edgar Penollar, and he told us about his and the Bank’s mission, challenges, as well as aligning marketing with purpose. Listen to this podcast episode for an inspiring story - might you be encouraged to reflect on your own role in systemic change?
Research has shown that sustainability is an increasingly important factor impacting customers’ decisions. In 2022, is your business ready to take advantage of this opportunity? More and more people trust and purchase products and services from brands that are known to have ethical, sustainable, and environmentally-friendly practices. That’s why it’s time to embrace the circular economy as a way to move forward and make sure your value proposition aligns with the circular framework. We are in crisis, but it’s not too late to make a difference. Listen to this podcast episode to find out how to do it!
Although one of the core purposes of marketing is about driving a business forward, it can also cause a change in customer behaviour and help give back to communities. Ensuring that your brand is genuine and trustworthy will help you connect with your audience on a deeper level. In addition, businesses that create meaningful good don’t always have to talk about it themselves - other people do it for them. All in all, businesses are increasingly required to be authentic. Should your marketing get on board, or should it stay quiet? This podcast episode will help you decide!
During market expansion, businesses naturally want to remain true to their values and purpose. However, the product or service must be relatable for the customer - or it won’t sell. What’s a CEO to do? Using the same strategy and steps you used in your current market will probably not work in the new one. You need to ensure that your product or service is compelling to your target audience and addresses a specific need or want. When working with clients, gigCMO focuses on discovering your unique selling point (USP) to find the common point between your core values and the needs and wants of your target audience. We discuss it in detail in this episode - listen to find out!
International expansion is an excellent opportunity for your business, but - like with anything - you have to be selective. How to choose the best market for your product or service?
Choosing the location of your next market is a critical process, and the decision of where to go next needs to be based on a solid foundation. At gigCMO, we have prepared the foundation and research for you!
In this episode, we share the criteria that we use to help you determine the best direction for your expansion and maximise the chances of success for your business! Listen to find out.
Featuring the theme of "Connecting Minds, Creating the Future", the Expo 2020 opened in October and will continue till March. What are the lessons to be learned from it so far? The Dubai Expo is an excellent opportunity to witness world-class marketing at work. It's also a great inspiration highlighting business opportunities in the GCC area. One of our experts - Fractional CMO Rasha Ezzeddine - attended the Expo right after it started. In this episode, we share her experience and lessons about marketing and market expansion from the Dubai Expo 2020. Listen to find out!
Marketing indeed needs to be driven by data and the right metrics, but we must remember about its ultimate goal: creating a connection between your brand and people with a specific want or need. One of the best tools to do that is a multiplier - someone with a network of individuals who could be interested in your product or service. According to Steve Lanier, the president of American World Services, multipliers are one of the best marketing tools. Is your business using them, and if not - what are the reasons to start? Listen to this podcast episode to find out!
Very few of us were prepared for a global pandemic, and we had to do some damage control during the last 18 months. Going forward, how do businesses ensure they are crisis-proof for the future? Currently, we need to do two things: * Make up for missteps in customer experience * Reevaluate your current strategy and return to a long-term communications plan.
How to do that? Listen to find out!
Do you see a good return on marketing investment (ROMI) with your current marketing strategy? If not, it might be time to do a market audit for your business.
Defining your target audience, conducting in-depth competitor research, and analysing how many leads convert into sales will help take your business to the next level and increase your return on investment (ROI).
Want to know more about how you can make the most of your marketing strategy and what are the best marketing practices? Listen to this podcast episode!
Brands may come and go, but humans continue to be mesmerised by the same things throughout human history. Great stories and experiences continually withstand the test of time. They may be repackaged, but the essence remains the same. In our latest podcast, we speak with one such successful firm - Haitian Lantern from Zigong, China, the birthplace of the lantern festival. They have created festivals of light in over 60 countries and on nearly every continent of the world. They partner with some of the world's most famous brands, such as Disney and Coca-Cola. We were delighted to speak with Ms Lory Luo, Board Member and Vice President, on the secrets of their success. Listen to this podcast episode to find out: * Why tailoring the strategy to the specific needs and wants of your target audience is a significant determinant of international success, * Why resources and business opportunities are a process of accumulation, * Why courage is an integral part of global expansion, * And more.
Click here to read the full transcript of this episode.
Being part of the global market has many benefits, and international expansion is attractive for growing businesses. However, are you aware of the drivers, customs and values in your target market? Cultural nuances can be fundamental in both dealing with suppliers or partners worldwide around the world. They also impact how your audience may receive information and interact with products and services. Taking these factors into consideration will help you make informed decisions regarding market viability and create the best strategy for your audience when you’re ready to expand your horizons. Want to know more? Listen to this podcast episode to find out!
Should your business continue working from home? As we're facing the decision on whether or not we should return to the office, it's crucial to consider the benefits of remote working. In this episode, we analyse reasons for NOT returning to the 'old normal', including: * The decrease in the cost of permanent office space, desk space, and the financial and energy cost of commuting * The opportunities for much easier international collaboration * Creating more opportunities for working parents or those with carer responsibilities, which increases the talent pool your business can access.
Listen to find out!
Your clients are more concerned about the impact of products and services on the environment than ever before. Is your business taking the necessary steps towards a more circular economy?
Many business leaders already know that the move towards renewable energy, the circular economy and the green economy is coming and have roadmaps designed for this transition.
The big question is: Can my business still be profitable within the circular economy? In short, the answer is: Yes! Using the circular economy as a framework will produce better products, make better use of materials, and solve more problems for customers, making your firm sustainable in the long term. Listen to this episode to find out more!
To succeed in the US market, you need to look at it from a fresh perspective - even if you and your target audience share a common language, customer behaviour might be different to what you think. As in every market expansion, you need a unique approach to create a truly valuable business proposition, strong enough for this diverse and vast market - a 'one size fits all' marketing strategy probably won't be enough. You also need to consider local differences - the size alone has implications for the target audience and market segmentation. How to prepare for the US launch of your product or service? Listen to this podcast episode to find out!
Are you interested in the US Market want to know more about the current trends, competitors, and potential benefits? Today, we share insights to help you decide on the best strategy!
In today's podcast episode, our founder Mark Magnacca is joined by Steve Lanier, the president of American World Services Corp, a company helping exporting firms optimise their approach to succeed in the US market. They talk about the best approach to succeed in the USA, including:
- What are the four main channels they use to market in the US
- Why often specialisation can open more doors for you
- What are multipliers, and why are they extremely helpful in the American Market
- And much more!
Click here to read the full transcript.
The finance industry is increasingly competitive - traditional banks have the experience and customers’ trust, but digital disruptors are gaining advantage with accessible and easy to use platforms.
In this episode, we discuss the opportunities and the challenges for the UK fintech companies. We share why not the competition, but realignments and collaboration are the way forward - for both innovators who want to meet customer needs, and the old guard that wants to benefit from the digital transformation.
The pandemic has brought a lot of uncertainty about the future of work, but it has also created new ways for CEOs to add value to their business. Previously, many companies preferred to have control over the output and were reluctant to rely on remote working due to the lack of trust. On the other hand, new working models have also provided CEOs with unprecedented access to talent worldwide. As a result, you can increase your ROI and hire the best specialists world-wide. What else you can do to harness the power of fractional working? Listen to this podcast episode to find out!
Would you like the up-and-coming marketing talent on your team to reach their full potential? Or perhaps, as a young CMO yourself, you would like some mentorship during the first days in your role? An outside expert could look at your business or role with a new, fresh perspective and provide guidance - for as long as you need and on the basis you need - for only a fraction of the costs of a full-time CMO. In this podcast episode, we share a success story of a company that decided to seek the support of a CMO Whisperer's expertise and saw exponential growth. Listen to find out!
The Gulf Cooperation Council (GCC) consists of six countries and is an attractive area for business expansion. What are the key things to consider when entering the GCC region?
As our Fractional CMO and expert Rasha Ezzeddine shared, companies and marketing experts doing business in the Gulf need to remember that each member country is proud and individual, and has different regional characteristics.
That's why creating a unique strategy tailored to the local audience is essential. How to do that? And what other things do you need to know to successfully enter the GCC or expand to another country in the region? We explain that in this podcast episode!
During a product launch or market expansion, understanding the actual market share beyond the total addressable market is essential - whether you’re a startup or a large firm. In this podcast episode, we share what methodology will help you identify your attainable market share and target audience, including: - recognising if your customers are new entrants or switchers, - using scenario planning to prepare for unexpected situations, - and more!
Have you ever thought of business expansion to the GCC region? If so, you should consider Dubai - it’s a crucial gateway into the Gulf with huge market potential. Regardless of whether your business is a B2B and B2C organisation, there are plenty of opportunities in the area. In this podcast episode, we share the crucial economic drivers of the region, reasons why it’s an excellent place for expanding your business, and what you need to know about establishing yourself in the Middle East.
As a CEO, did you ensure that one of the most important assets your company owns is protected? What we mean by that asset is your company name. Although it might be tempting to put off protecting your intellectual property to reduce the cost, it’s essential to guard the brand name, or even the uniqueness of the product, service or process. In this episode, we explain the value of trademark protection and show how to avoid the most common pitfalls that business leaders might come across. Listen to find out!
Are you tempted to enter the Chinese market but think it's too difficult, or that the perfect moment to enter has passed? Today, we prove that entering China is not a matter of "if", but "when". In today's episode our founder Mark Magnacca and Siyuan Ren, CEO of gigCMO China, are joined by Dor Barak from the PTL Group - a China market enabler. Together, they discuss the best practices for accessing fantastic opportunities in China and share their insights, including: * What crucial questions you need to answer to approach the Chinese market successfully * Why demographic composition and regional differences are essential in planning your expansion, and how to prioritise where to go first * Why you don't need plenty of capital to enter China - but you need a precise strategy, * What is the minimum cost of entry, * And much more!
Listen to this episode to find out or click here to read the full transcript.
The debate about the future of the workplace and hybrid work model is ongoing, but there are clear benefits to a more flexible office culture. A more flexible approach can make collaboration between team members easier and allows you to access fractional talent not tied to a specific location. What are the activities with the highest potential for remote work? And what are the issues that you need to consider to develop the best strategy for a flexible workplace? Listen to this podcast episode to find out!
Have you thought about expanding internationally but given up on the idea because of a lack of funding? We can help with that. When planning to enter another market, businesses need to research it, understand the target audience, and review their capabilities to succeed in another market. However, they often misunderstand the cost required for this process. What options do business leaders have to find funding for their prep work and business expansion? Listen to our latest podcast episode to find out!
Besides creating and keeping a customer, what is your business purpose? Do you know how to communicate it to your employees and clients?
At the beginning of their careers, most people work because they have to. However, with time and experience, they start to value other drivers besides a paycheque - recent discussions about employees’ changing needs in the post-pandemic workplace prove that.
Having a clear business purpose or mission statement might help you attract new talent, motivate your team beyond financial factors, and bring new customers.
Listen to this podcast episode to find out more!
There has been a fundamental change in how business leaders manage people. What's the reason behind it, and should you change too? During the pandemic, businesses had to face various new challenges. One of them was being caught without enough 'slack' to meet demand or having too many fixed overheads during times of financial difficulties. However, the digital age, the move towards fractional, and the change in working culture caused by the pandemic might provide the solution. How? Listen to this podcast episode to find out!
GTM Global has been helping companies achieve market expansion for years. What are the key insights resulting from all this experience?
In today’s podcast episode, our founder Mark Magnacca is joined by Mark Stimpfig and Ian Collins, the founders of GTM Global.
They share with us how GTM Global started, present their partner network to us, and tell us what they have learned after having over 4000 different companies go through their programmes, including: - Why modern global trade is not just about expanding to a new country but the critical role cities play in expanding your business - The four stages of the international expansion journey that companies go through, - The types of companies that can benefit most from the GTM Global expansion workshops and more.
Listen to find out why your company should be considering entering another market, and how you can benefit from connecting with GTM Global!
Health and medical industries have been growing steadily even before the pandemic. Now, thanks to COVID-19, the trend only intensified.
That means that the wellness industry is full of opportunities - but also highly competitive and rife with misinformation. How can business leaders benefit from the growth in this industry and avoid common pitfalls?
To find out, listen to this podcast episode in which we share insights from our CEO Whisperer Lorraine O’Connor!
Case studies can help you generate trust, show authenticity, and increase conversion rates - if you create them in the right way. While some say that success stories and testimonials are only relevant towards the end of the sales process, we believe they are helpful at all stages of the sales funnel. They can show that the #customer is at the heart of your business, help you get new customers and improve your business significantly. However, are you using them effectively? Listen to this podcast episode to find out how make the most of your case studies!
In the changing business landscape, it's not always easy to plan for your company's future. However, knowing global trends might help. We can view some of the current transitions as positive, some as negative. Nevertheless, the changes affect the business world, and as a CEO, you need to know what it means for your company. In this episode, we analyse the findings of the Global Trends report and provide our own insights and advice. Listen to find out!
Want to target your audience easier and get the most value out of marketing and advertising expenditure? Try using customer personas. Creating customer personas should be the next step if you have already conducted market segmentation. Identifying the values, drivers, personality, wants, and needs of your potential and existing customers will help you and your team visualise who you're talking to instead of just looking at data. Listen to this episode to find out more about creating and using customer personas!
Interested in expanding your business into the Asia Pacific? If so, our CMO Roundtable sessions with Go To Market Global will be helpful!
The APAC region is the most populated region across the globe with megacities such as Tokyo, Jakarta, Delhi and Manila to name just a few. In this vast area, every country is different and has unique challenges.
In this episode, our founder Mark Magnacca is joined by our Fractional CMO, Ulka Athalye, and Siyuan Ren, CEO of gigCMO China.
They discuss highlights of their recent sessions with GTM Global regarding entering the APAC market, including:
- why a basic Situational Analysis is needed,
- why most companies need to review their business model and value proposition before the expansion
- how to identify priorities for entering your target market.
Click here to read the full transcript!
Market expansion can be both daunting and exciting. What are the key things to consider so that it's more of the latter? The most common mistake commited by companies venturing into new territories is thinking that what works in one market will work in another. Your proposition must be relevant to the target market - just because your business is successful domestically doesn't mean copying the existing solutions is enough. You need research, planning and strategy. What other factors are there to a successful market expansion? Listen to this podcast episode episode to find out!
As a CEO, you need to have a recurring revenue strategy for your business - whether you plan to sell it or simply get more funding. Recurring revenue is one of the most significant factors determining your company's worth - and proves its value to investors and buyers. How to secure it? We explain in this podcast episode!
Your customers should be at the heart of the business - and market segmentation is a powerful tool to understand them. It helps you discover your customer's needs - and as a result, your strategy can be tailored more precisely, and you can target your audience with the best marketing mix with high ROMI (return on marketing investment).
How to conduct market segmentation and why it works? Listen to this podcast episode to find out!
Thinking about doing business in India but unsure how? Listen to our new podcast episode with experts guests!
Our founder Mark Magnacca is joined by Vinayak Hajare - the director of InterGest South Asia, and our Fractional CMO, Ulka Athalye. They discuss topics essential for those considering taking advantage of the opportunities in the Indian Market, including:
- how do mid-size companies set up a business in India?
- what is frugal engineering, and could your business benefit from it?
- which sectors in India are the most attractive for foreign firms?
- what is one of the top 10 Indian cities that you would want to set up your business in?
To hear answers to these questions and more, listen to this episode! You can also read the full transcript here.
Even if you get everything else right in your marketing mix, without the right pricing, it won't be easy to get new customers.
Price is one of the single most significant determinants in a company's success. It can attract potential customers and help you keep the existing ones, but if it's off, you might miss out on profit that's well within your grasp.
Listen to this podcast episode to find out how to harness the power of pricing!
Marketing needs to align with the broader business perspective, but the high turnover in the CMO role does not help. What’s the solution? There are several key moments when your marketing expert might benefit from whispering, and we discuss them in this episode. We also share how to give your CMO the right tools to develop their skills so that they can drive your business further than ever before and maximise your ROMI - return on marketing investment. Listen to find out!
If you want to grow your market share, you must have a strategy - it's essential for your firm's continuous growth and improvement. Without a clear plan and strategic goals, it won't be easy to measure your progress, get to know your customers, or even have an attractive business proposition for them. In this episode, we discuss this topic in detail and share the questions you should answer to create an actionable strategy. Listen to find out!
Last year threw a glaring spotlight on different business models. Have you taken that opportunity and reevaluated your own company?
If you haven't, the time is now. It's a good practice for a CEO to regularly look at their company, competition, and the customer demand, and adjust based on what is effective and what is not.
In this podcast episode, we discuss the evolution and elements of a business model and how to recognise opportunities for improvement for your business. Listen to find out!
Due to various pressures, the CEO role might feel lonely. Do you have someone trustworthy and experienced to discuss the challenges you face?
Contrary to expectations, CEOs certainly don't need to have all the answers. What they need is someone trustworthy they could talk to and sense-check their ideas.
Listen to this podcast episode to find out more!
The core purpose of marketing is often misunderstood. As a CEO, are you clear on what goals your Chief Marketing Officer should meet? At its most strategic level, marketing needs to: - drive your business forward - generate sales - improve your brand value. A truly exceptional Chief Marketing Officer will ensure that your company’s marketing is achieving its targets and will add to the bottom line as well. How to recognise that you have someone like that on your team? And what else can you expect from them? Listen to this podcast episode to find out!
As technology evolves, how can CEOs make sure that marketing is meeting its goals - generating revenue and driving the company's growth? The key is understanding what modern marketing is and how it’s shaped by digital innovation. For marketing to be effective, it needs to use all your business's capabilities and provide customers with the best experience. In addition, truly modernised marketing will allow your company to stay agile - as the ability to respond quickly to market changes has helped companies to handle the current crisis well. In this episode, we discuss the key capabilities and key enablers of truly effective modern marketing. Listen to find out!
As a CEO, you don't have to know everything yourself. Instead, you need reliable experts on your team - how to find them? A truly exceptional Chief Marketing Officer will help their CEO to make data-driven decisions, find ways to decrease the costs and grow the revenue. How can you find someone like that? And how can you assess if your company's marketing solutions are as effective as possible and they deliver high-impact results? By asking the right questions that we share with you in this episode! Listen to find out more.
We all know that marketing is changing. The key is to recognise that the change is more fundamental than adopting new MarTech tools - it extends to your business strategy and leadership. They can transform your company, not just parts of it, and provide scalable and flexible results. In this podcast episode, we discuss recommendations for those CEOs and marketing leaders who want to take advantage of the best practices available for reaching customers. Listen to find out what they are!
In 2021, it's time to stop seeing India as an outsourcing hub for the West and focus on the possibilities it has to offer instead. For those who want to access the Indian Market - whether it's to enter it, grow your business there, or take advantage of existing innovation and growth in the tech industry - there is a lot of potential, as our FractionalCMO Ulka Athalye has shared. Last year, it became more apparent than ever that companies need to be able to adapt quickly in uncertain times. What better time to pivot and look for new markets than now? Listen to this episode to find out more about new exciting opportunities in India!
What do you think about the evolving relationship between sales and marketing? Listen to our podcast with FSI guests, Neil Fatharly and Martin McGovern.
Our founder Mark Magnacca is joined by an asset management industry expert Neil and financial services brand strategist Martin McGovern to discuss the state of the relationship.
They discuss a range of topics essential for marketing experts who want their asset management marketing to be as effective as possible, including: * Is it a good idea to keep sales and marketing departments separate, or is it a thing of the past? * Will all the MarTech tools available, how do you get closer to a client without them feeling overrun by technology? * What are some of trends and issues in asset management industry concerning brand and communication? * Why ‘Do I invest marketing spend in building the brand or selling product?’ is a wrong question to ask?
To hear answers to these questions and more, listen to this episode!
View the episode transcript here.
The role of marketing is evolving. Only strong marketing leadership can ensure that your business stays relevant amidst the transition.
Our Fractional CMO Martin McGovern has shared his recommendations for a focused, purposeful marketing strategy in asset management.
- Organising marketing and sales
- Choosing the right components for your ‘Marketing Toolkit’
- The right marketing management and brand communications strategy
- Creating sales and marketing culture for your company that helps retain talent.
Listen to the episode for details!
In 2021, opportunities await businesses that adapt to changes. However, to benefit from new trends, you need to know what they are first.
In this episode, we discuss six key areas that CEOs who want to get ahead this year should focus on - like the rise of subscription-based models and merging of sales and marketing experience, to name a few.
To find out more, listen to this episode!
The right Chief Marketing Officer will take your business where you want it to go. As a CEO, how do you choose the right expert to do it?
The key questions you need to ask are .1. How do you define the Chief Marketing Officer's role, and what do you expect of them? If you're unsure what you need from your CMO, now is the right moment to get clear about it. 2. While you're searching for the perfect candidate, how can you ensure that the marketing department stays efficient in the interim?
Listen to this podcast episode to learn how to find the answers to those questions - and more!
If you're not online, you don't exist - have you heard this phrase before? In this day and age, it applies to businesses as well.
In recent years, the importance of digital marketing has increased significantly - and since digital marketing has such an essential role, delegating it to a junior marketer might not be a good idea - they won't necessarily have enough knowledge and experience to answer all your questions and make critical decisions.
That is where your organization could benefit from an expert with a comprehensive understanding of the digital world. Want to know more? Listen to the new episode!
Many organisations, especially successful ones, may reach a dangerous point where the board members tend to echo each other's opinions and keep doing things the way they always used to be done. Hence, it becomes difficult for a successful leader to receive honest feedback. However, as we all know, consensus kills innovation - it's safe, but safety isn't likely to achieve more immense success and growth.
The solution might be to bring someone an outside specialist, like a Fractional CMO. An unbiased expert perspective might be a game-changer.
Want to know more? Listen to today's episode!
In 2021, we need to get back to work and start kicking. If it's not easy in your current market, perhaps you need to look for a new one?
Right now, when the importance of borders is diminishing, is the perfect time to enter a new market. The right expert will help you identify key areas for your business to focus on before expansion - such as the right suppliers or customer relationships - and avoid costly mistakes.
Want to know more? Listen to our latest podcast episode!
For many, C-suite means the pinnacle of their career, however joining it doesn't ensure success yet. What could tip the odds in favour of a new CEO?
What is essential is having the right support structure. With the CEO Whisperer, you get the opportunity to share problems with an expert and test new ideas before engaging your management team. You also gain access to insights from someone who has more experience and has done the things you are still unfamiliar with.
Listen to this podcast episode to learn more about the CEO Whisperer!
Now, more than ever, businesses need someone with in-depth insights and knowledge about marketing and sales to help them through the crisis. However, employing a Chief Marketing Officer full-time is a big commitment, often associated with overhead expenses.
Our solution: a part-time marketing expert that can offer all the advantages for a fraction of the cost. If you're wondering what the benefits of hiring a Fractional CMO are, listen to this newest podcast episode.
Depending on where you are in the world, lockdowns and restrictions might be completely different. However, most businesses were more or less affected by COVID-19, and many business owners and entrepreneurs are wondering how high their investment in marketing should be right now. Is it a good idea to stop investing in it completely? Or should you rather take a look at the marketing return on investment first and see if you can maximise it?
Listen to find out!
In this episode, our Founder & CEO Mark Magnacca is joined by Michael O'Hara and Martin McGovern to discuss what are the key steps to succeed in a new market. They talk about a range of topics you should consider before expansion, including:
- Why companies expanding to Europe are more scared of violating GDPR than the impact of Brexit?
- How do you avoid being seen as an easy target with endless pockets - a problem often encountered by American and British companies expanding to new regions?
- Although the UK, US and Canada share the common language, many companies neglect the fact that they have different cultures - which causes them to painfully fail.
- China remains a huge market with a completely different digital world.
How do you overcome these challenges?
Click to listen to the episode or read the transcript below!
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Mark: [00:00:00] Hi. I’m Mark Magnacca, the founder and CEO of gigCMO, and welcome today's discussion about entering new markets. With me today I have two of our Fractional Chief Marketing Officers: Michael O'Hara, who is based in the States, and Martin McGovern, who is based in the UK. Michael, would you please like to say hello so people can recognise you?
Michael: [00:00:20] Hi Mark, Martin. I’m delighted to be here, looking forward to our discussion today.
Mark: [00:00:25] Very pleased to have you here today as well. Martin?
Martin: [00:00:26] Yeah, same from me. You know, glad to be here and hope for a good discussion.
Mark: [00:00:31] Fantastic. So, we have an interesting group today because I’m originally from Canada and of course now I live in London. Martin is also from the UK, worked internationally, and Michael’s based in the States. So, we’ve all worked with, in our own careers, with different companies, helping them grow, and most of us have worked internationally and live – lived – around the world in different countries, and we’ve all helped businesses reach their first new market. And one of the challenges for any business, whether they’re selling a product or service, is how do you end up going abroad? You know, when you read a lot of case studies and you hear somebody describe what happened after they had this great plan and they approached and were successful. However, for most businesses that's not how it happens. You know, for most businesses, I think, you know they get their first order from somebody abroad and everybody is happy because they don't know these people that just came in out of the blue; they didn't have to work for it but they've already got an order. Is that your experience, Michael, and Martin?
Martin: [00:01:42] Not my personal experience. I mean, as you suggested no work internationally, but really I guess with mature businesses and the lessons learned from there... but hopefully a lot of those lessons apply to new businesses are also looking to reach out, and I guess for me that starts with questions around, you know, why they’re going internationally. It may be, as you suggested, in response to, you know, a one-off order or a one-off contact or it may well be because, you know, somebody sat down and started to ponder “Where next? Where do we go next? How do we take this business forward?” And, you know, what the criteria are for doing that.
Mark: [00:02:23] I guess one of the challenges is, it also comes back to what size your business is because, you know, you’ve worked at large organisations and, you know, they do have the luxury and the people to ponder things. They think, “Hmm, how do we play this big chess game?” Whereas, early in my career, I was in some small businesses and there was no time to ponder. You are just happy to get an order and if it came from somewhere outside your home market then somebody probably had a bright light and said, “Well, if we sold something, maybe we should make an effort.” What about you, Michael?
Michael: [00:02:56] Yeah, that's much more my experience as well. I... most of the work that I do abroad is smaller companies looking to expand their market and I always ask them, I have to define the real reasons they're going, what's the pain? Because I’d say about half the companies that approach me about coming to the US or the US going abroad, and after we've had that discussion they decide not to do it or to table it for a while because they really haven't examined their intentions. You know, it's... it can be a capital-intensive experience if you're doing M and A rolling up another company versus expanding, or the partnerships, the marketing costs. And so “What's the pain? What's driving you to go abroad?” is really that the fundamental question because that will determine, as you pointed out, smaller companies that are... they don't have the capital, they don't have people that are paid to ponder, and they’d rather shoot first and then aim out of necessity. Whereas bigger companies, you know, have the analysts, they have the resources, the tools, and they probably have better intentions when they're going abroad even though they're like driving an aircraft carrier versus a speed boat.
Mark: [00:04:03] Yes, when people are looking at this and thinking, “OK, what should I do?”, you know, let's say you're a British company and thinking, “Hey, our relationship with the EU is changing”, and even if it wasn't, they probably need new markets. And, you know, a lot of British firms will look naturally across the pond to the US; some of them will consider, “Well, let's start in Canada because if we mess it up there, it's a small – smaller – and distinct market.” And of course American firms, you know, who first went abroad on the back of World War II and their troops and everything like that, for the consumer products, for Coke and different personal care brands, you know, they like to look at the UK as “Well, that’s the first market we should go to” because we all share it... we’re all separated by a common language, as they say. But when they start thinking about that, a lot of times what people do – we all know in this day and age – somebody types something into Google and you get “Oh, here's the top ten list of things you need to consider”. And, you know, some of these that come out... we’ll talk about one. You know, here are the top eight things to do when you want to go abroad. One is franchise your brand. That’s great: hopefully, you own the trademark in the other markets; hopefully, you own the trademark in your own market, that's probably the most important thing. Then they talk about, “Well, let's just export directly”, and in Canada, you have a lot of American firms that just think “OK, you know, what's the difference? It’s just colder but, you know, it’s like Minnesota but they're north of the border.” Then you'll have others: “Well, let's find a partner or maybe a joint venture” – Michael, you were talking about some of this – “And just buying a company, that solves our problem.” But for a lot of businesses, buying another company, you know, isn't really an opportunity. They're just trying to get their own companies as profitable as possible and then piggyback. Maybe you've got a customer who is actually strong in that market that will take you there. Again, oil services companies grew on the back of the oil majors, right, Esso, BP, when these guys went abroad, they brought their supplier base with them. Same with the automotive industry: that whole supplier base moved with them. You can always licence your products. So there are all these different strategies but I think both of you mentioned that it actually comes back... the first thing you should be thinking of before you think “Oh, can I franchise my brand?” is: what are you really doing and why are you doing it?
Martin: [00:06:40] Yeah, and I think another aspect of that is understanding that it doesn't have to be daunting; you don't necessarily have to have that sort of, you know, depth of analysis in house. You know, a really important part of working internationally is the networks that you can back into. I don't mean the sort of virtual networks that we’re all part of, we’re all sort of linked into, you know, a hundred degrees, but that sort of networks that we've all probably got through ten, twenty, thirty years of working internationally, of people who can help you with the insights to gain the knowledge you need to make the right decision, whether that is to export directly or whether that is to partner. So certainly, I think being able to back into real networks of people who’ve collaborated and worked together is hugely powerful.
Michael: [00:07:31] You almost have to partner somehow, someway, regardless. You need to have feet on the ground in the new country that have an understanding of the cultural sensitivities, the marketing, the distribution, so a franchise is very, very difficult because that would assume that you have a brand that's known enough to have a... that brand that you actually franchise it. Licencing can also be similar to franchising in that, you know, you don't generally licence something that's not known because that's the reason people pay or will subscribe to a licence model, but in any case, if you got enough capital to set up your own beachfront, either way, whether you're coming east or going west, you still have to put a team in place. It's easier if you can assume, whether it's for merger and acquisition or partnership, an existing team or partner that has the resources to help you get your feet on the ground more quickly and navigate the process. It's a lot cheaper to pay someone a percentage of the total revenue than it is to establish, you know, some sort of a footprint when it comes to facilities and plant distribution and marketing understanding.
Martin: [00:08:41] Yeah, another key aspect is to ensure that you got some flexibility in terms of how you expand internationally, because invariably there's risk involved and it's a huge learning process for any team any business, so you probably don’t want to bet the farm on day one. And so, flexibility around resources who you partner with, how you arrive at the right marketing plan... I think it's absolutely essential.
Michael: [00:09:07] You know, and if you're picking a partner, it's so crucial to do your due diligence. I helped a company expand into South Asia recently and when... you need to make sure that you have someone that's going to help you negotiate deals who is from that country. But, you know, people look especially to Americans and, I would expect, to the UK to be fat cats with all kinds of money; money is no object and they might try to take advantage of it, so you've gotta find someone – a partnership or a representative – that you... that you've vetted, you know, through references that you know isn't going to try to take advantage of what they perceive as a company with unlimited resources and I don't want to be pessimistic but it's... it's fundamental.
Martin: [00:09:55] Yeah, and another... I counted a risk again, another encountered risk potentially – again, depends on what sort of business you're in – but if you're in corporate services, if you're into some sort of business support services, then following your client as they expand internationally is another opportunity in terms of working with somebody that you worked with before and, you know, following their flag as it moves around the world.
Mark: [00:10:19] OK. What about in terms of, you know, the cultural differences when you go to different markets? You know, for example, very few British firms actually survived and prospered in the US. There’s a long graveyard of unsuccessful British firms and I know from personal experience when Canadian firms go to the US, they hide as much as possible that they're Canadian. Right? Because that turns off a lot of local bars in the States, because even though Canada’s very close, and on one hand very similar, it's just perceived as different.
Martin: [00:10:58] Yeah, well, cultural differences can be huge: not just between, you know, the US and the UK, but around the world generally, and that again comes back to making sure that you're working with the right people who understand those nuances. It's more potent and more raw in a consumer market possibly than it is in a corporate market in that we have more of a shared life experience in the corporate world, but certainly, on the consumer side, it’s very easy to get it wrong in terms of thinking you could just lift and drop what’s been successful in the home market into, you know, another part of the world.
Michael: [00:11:37] Some of what you just described, Mark, is... could be analysed via market research of perception, so of countries, goods or services, and things like that. I mean I find most Americans love the Canadians and are all anglophiles, love the English and things like that. There are stereotypes but that emphasises the importance not only of the doing the due diligence – research in advance – but having someone recruiting... either it's a partner or if you're building a team of your own with local knowledge, with deep local knowledge of marketing and perceptions, and knows how to research and study things even in primarily English spoken countries, you know, we have a, well, I refer to it as 'dirty American English' with double negatives, and the British English is far more proper [...] that's indicative of a bigger cultural sensitivity that is so absolutely necessary. You can't be... particularly an American firm that thinks that they can go, and I find that American firms that are going abroad are usually more mature, they're going abroad to further expand their market, whereas I find European companies coming to the US are often younger companies trying to establish a beachhead in the United States because of the power that it represents or perhaps the access to capital. That... it doesn't change their requirement for making sure you've got local cultural sensitivities down and you have to recruit a partner for a team that's from that country. It's absolutely imperative.
Mark: [00: 13:14] And at what stage do you think that's, you know... a company doing that should be bringing them in? Should it be an early stage when I've identified, say, for example, you know, we’re in the UK, we've looked at the US market, we think it's ready to go? When do you think you should bring in that third party to give you some assistance: after you really got traction on the ground and got a presence over there or helping to actually look at the approach?
Michael: [00:13:40] Absolutely from the beginning – I'm sorry, Martin, go ahead.
Martin: [00:13:42] No, no, it’s alright, I was gonna – well – I was gonna violently agree. But yeah, I think it’s almost a pre-step. It doesn't necessarily mean that they’re your people. You can outsource that sort of insight piece to a partner, to a consultant, to do whatever, but yeah, absolutely, to Michael's point: whoever’s doing that insight and research and advice needs to be ensconced within that market. I don't think you can do that from over here to over there. As the business grows, you'll bring on more resource, but yeah, really from day one.
Michael: [00:14:19] And that's where they go. The fractional model, I mean, you know, comes in so handy if you're buying a piece of someone that's seasoned; it's the experience that maybe has the research, is built in to get you that fundamental foothold, might then make the decisions of whether or not we're going to create a beachhead from scratch or whether we're going to partner or licence.
Martin: [00:14:39] Yeah, I'll give you a lot an example. I got a call yesterday and it was to do with the UAE in the Middle East. I visited and I've done work in that market over a number of years, but I don't believe I know the market well enough so I WhatsApped somebody that I have worked with closely. I got a call back ten minutes later, but that's based on the relationship going back fifteen years and she's in the market and she can answer that query in a snap. She doesn't have to go out and do a lot of analysis because, you know, it's... it's under her skin.
Mark: [00:15:16] Yes, that's the benefit of, you know, both of you guys with your international experience brings to the table: that you're able to tap into resources that, you know, aren't advertised and people aren’t talking about it, don't know about, but that's what you get when you have that depth and breadth of international experience. What about when firms are coming over here, Martin, especially into the City of London? You know, in the financial services capital of the world on a good day, and on a bad day it’s New York, and they fight back and forth. You know, a long time ago when they had the Big Bang, it was all British firms and then the Americans came in and kind of did things differently, but, you know, they've gone native a little bit. What about, you know, I’ve heard from the continent coming into financial services, perhaps wanting to sell software. What are those approaches that you think there should be taken?
Martin: [00:16:14] I think the challenge for – and I think Michael’s alluded to, in terms of, you know, firms coming to the US and maybe not being successful – I think, you know, it's a tough ask for any business to come into a bigger environment that's got advanced technology, sophisticated marketing, really has a compelling point of difference, so yeah, I... a software provider certainly could come in front from the continent into Europe and carve out space. But it’s got to have worked out what’s its point of difference. You know, we’re not short of software providers or IT providers or financial services providers in London, so yeah, it comes back to the basics of marketing in terms of, you know, who's the customer and why they’re gonna choose you over what's already available to them. So it all comes back down to that sort of hard grind at the beginning of the process to get it right, but certainly, yeah, you can make the space here but you’ve gotta work hard for it.
Michael: [00:17:15] And there’s an enormous difference in approach if it's a CPG, a consumer products, you know, a B2C business versus a B2B business, like you said, selling software technology. I think the risk is far less because you don't have the marketing costs. I mean, marketing in the United States for a European company to come to the United States, we have hundreds of newspapers, we have hundreds of radio and television, we have, I mean, the digital, I think, levels the playing field quite a bit, but it's very different in marketing to the consumer a product which is very expensive versus marketing B2B, which can be done with SDR (Sales Development Reps), a good cadence in your ABM email campaign, you know, PPC and things of that nature. So I think, again, that's part of that establishing, you know, the pain and what the goal is for coming to a new country or going to a new country, whether you're coming east or going west. I find, interestingly enough, there's far less concern about US businesses going to Europe, about the Brexit, which is... which has an extraordinary economic impact, an impact of what you do as there is about GDPR. People are far more concerned about violating a privacy act than they are about the economic constructive of Brexit, and I find that fascinating because I'm a student of the economy and finance but GDPR absolutely terrifies, you know, companies that are going abroad to Europe.
Mark: [00:18:51] So I guess some of that, Michael, is that, you know, with GDPR, that can result in an immediate fine whereas a failed operation in the UK is just a slow drain on resources and there's that, you know, a great quote talking about, you know, slowly, I don't... I can't remember the quote, that’s too bad, it was a great quote. [Laughter 00:19:17]
Michael: [00:19:18] Well, there's just a fear that... there's been such a... matter of fact, a lot of the states of the United States that are creating their own privacy act – privacy rules – are looking at GDPR for guidance, but there's been such a – more than it probably deserves – but an overwhelming amount of attention to the Big Brother that GDPR represents. You know, PII (Personally Identifiable Information) in the United States is your bank account, your Social Security number, your personal cell phone number. If I put any of that out on LinkedIn, I've now given permission to that being, you know, favourable or OK for the world to see. In the UK, in Europe, having someone's LinkedIn profile or using the data from the LinkedIn profile, that's considered PII and you can't use that legally, you can't store that on a server in the United States because that's the same thing as taking that information and bringing it to the States so a violation of GDPR, so it strikes terror in the hearts of people going east.
Mark: [00:20:24] Well, I think both ways because when you start using the acronyms some people over here don't understand. At the moment, they think GDPR is a higher standard, which I think it is, so it gives you a degree of protection, but I think that reinforces the importance of really going in a systematic manner to a new market wherever it is, whether it's US, UK, the continent, going to Asia. Why don't we talk a little bit about going to Asia? Because very few firms from Europe or North America can actually succeed without a trusted partner on the ground; just the barriers to culture and language and knowing how business is done – and that's what we're really talking about – are so different, it really takes it takes a lot of effort to succeed, and I don't know of many firms who’ve succeeded without taking a systematic approach or going with a partner right even before they step into the country.
Michael [00:21:33] It is so absolutely, fundamentally important, especially when you're going to Asia or to China, which can be the Wild Wild West, or, you know, countries that... now China is exporting to, or... and manufacturing, you know, for. China is now consuming what they make instead of 95% being exported, so it's completely changed the dynamic in the field, but without local knowledge – what you can buy, what you can sell, how you can do it – not only tax implications, but if you're selling technology abroad there are all kinds of rules of what it... you know, for example, an American company can actually sell to China from a soft tech standpoint. I mean, it... you absolutely have to have legal distribution, operational help, in Asia if you're going to be successful and that's part of what I was alluding to about making sure you’re doing your due diligence in reference checking, because you can... if you picked the wrong partner or the wrong representative, it could be very costly.
Mark: [00:22:42] Yeah, so let’s –
Martin: [00:22:42] I’ve – sorry, I’ll go first –
Mark: [00:22:44] Sorry, Martin, go ahead.
Martin: [00:22:45] Yeah, just briefly to say, I've only seen or only been involved in successful ventures in Asia where it has been through partnership rather than a free-standing business, which again plays back to that... you know, it's essential to have, you know, the right introduction and the right solution guide to help you get to the right partner. You’re not going to find it in the Yellow Pages.
Mark: [00:23:08] OK, so let’s just come back and come back to a UK firm going to a new market. OK? And let’s say it's either in Asia or on the continent, so there are cultural barriers and there are language barriers and, you know, it’s a small-medium business, right? So, it's not huge. They’re well established here – probably don't see a lot of growth in this market – and have an opportunity to go abroad. Let's say they're selling services of some sort, OK? What would be the approach that you would suggest to them, OK? So, this is now: they’ve got a CEO, they’ve got a CFO, strong off delivery capability. They’ve got a good brand here; there might be a halo effect from being in the City, you know, somebody might have heard of them in some of these other markets, but what would you be advising them in terms of “here are some things to consider”?
Martin: [00:24:23] For me, Mark, I think the process is not dissimilar whether it is the small-medium- sized business or a larger business. The amount of resource they might have to go through that process may vary considerably and whether they have the expertise in-house or how to bring it in through a partner or through an assistant of some sort, but it starts with, you know, that base analysis in terms of what is that opportunity and how do they scale that opportunity and is it real or what’s their point of difference and how they’re gonna land in that market. Now, that may well be, you know, an opportunity for a group such as ourselves, because we have a lot of that within the fractional CMOs that are part of the network, but, you know, they need to be robust in terms of that early analysis, in terms of “is it the right move?” because it may not be.
Mark: [00:25:12] So part of that is, obviously, then just understand your value proposition and then do you understand that that value proposition is really going to have subtraction or a point of differentiation?
Martin: [00:25:25] In the market you want to go into.
Mark: [00:25:27] So do your homework first?
Martin: [00:25:28] Yeah.
Mark: [00:25:30] Michael?
Michael: [00:25:31] Well, I think again if you’re going to... let’s take Asia, which is now consuming product rather than just being an exporter of a product; I've mentioned that earlier. It's a completely different world over there when you have China, which is the world's biggest market, consuming goods that are being manufactured or produced or services abroad, whereas before Chinese... the Chinese manufactured everything. They still get it from a textile and apparel business, they still make a substantial percentage of the world’s soft goods, but now they're starting to consume some of it. It's just really changed. I recently helped a company with mergers and acquisitions in China. We ultimately ended up doing it outside of China and Vietnam and Myanmar, because China was consuming more goods and services rather than distributing. It really changed the dynamic of an M&A (mergers and acquisition) deal and I think it's just... then again, that's also the importance of being able to be flexible and question your intentions for going abroad, because once we did the due diligence and the information was gathered, it changed the whole structure of going abroad if it was... they ended up with a completely different result and it was an effective result as a result of the due diligence and the pre-determination of a market and the intention that it just... it was completely... game changer.
Mark: [00:27:09] So, I think just to wrap up the conversation for our listeners to the podcast, it really comes back to applying the textbook that we've all learned, you know, in trying to separate that from the day-to-day when it comes back to, you know, define the market you're trying to serve. Look at performing market analysis; look at what internal capabilities do you have (you know, they can probably do that on their own); look at internal capabilities; and if they don't have that outside perspective, that's when they should be looking into getting a mature, commercially-driven, customer-driven business leader of some sort to help them on whatever basis, to help them then look at, prioritise, and select those markets. And then, when they've done that, and prioritise, you have to choose when to go on... after first, so with that... is help them then to define the market entry options and then you minimise your risk, which is what managing a successful business is all about. To what degree are you going to take a calculated risk? And you want to make that as successful as possible to get the best return on investment. So –
Michael: [00:28:31] So the first... Spot on. So, once you've defined the market, established that there is a pain to go abroad, some direction, then the absolute first and fundamental first step is to find someone there in the market. And it's usually it's a consultant or adviser or a lawyer that can help set you up with that potential partner or team member – that's if you haven't pre-established a merger and acquisition that you're going after so that you already have that footprint – but if you're deciding to expand to a market – regardless of what that market is – you need to have someone that helps you navigate that in the market, local: cultural sensitivity, language sensitivity, legal, taxation, all of the things that are gonna... marketing, which is... can be so expensive, especially in a consumer model.
Mark: [00:29:21] And I... you know, just coming back to our business and what we do to help companies: given our presence here in the UK, our presence in the US and some other markets, it's nice because if you're a UK firm going to the US market, you can have a relationship with us here but also we've got experts such as yourself, Michael, on the other side of the pond; or if an American firm’s coming over here, they've got you there managing the journey with them and you're able to tap in the resources that we have. So that's one of the great benefits of working with gigCMO because we've all been on the client side, we've all had to make this happen in the firms that we’ve worked over in our careers so that... being battle-tested, having that international experience and that really outside perspective that allows companies to succeed, because everybody's, you know, so busy on the day-to-day, and especially during this crisis you're just trying to survive, but, you know, we're just in a new world. So yes, it's tough with social distancing and all this, and yes, there might be a vaccine down the road, but no business can wait for that solution. You have to think “how do I reinvent my business?”, and maybe that's the time to get an outside perspective in.
Michael: [00:30:45] So there’s an opportunity in this pandemic. Pricing everything, I mean it's... now is the time to, if you're going to do something, to do it because it's... the playing field is far more level than it's ever been.
Martin: [00:31:00] And I think also the fact that, you know, there's been a huge leap forward in terms of digital engagement means that, you know, people are more open to working in, you know, remote environments than they've ever been previously. You don't necessarily have to get on a plane every time to develop those relationships, but the fact that we have those relationships born out of, you know, real work, real delivery over a number of years, hopefully, is a real advantage. And then the other aspect, and I think it’s a word we've all used, is that we bring flexibility because
undoubtedly when you're, you know, when you're expanding internationally Plan A isn't always what you end up delivering, so being able to deliver plan A, B, C. and D, you know, is best for all.
Mark: [00:31:49] Great, so thank you, Michael in the US, and Martin in the UK, for joining our conversation today. We hope our listeners have enjoyed our discussion about how to approach new markets wherever they are in the globe and we look forward to seeing you on our next podcast.
Michael: [00:32:12] Thank you, Mark.
Martin: [00:32:13] Thank you.
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