Chapter 2 – Making it so

In our first chapter of this two-part series, we explored the initial steps that should be taken to qualify if the Australian market is for you.  The general theme there was around Proper Prior Preparation!  This early investigation and planning can save you hundreds of thousands of hard-fought pounds or dollars.

So, if you’re products or services are a good fit for the local market and there is a positive case for market entry, what comes next?

Let’s dive in……

Localising your proposition

Localising your product proposition for the Australian market requires a deep understanding of the unique cultural, economic, and regulatory landscape. It is crucial to ensure that your proposition, which is the narrative you communicate to potential customers, has been fully adapted to the local market while executing your GTM plan. Nothing grates against a prospect more than hearing a pitch that misses the local mark.  If you don’t demonstrate that you understand your potential client’s environment you will never get past the first conversation.

Adjusting your solutions – to a point

Customising or configuring your product features to address the specific needs of customers has to be done, but only to a point. There is a delicate balance between investing too heavily in development before that first sale is made, and not doing enough to build trust and confidence that you know what you’re doing. This may involve incorporating a set of local regulatory requirements, modifying a limited set of product features, or adjusting elements of user interfaces so that your prospects click with your solution.

Build your network and reputation

Selling into a new region is tough!  You may have competitors who were born and bred in the local market and have relationships going back decades with their customers.  To get that first meeting, and progress into a sales process, building trust and reputation are crucial steps. By establishing a trustworthy and reputable image, you can effectively convey the benefits and value of your software to potential clients. There are plenty of ways to achieve a strong, trustworthy reputation in the market and this is where long-term, profitable and mutually valuable relationships are cultivated.

Nail your approach to regulatory compliance

There is nothing quite so terrifying to a prospect than having the regulator breathing down their neck because of a compliance breach.  (Ok, so maybe a class action lawsuit could be worse!)  Your potential customers may rely on you to keep them out of the press and out of the courts.  If you are going to build trust and reputation, and close sales, you need to have a solid understanding of any local regulatory requirements that your solution will address.  You’ll also need to have a strong, defensible story around how this will be implemented and maintained going forward.

Wrapping up…..

In this two-part series we have explored some of the building blocks and key milestones you will experience when entering a new region.  From market opportunity qualification to detailed planning and getting your brand and solutions known, trusted and delivered, there’s plenty of work and opportunity to be had.

By utilizing what was discussed here you can take proactive steps towards building momentum and growth, helping develop product relevance and unlocking new sources of profitability. If you have any further questions or would like assistance in localising your solutions, contact us today. We’d be happy to work with you to find out what works best for you, answer all questions and build momentum for increased growth.