When international opportunities come knocking, how do you know which opportunities are worth chasing and which aren’t? Here are the metrics you need to make a confident decision.
Many expansion-stage companies consider entering new international markets at some point or another during their journey. Typically, the initial thoughts begin when a company starts seeing its first high-quality opportunities coming in from abroad or they close their first international deal. This is an exciting moment because the international market(s) feel within reach, but it is also a very scary one, since the investment requirements can be very intimidating for a young and typically capital-strapped company.
Your plans for global domination will be much more likely to work if you take into account these 10 tips to help you look before you leap.
Over the last few months, I’ve spoken with business development experts at some of the fastest growing and most established B2B software companies in the world to learn about best practices for entering new international markets. From these conversations, I have put together a list of 10 best practices for startup or expansion-stage companies to consider as they start thinking about building an international expansion strategy.
When it comes to SaaS signup processes, marketers generally fall into one of two camps — those all for getting as much info as possible, and those all for removing friction at all costs.
How much signup process friction is too much? This is an important question facing many B2B marketers as they design trial and freemium SaaS sign-up processes. Trying to balance the value of gathering prospect information against the costs of the signup process deterring prospects from completing the sign-up process is difficult.
When leveraged properly, your customers can be the greatest marketing asset you have. Here are six tactics to recruit them as brand ambassadors.
Many successful B2B software companies leverage customer-led events and campaigns to build and grow their brand. Two big ones that immediately come to mind are Salesforce.com and Rackspace. So why then are many startups hesitant to follow suit? One reason is that startup executive teams are typically preoccupied with the fear of asking too much of their customers and driving them away. They allow that fear to distract them from seeing the bigger picture. And that’s a big mistake.
Putting the axe to incoming revenue may seem like a bad idea, but the truth is the costs of maintaining bad customers and ensuring that they are happy can grossly outweigh the benefits of keeping them around.
Is firing your worst customers actually a good idea? In many instances, the answer is an unequivocal yes. Yes, turning away revenue can hurt, but the truth of the matter is there are always costs associated with onboarding and servicing customers, and the ones who are unhappy or who aren’t a good fit in the first place can quickly become more trouble than they’re worth.
It’s a question that keeps many a startup executive team up at night — what’s the best mode of entry to break into an emerging market?
There is no right or wrong way to enter a market. The mode of entry depends on the opportunity, what you know about it, and the opportunity cost of putting that effort and money into another opportunity.
SaaS pricing is complicated. Before you make a decision you need to consider all the angles and keep in mind it’s perhaps the single most important decision a young company can make (no pressure).
Pricing out a B2B SaaS product is a complicated decision. For starters, it involves a larger number of moving parts than traditional software pricing (perpetual licenses). You have to take into consideration expected customer tenure and churn, and the impact that they can have on your profitability. You also have to put a lot more thought into price structure, price level, and billing decisions, because they now affect a recurring revenue stream.
Breaking down your competitor’s pricing model can offer valuable insights when it comes to changing your own pricing strategy. The best part? It’s actually easier than it sounds.
A good place to start when contemplating a pricing strategy change is looking at how your direct and indirect competitors price their products.