The enormous North American market is particularly alluring to foreign businesses. Foreign enterprises should be aware that their capacity to successfully establish and sustain relationships with consumers is a prerequisite for success in a new market when developing a go-to-market plan. An integrated marketing strategy serves as both the beginning and the end of these interactions.
A marketing strategy that takes into account culture, consumer values and beliefs, market context, and company logistics that support growth must account for everything, from making a good, memorable first impression to solving customers’ problems and developing enduring loyalty. When developing their go-to-market strategy, foreign businesses that wish to establish a solid reputation and fruitful relationships with North American consumers should take into account three crucial steps:
Understand cultural differences
Understanding cultural differences is the first stage in developing a successful go-to-market plan for North American markets. Foreign businesses should speak with a cultural broker to map out cultural values, tastes, and beliefs to better comprehend cultural differences. The Cultural Dimensions Theory by Hofstede provides a useful foundation for carrying out this. Six dimensions from Hofstede’s theory can be used to compare and examine values in various cultural contexts:
- Individualism versus collectivism; Does the nation favor a close-knit or loose-knit social structure?
- Maintaining rigid beliefs; Do people avoid uncertainty? Do they reject unconventional conduct and ideas?
- Power distance; Do people work to equalize power disparities or do they tolerate social hierarchies?
- Does society value masculinity and femininity? Is it moderate, cooperative, and life-enhancing?
- Long-term orientation; Do people plan for the future or do they live in the present?
- Self-restraint versus indulgence: Does society allow fast enjoyment or repress it with rigid norms?
To better understand consumer values, these dimensions can be utilized to map out cultural differences between nations.
Think about first impressions
First impressions matter a lot. In North America, it takes just seven seconds for consumers to form an opinion about a brand. A successful foray into a new market depends on being able to grab a customer’s attention, keep it, and make the most of a first introduction. Consider your brand’s mission and develop a distinct vision for the consumer’s initial interaction with it. Make use of this vision to direct your go-to-market plan.
Create a plan
Once the market entry strategy is clear, it’s critical to develop a plan that will help your brand stand out, make an impact, and forge a lasting rapport with customers. The who, what, when, where, and how of market entry should be included in this plan.
Who: Establish a client persona based on your target market. Find target organizations for B2B businesses that might boost your chances of forming strategic partnerships and generating new leads.
What: The king is still content! Determine the precise content, such as podcasts, articles, adverts, etc., that will be used in your marketing campaign. Make sure each element is cohesive while choosing whatever stuff to add.
When and where: Modify your plan to fit the current market environment. Building a solid reputation in a new market requires careful consideration of how and when you attract attention to your brand. Profit from lead generation opportunities and make use of several touch points to guarantee consistent engagement with brand content across all media.
How: Ensure that the systems in your business plan can enable distribution and spur expansion. Consider the entire customer experience, whether the client is a person or another company, and pinpoint any potential pain areas. Make sure that the systems you use are created to reduce and ease customer problems.
Connecting the dots with an integrated activation
Many moving parts need to be carefully considered to develop and activate a unified go-to-market strategy. Even the most seasoned businesses may find the procedure to be intimidating. Gaining a fresh viewpoint and ensuring that all marketing channels operate harmoniously together to progress organizational goals can be accomplished by consulting with marketing companies that specialize in creating integrated activation plans.