Chances are - if you're thinking about taking your business internationally, you might be thinking about handing over your business development reins to an external consultancy. Very likely, the pitch will be convincing, promises will be grand, and you’ll quite possibly be sold on the dream of rapid market expansion. But make sure you choose wisely.
You’ll be told that the market is complicated for an outsider, and many have tried, but failed.
You’ll also hear claims of deep industry connections that could turn out to be nothing but smoke and mirrors.
Navigating market access in regions beyond traditional English-speaking countries requires more than just flashy promises.
Successfully entering a new international market demands a strategic approach, careful selection of partners, as well as transparency and integrity.
As I dived deeper into what makes a successful market entry, I uncovered key insights and actionable strategies that can safeguard your business and drive real growth.
Below, I share these insights, highlighting what to look for in business development consultancies, how to protect your intellectual property, and alternative methods to achieve your expansion goals effectively. Let’s delve into the strategic playbook for conquering new markets.
Firstly, it’s very natural for companies to aspire to expand their footprints beyond their home markets, venturing into exciting and dynamic regions such as APAC, Hong Kong, Japan, and the Middle East - regions that present both lucrative opportunities and formidable challenges. Here’s an in-depth exploration, gleaned from seasoned insights and pragmatic advice, on how businesses can successfully penetrate these diverse and dynamic markets.
Avoiding Pitfalls with Business Development Partners: Red Flags, and What to Look Out For
A Lack of Deep Understanding Many consultancies claim to have a granular knowledge of your product and the target market. However, their generalist approach often results in ineffective strategies and poorly articulated proposition development that lacks connection with the ICP.
🚩 Red flag: if the consultant has never even heard of the term “ICP”!
Misaligned Incentives These firms might prioritise unqualified meetings with potential prospects over delivering qualified tangible results – leading to a scattergun approach rather than a focused, strategic effort.
🚩 Red flag: if the consultant has no true business development strategy or system for measuring and qualifying prospects.
Overpromising. Underdelivering Often, these consultancies boast about their networks and expertise, which might not be as influential or relevant as advertised. This ends up with many conversations, but no actual demand for your product due to lack of real in-depth insight or knowledge of the ICP.
🚩 Red flag: if the consultant is racking up intro meetings with no real strategic structure, no meeting agenda, and no follow-up.
Over-dependence on Your Input If you find yourself providing extensive materials continuously, it’s a sign that the consultancy lacks the necessary initiative and expertise to be autonomous and get traction while you focus on your business.
🚩 Red flag: if you're being asked to generate multiple sales decks with no specific brief or objectives
Excuse Factory Genuine progress should be visible within a few months.
🚩 Red flag: If the consultancy keeps asking for more materials and making excuses for the lack of progress.
What to look for in a truly valuable business development partner
✅ Proven Track Record Demand verifiable success stories and references in your specific industry.
✅ Industry Expertise Ensure they have a nuanced understanding of the market, including its unique challenges.
✅ Transparent Metrics Look for clear KPIs and regular progress reports aligned with your goals.
✅ Skin in the Game Prefer performance-based models where fees are tied to actual results.
✅ Strategic Input They should offer innovative ideas and strategies, not just execute tasks.
Alternatives to Traditional Consultancies
💡 In-House Team Building an internal team ensures deep product knowledge and sustained effort.
💡Strategic Partnerships Form alliances with established players in your target market who already have the necessary infrastructure and relationships.
💡Freelance Experts Independent consultants with specific market expertise can be more agile and cost-effective.
💡Accelerators and Incubators These programs provide tailored mentorship, networking, and resources for startups entering new markets.
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