Are you expanding into a new market? Are you unsure about how to cost effectively get leads? Business Development & Marketing Transformation (BDMT) Global uniquely helps assess the market with local and industry know-how, developing both effective GTM (Go-to-Market) strategies to support your new business direction and reach the market you are targeting. Our award-winning team helps ensure that your expansion sales pipeline and your marketing initiatives support your company’s overall goals, from strategy, planning, and research to execution, launch, and driving results.
Every year thousands of international companies come to the North American market and roll out the same business development playbook: sending 500 emails, making 400 calls, and attending 200 trade shows hoping to secure meetings with prospects and fill their pipeline.
Solutions for Better Business Development
A strong sales effort is a must, however, most companies skip one important step—deep analytics about the new market, the new segment, or gathering deep intelligence about specific prospect accounts to confirm that the direction is right and the GTM strategies are fully developed and differentiated from competitors.
For example, if you are a high-tech manufacturing innovator with products and technologies that can expand into various different markets such as semiconductor, healthtech, automation, pharmaceuticals, cosmeceuticals, etc., with an eye on the US market, and you are looking to win business from other vendors and expand sales, have you thought about the following questions:
How many verticals and market entry options did you consider to maximize your ROI? How many other channels and scenarios have you evaluated before booking 15 expensive trade shows? Did you equip yourself with the right marketing assets to support your new business direction to be relevant to your new prospects? Do you have in-house experts for market opportunity evaluation, segmentation, and GTM planning, who have deep knowledge of the new segments or markets?
If the answer to these questions is no, your plan and your direction are likely not optimal. This is when you know that you need better business development.
Maximizing Business Development with Marketing Transformation to Meet Global Demand
Another big issue is that every one of your competitors has the same playbook, with a remarkable challenge to stand out from digitally-native players. What’s worse, the COVID-19 crisis has removed the in-person industry events and conferences as a channel, replacing it with virtual events. Now you are competing with others for prospect attention in an online marketplace.? Did you know that over 90% of B2B decision makers expect the remote and digital model to stick around for the long run and 85% of all customer service interactions will begin with digital self-service, in the next two years? Does your team have the know-how?
Can you track and convince buyers in the most relevant ways without trade shows so that you can effectively solve their problems? Are you selling a solution or a product? Have you figured out a winning business development AND marketing strategy that optimizes automation for cost effectiveness and conversions to position yourself as a solution for your prospects? Or, are you still manually triggering mass emails hoping to get noticed?
That is when you know that marketing transformation is needed.
When launching into new markets, you need deep local expertise, you need to evaluate all options, and you need to choose smart, high-impact, cost-effective GTM strategies and marketing execution plans. Do you have strategy experts on your team? Do you have the right team and capabilities to execute your vision?
If your market entry expenses greatly exceed results, it’s time to stop and rethink your options and hire outsourced business development and marketing transformation experts. Market leaders have long been collaborating with outsourced providers to quickly and effectively generate results.
Market leaders aren’t just taking a shot in the dark with outsourcing; there are cold, hard numbers behind the need to outsource. A Bain & Co. study of 2,000 companies over 10 years found that only one in 10companies achieved sustained, profitable growth.
The numbers don’t tell the full story, until you look at what the winners had in common: more effective capability sourcing. 85% of the winning companies used capability sourcing more broadly and innovatively than their competitors. If you need to find new ways to dominate in the market: the numbers prove that intelligent outsourcing is a good strategy to help your company secure its spot in the top 10%.
Outsourced sales, business development, and growth solutions are not one size fits all.
If you are not looking to outsource all sales and marketing entirely, but there are tactics your in-house team has never tried before, or the tools and tactics your team is not familiar with, or you are entering unfamiliar territory of a new market or segment, an outsourced services provider with an already established team and expertise can be a great solution for you.
As an experienced outsourced provider, we work side-by-side with in-house business development and sales/marketing teams and will work with your employees to execute your vision, pursuing your best interests. At BDMT Global, we pride ourselves on being able to blend in as an addition to any internal team and drive results together.
We specialize in business development, go-to-market strategy, marketing automation, and digital marketing and can support your organization in a variety of ways. If you are just setting up a go-to-market strategy and organization, we can be a model for the new hires to continue building your success.