Entering overseas markets
Entering overseas markets 鈥 Allsop Software
Luke Johnston, Digital Marketing Lead at Allsop Software, explains how the business has entered new export markets.
Allsop Software, a Belfast-based software company founded in 1996, offers cloud-based solutions to business software users in Ireland, the United Kingdom, and the United States. Luke Johnston, Digital Marketing Lead at Allsop Software, shares insights into the company's successful expansion into new export markets.
Preparing to export
"As part of our international expansion, I completed Invest Northern Ireland's Graduate to Export programme. This programme equipped me with essential skills in market research, planning, and execution for overseas market entry, allowing me to gain first-hand experience in the target location."
"We identified a global demand for our Software as a Service (SaaS) solution, particularly within the food and beverage industry. Our product aims to streamline business processes by eliminating manual data entry and providing valuable insights. Before entering a new market, we carefully consider factors such as SaaS adoption rates, competitor presence, and legal or regulatory challenges specific to software services."
Conducting market research
"Initially, we relied on outsourced research. However, the Graduate to Export programme enabled me to conduct detailed, independent research, refining our overall approach and allowing us to conduct export market research in-house. This approach allows us to apply tailored insights to each market."
"Being based in the territory, attending events, and networking with influential people has provided invaluable first-hand insights that may not have been possible through research alone. The three most important aspects of export market research are:
- Customer needs: Understanding the specific requirements of businesses in each market.
- Competitive landscape: Identifying how our products can differentiate themselves.
- Potential partnerships: Exploring opportunities for local partnerships, resellers, or distributors."
Planning to enter overseas markets
鈥淲e have an export marketing plan that focuses on positioning our SaaS products globally while tailoring our message to specific regions, and relevant personas within our target companies.鈥
鈥淭he plan is a comprehensive strategy encompassing target market analysis, localised marketing approaches, partnership development, regional compliance considerations, competitive landscape assessment, financial projections, and customer 91香蕉黄色视频 planning.鈥
"Our export marketing plan focuses on positioning our SaaS products globally while tailoring our message to specific regions and personas within our target companies. The plan encompasses target market analysis, localised marketing approaches, partnership development, regional compliance considerations, competitive landscape assessment, financial projections, and customer 91香蕉黄色视频 planning. This multifaceted approach ensures we address all critical aspects of entering new markets, from understanding local preferences to navigating regulations."
Business challenges and successes
鈥淲e have encountered several challenges when entering overseas markets. One significant hurdle has been adapting to diverse regulatory environments, particularly concerning data protection and privacy laws which vary greatly between countries.鈥
鈥淎nother challenge has been providing effective localised customer 91香蕉黄色视频. This requires understanding cultural nuances, which sometimes involves establishing local teams or partnerships. Additionally, we've had to navigate different business practices and sales cycles. This often requires adjusting our approach to relationship-building and contract negotiations in each new market.鈥
鈥淥ur risk management approach for exporting is comprehensive and proactive. We begin by conducting thorough market research to understand local business practices, regulations, and potential challenges in each target market. We mitigate financial risks by diversifying our market entry strategies across regions and approaches."
鈥淐ybersecurity is a top priority, and we maintain robust measures to protect our software and customer data from potential threats. We also stay vigilant about international trade policies and regulations, ensuring our operations remain compliant across all markets.鈥
What would I have done differently
"Reflecting on our export journey, I would have prioritised two key areas: firstly, investing more time in understanding the nuances of each target market's business culture and practices. This deeper insight would have allowed us to tailor our approach more effectively."
"Secondly, I would have established stronger relationships with local partners and industry experts earlier in our expansion process. These connections could have provided invaluable guidance on market-specific challenges and opportunities, potentially accelerating our growth and reducing missteps in new territories."
Identifying new export markets
鈥淲e use a comprehensive approach to identify new export markets. This involves analysing global economic trends, monitoring industry developments, using data analytics to track digital transformation opportunities, attending international events, and consulting local experts. This strategy helps us pinpoint the most promising markets for our SaaS products.鈥