The opportunity
The US economy is growing rapidly, offering Norwegian companies opportunities for client acquisition, partnerships, and revenue from US operations. However, studies show that Norwegian companies have a low success rate in the US market. To succeed, Nordic entrepreneurs need to identify a unique competitive position in the US market and develop a Go-to-Market plan. By thoroughly reviewing the market opportunity and US positioning before deciding on expansion, Nordic entrepreneurs can increase their chances of success.
SUCCESS
Success is achieved through:
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In-depth analysis and segmentation of the potential market for a new product or service.
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Definition of the ideal target audience and their unaddressed pain points, requirements and buying patterns.
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Understanding of competitive landscape and position of the new offering within the market.
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Definition of clear, compelling messages to attract attention and action by the target market.
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Go-to-Market Plan including sales strategy, alliances and resources (time, budget, team) required for success.
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Execution of Go-to-Market Plan including:
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Initial customer and partner outreach and development
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Marketing communication - website, executive overview, lead generation
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Sales team, channels, alliance partner recruitment and development
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Supporting team and infrastructure development
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THE US SOLUTION OFFERED THROUGH OUR PARTNERSHIP WITH NEXT STEP:
To increase the success of our clients which have an opportunity or interest in expanding into the US market, we offer the following service packages.
Market Opportunity Evaluation and Definition:
1. Review of current position, customer perceptions, messages and marketing / sales approaches in local market as well as entrepreneur and executive team goals.
2. Secondary market research of possible US market segments, size, possible obstacles and opportunities for success.Documentation of results provided in the Opportunity Definition.
3. Competitive Research to understand 2- 3 alternative solutions in the US market from the buyers' perspective. This will be documented in a Feature,Benefit, Value Matrix.
4. Opportunity validation through discussions (as needed) with Next Step's contacts within ideal target market.
5. Market Position development to include the most effective target market segments, target buyer profilesand needs.Market landscape to show relative position of the Norwegian company compared tocompetitors within the target marketsegment.
6. Market opportunity recommendation to include when, where and how Our team recommends the company approach the US market.
Go to Market Planning and Preparation:
Upon agreement by the Norwegian entrepreneur or management team and investors to pursue the US marketopportunity, Venturelab/Next Step can provide the following service-package.
7. Definition of sales strategy and approach to most successfully reach the buyers within the ideal target market.
8. Go-to-Market Plan development based on the opportunity definition, target market, sales strategy and goals of theentrepreneur. The Go to Market Plan would include recommended approach, actions, budget and timeline required for successful initial penetration of the US market.
9. Value proposition and message development (based on market positioning and Go to Market Plan) the messageswould be used to create marketing communications and sales messages to generate interest, drive demand and fuel sales in each of the key market segments. Testing of messages in each market can be provided under separate agreement (services and fees are in addition to the scope of the Go to Market Planning package).
10. Marketing Communications - definition of marketing programs and tools required to consistently communicate the messages to each market segment. Creative briefs of each of the programs or tools (such as web presence, one or two page executive summary, email campaigns, social media program etc) will be included within the Go to Market Plan.
Market Development:
11. Outreach to Initial Accounts and Partners - based on research (in prior phase of work) and network, outreach to initial 7 - 9 companies within the target market and / or potential partners to seed the interest in the Norwegian company solution.
12. Infrastructure Development Assistance - Leverage of network to support Norwegian company so that it receives access to the most appropriate and relevant accounting, legal and other supporting infrastructure services.
13. Sales / Support Team Recruitment - Definition of needs for US sales personnel and/ or channel partner support within the Norwegian company (based on the Go to Market Plan). Definition of requirements, desired process and roles for successful recruitment. Actual recruitment would be covered under a separate agreement between Venturelab and the Norwegian company and is outside of the Market Development package.
14. Ongoing Coaching and Consulting for 6 months to maximize success.