The type of marketing you use will vary considerably, depending on each market and your product. A common approach is to focus on brand building initially to raise awareness. Year one or two of an expansion, therefore, might generally be focused on customer education and building your profile before moving on to performance marketing.
You should adjust KPIs and expectations accordingly to allow for a slower return on investment while you introduce yourself to the market.
However, the approach will be different for each product, and expectations may vary from one product to another.
For Marina Zavelion, her experience in SaaS companies told her she needed to bring in their first customers as quickly as possible. Performance marketing, therefore, becomes extremely important. Without it, acquisition and building a pipeline becomes impossible.
Even global super-brands like Google adopt this approach early days when determining market entry plans.
For Zhenya Winter, at Bottomline, it was a natural progression. Early on, they focused on thought leadership rather than lead generation as they sought to make a name for themselves. In the second year, they further enhanced their reputation by finding the right partners in the right publication. These are the ‘watering holes’ your customers are visiting and you want to be there. The third year saw things flip with a major focus on lead generation.
Ideally, by year three you will have prepared the market and built a profile. Now you’re in a position to make sales and start generating real returns.
Different products may also dictate the choice between traditional sales-heavy approaches in which every interaction is picked up by sales representatives and self-serve approaches in which people come to the website and are converted into customers through marketing automation. Different businesses will require different approaches.