How to run a Go-To-Market pilot in Latin America
Imagine your software product has established clients in the retail industry, either in Europe or other foreign markets. Now, you've made the strategic decision to expand into new territories, including the vibrant market of Latin America.
To provide a clearer context, let's establish some key assumptions:
These assumptions will set the foundation for understanding the challenges and opportunities involved in expanding your SaaS business into Latin America.
Go-To-Market Challenge:
Expanding to foreign markets, such as Latin America—a region with over 667 million people across 33 countries—poses several questions and challenges:
Undoubtedly, business expansion is a critical step for any company aiming to maintain competitiveness in today's landscape. It demands a well-defined strategy and a system to address the challenges that arise. This is where the goLocal mindset comes in, enabling you to swiftly identify and eliminate barriers or frictions between your product or service and your target audience.
Introducing the goLocal Methodology—a proven strategy designed to smooth your go-to-market approach in any market. If you're interested in learning more, I invite you to request a meeting where we can delve into the details of this methodology.
Now, let's dive deeper into some essential steps worth incorporating into your business development strategy. It's vital to analyze your solution in detail, aligning it with business expectations, available resources, team capabilities, and business velocity.
Building a Go-To-Market Pilot in Latin America: goLocal Suggestions
Latin America is a vibrant market with immense potential for businesses looking to expand their reach. However, entering this diverse market requires careful planning and execution. In this blog post, we will outline a step-by-step approach to building a successful Go-To-Market pilot in Latin America, with goLocal suggestions tailored to this region.
1.- Select the countries to run the Pilot in Latin America
To start, it's crucial to identify the countries where you want to launch your pilot. goLocal suggests considering Brazil, Mexico, Argentina, Chile, Colombia, Peru as potential markets. These countries represent a mix of economic strength, market size, and cultural diversity, making them excellent choices for a pilot program.
2.- Identify companies of different sizes
In Latin America, the size of clients can vary significantly compared to other markets. Therefore, it's important to test your solution with companies of different sizes. goLocal recommends selecting ten companies per country, categorizing them into "Enterprise," "Medium size," and "Small size" to ensure a comprehensive representation of the market.
领英推荐
3.- Identify relevant prospects per company
Once you have identified the target companies, it's time to identify potential prospects within each organization. goLocal suggests finding three to five prospects per company, ensuring a mix of different business orientations. Consider including prospects with technical expertise, business acumen, and those interested in digital transformation. Aim for a total of 300 prospects (6 countries x 10 companies x 5 prospects) to build a robust sales funnel.
4.- Organize prospect information effectively
To manage your prospects efficiently, gather relevant intel and maintain organized records. goLocal suggests using a Customer Relationship Management (CRM) tool like Salesforce or Salesloft. Alternatively, an organized spreadsheet can suffice. Collect essential information such as LinkedIn profiles, names, surnames, email addresses, telephone numbers, job titles, and any other publicly available data. This comprehensive approach will enable you to engage with prospects effectively.
5.- Build effective outreach cadences
With your prospect list in hand, it's crucial to develop a well-rounded outreach strategy. goLocal suggests creating sales cadences that span 20 to 30 days. These cadences should include a mix of activities such as LinkedIn messaging, emails, cold calls, voice messaging, and video messaging. Balancing different sales touchpoints will increase your chances of engaging with prospects and securing business meetings.
6.- Tailor content to the local audience
To resonate with the Latin American market, it's essential to invest time and resources in developing relevant, localized content. goLocal recommends creating three lines of content and messaging. For instance, craft content that provides technical insights for prospects with a technical background, while tailoring content for prospects with a business-commercial orientation differently. Customizing your messaging will significantly enhance your chances of success.
7.- Maintain consistency and cooperation
Consistency is key to gathering relevant information and continuously calibrating your Go-To-Market strategy. It's vital to religiously follow the steps of your cadences. Additionally, goLocal suggests fostering a close collaboration between your marketing and sales teams. Their cooperation will be instrumental in refining your strategy and adapting to the nuances of the Latin American market. Running a proof of concept is highly recommended to ensure you build the right strategy to conquer this vast market.
If your products or services are relevant to the retail industry, find below a good starting point.
At Group goLocal, we pride ourselves on our deep understanding of both the European and Latin American markets, which brings significant added value to our clients. With our expertise, we can fully localize your European business and facilitate successful expansion into the vibrant Latam market.
Moreover, if your business has already originated in Latam, we can assist you in further expanding throughout Latin America. Regardless of the location of your headquarters, our dedicated goLocal Team is poised to support you in launching your services in a market that encompasses over 667 million people!