Well, here are some quotes from TechCEOs who sell into the US market.
“Our sales qualified leads from the US market are abysmally low”
“We used to get deals from our joint venture partner in the US. Now it has stopped”
“I hired direct sales team in the US. Burnt almost 300K for a year. Nothing came out of it.”
“Well How do I replicate the success I’ve had in South East Asia in the US market?”
Here is another.
“I have both marketing and inside sales team back here in Bangalore. Spending close to $10K a month on salaries. Yet no sign of revenue from the US market”.
Does this resonate with you?
We are working with a number of TechCEOs who have built stable businesses in the domestic market but are struggling to open up or grow in the US market. Some of them have invested in teams but are stuck for a long time.
Yes, it’s really true. The US IT & service market is projected to grow to 1.4 trillion by 2020 and growing at a clip of 6%.
The US enterprise and mid market businesses have invested tons of money into infrastructure, applications and platforms, business leaders are exploring multiple ways to leverage advances in cloud computing, analytics, AI/ML, edge, 5G and other technologies to build competitive advantage. Another big buyer of tech is Digital natives, Software houses and Startup sector that are in the fast innovation cycle. Overall, there are plenty of opportunities for TechCEOs to cherry pick segment and grow their business in the US.
At the same time, the US is one of the markets where buying cycle and journeys vary from segment to segment. The way FSI sector buys in tri-state area is way different from how ISV and tech shops buy in the Bay Area.
Nevertheless, there is enough space for TechCEOs based in India or Asia to come in and participate in the new era of digital growth. But there are a few challenges. I have come across TechCEOs who are struggling without a clear plan.
1. They might have ambitious goals in place. But I do not see a clear execution plan.
2. Sometimes they think they have a plan but are grossly misinformed by wrong talent.
3. Most importantly, there is no sales & marketing framework or system in place. Usually TechCEOs hire sales, marketing and business development talent available in the market and let them loose to hit targets. Often times, this results in failure leading to resentment and more cynicism.
4. Moreover, I have seen very shallow marketing and sales attempts where sellers write flimsy emails that have no context, understanding or selling arguments. It simply does not work folks.
5. Finally, when both time and money are lost, the TechCEOs jump in and try to do everything themselves. This is the last straw that breaks the cartwheel.
So how can TechCEOs overcome these challenges and still penetrate the US market?. You can do it in four ways.
1. Clarity and Focus – You should know your market segment, initial list of prospects, your go to market strategy and how you intend to sell and get your business upto $3M to $4M mark. Without this plan in place, you are as good as dead even before you start.
2. Revenue enablement – You have to shift your mindset from primitive and brutal ‘I will call and send email to death’ selling mindset to revenue planning and execution. This comprises of understanding your customer buying journey, personas, aligning go to market, leading with authority marketing, influencing CXOs and focussing on customer success.
3. Selling framework – It is also prudent to have a selling framework that comprises of lead generation, opportunity management or account management to break into customers with whom you already have a relationship elsewhere.
4. The How – Finally, the devil is in execution. Do have a quarterly plan that is backed by resources with clear roles & responsibilities and goals. We all know what cannot be measured cannot be managed.
Now, all of these weaknesses can be turned into strengths when you organise your thoughts, establish clarity, focus and engage the right people who know how to do it.
That’s exactly what we have done in putting together TechCelerate, a Revenue Acceleration program that helps TechCEOs to penetrate and grow their domestic business.
You see, the only way to grow your tech business in the US market, be it product or service oriented, is by following proven revenue growth frameworks. Without a proven framework, you are operating from guess work and guesslogy. You will be transactional and engage clients as if you are still in 2010.
Being clear about your strategy, key goals and deploying sales and marketing framework that are in alignment with what you want to achieve is very critical to achieve results. That’s the only way to scale your tech business from 3M to 5M in 18-24 months.
Over the past 2 years, we have used TechCelerate Revenue Acceleration framework with many mid sized tech companies who want to penetrate the US market and drive demand.
In TechCelerate, we understand your business, goals, develop a strategy, execution plan and install our proven AICP framework to align go to market, drive demand, accelerate sales and propagate your business. In doing this, we stay with you for a period of time, provide value added services and help bridge the revenue gap.
Using our frameworks, know-how and coaching, we work with your team to attract prospects, get them interested in your products and services, convert them into accounts and also make your customers sell for you. We work with you to elevate your brand, tweak go to market plan, overlay our framework to your customer buying journey, install selling capabilities to drive demand and conversions.
Have you stitched your strategy to a well thought execution plan that is backed by a proven sales and marketing framework?
P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :
1. Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.
4 Ways to Position Your Tech Business to Attract More Clients Click here.
3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.
2. Schedule a 15 Minute assessment call with us – Click here.
We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.
3. Join our Techcelerate Implementation Program and be a Case Study
I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.
Life is short. Take action now and grow. Best Wishes.