It’s November already and in the very chilly early morning, I headed into The Foundry for another Google Breakfast Briefing. This time we were hosted by Google’s International Growth Consultant, Elizabeth Gabster. Her main focus for the Briefing was to give us insights into some of the data collection tools that we could use should we want to enter into International Markets.
Elizabeth posed the question to us “In the digital era, businesses are pressured to scale globally as quickly as possible. But how do you start?”. Google listened to business owners’ concerns, they could see that when it came to entering into international markets there were a number of pain points. It was difficult to know who to trust when it came market information. Also there are difficulties with payments infrastructures, translations and shipping. What information and business partners can you trust, such as legal information, shipping partners and customer care needs?
Key take Aways from November 2017 Google Breakfast Briefing
There was a massive amount of information packed into this Breakfast Briefing about understanding markets, tools that you can use and where to get the information that you may need. She focused on three areas of focus when your entering a new market.
- Plan, Prioritise and Strategise
- Launch, measure and build your brand
She focused mainly on the ‘Plan, Prioritise and Strategise’ part of the journey and this is really the area that most of us need to focus on. This sets the foundation for what discovery, though Planning, Prioritising and Strategising we can identify our directions, needs, market behaviours, budgets and so much more. I will outline the key points from the Breakfast Briefing and lets hope you find this really helpful.
So I’m a little bit of a data nerd and love to hear some good ‘auld numbers. Elizabeth has a fantastic slide on the topic ‘Scaling and Speed’. The world is smaller and our reach is faster and longer, she emphasised this point by competing how long it took several technologies to reach 50 million users. The telephone took 50 years, Television was just 13 years and Pokemon Go? Well that took the word by storm and grabbed it’s first 50 million users in just 19 days! Shocking!
We can see from this simple statistic that the reach that the internet, smartphones and general digital tech is giving us is vast. We as business owners need to see the potential of the untapped audiences that may be visiting their site. With Brexit looming and the threat of untold costs with border controls, currency changes and more we need to look to other untapped international markets.
Data is the key to where, how and what we start with. Your own data is the first starting point, Elizabeth emphasises the value of your current website’s own Google Analytics accounts. In your analytics look to your Location & Language reports, here you will be able to see if you have visits, engagement and indeed conversions that are coming from other international markets. To help you improve the quality of this data you can add the Google Website Translator, while not perfect it will automatically translate your website to different languages and allow you to see traffic that is more relevant and engaged as it will complete more tasks and journeys on your site.
She also spoke about Dropbox’s journey to success, in short Dropbox followed the customer. Dropbox saw that there were international markets that were showing an interest and took on just four international markets at a time. By selecting just four markets they could scale slowly, carryout research on the needs of the customer, their behaviours and how to market to those customers that would result in their ultimate success. With this approach in just four years the went from having 125m users to an astonishing 500m users.
In responce to this Google launched ‘Google Market Finder‘ this was only launched on November 4th so I found this really exciting to be there in the early stages – you can find it https://marketfinder.thinkwithgoogle.com, this provides information to help you enter new markets.
So How Does Google Market Finder Work?
This is an impressive little tool really, using the keywords from analysing your website (you can also add your own) and the information that google has it suggests and allows you choose potential markets. Once you have chosen the countries that you are interested in you can then drill down some of the information and behaviours about that market. For example, you can see what are the primarily methods of payment, the likelihood of fraud, monthly searches in your categories, average age. You can also view data such as Tax info, purchase behaviour and economic profile just to name a few.
In addition to this information it also gives you information and articles about how to plan your operations, the day to day of running a business in your chosen location. These include information on recruitment, distribution and customer care to name a few. The final section that is available is information on marketing. Google have collected all this information into the one handy resource and like so many amazing google products it’s free.
This tool is very helpful but at the moment it’s not quite as powerful as it could be. Since Google has access to such vast amounts of data and has so many tools that you can use for your business, I am sure we will see this grow into an amazing source as we have seen with the likes of Google Analytics, Webmaster Tools and the like.
The next Breakfast Briefing should be in December, so see you then!