Recently, I had the opportunity to share my learnings and insights from "Launching Products Globally" with an amazing audience at Plug and Play Tech Center with the presence of global audience including entrepreneurs from HKSTP - Hong Kong Science and Technology Parks Corporation. Here are a few learnings and insights from the evening: 1) You need to "localize" your product & go-to-market strategy: This doesn't only mean just translating or localizing your product. It's a lot more than that. You need to localize your "go-to-market" motion as well. You may have product-market-fit (PMF) locally, in the first country/region you launched, but that doesn't mean you can take the same product and go-to-market strategy to launch in a new country/region. As an example at Fitbit, we learned how the French think about fitness (they count walking to a restaurant to get a glass of wine as their "fitness") is very different than how Americans define workout and fitness. So all our marketing and go-to-market strategies had to align with the way locals will see benefits in our products. 2) Having boots on the ground is essential for successful global expansion: You need to have boots on the ground who truly understand the nuances of how to go-to-market, how to sell, and how to deliver your value proposition to customers in different regions. There are a lot of nuances of how to do business locally that will take outsiders to any market a long time to learn. At Cleo, where we had global customers like Salesforce, Redbull, Pepsi, and Uber, we had to have local health Guides to deliver our services with an intimate understanding of customers needs and approaches in that region. 3) Understanding local, cultural, and social aspects is critical to a global expansion success: Even though at the surface things may seem similar in each region, there are a lot of nuances that make your go-to-market strategy and the way you deliver your services resonate with the local customers or not. At Teladoc, we've learned that people in different countries think about their mental health and how to get support for that "very differently" than each other. Huge thank you to my hosts Rahim Amidi, Dr. Yahya Tabesh, Amir Amidi, Ahmadreza Masrour, and Akvile Gustaite, and HKSTP leaders, Albert Wong & Pheona Kan, who are interested in continuing these conversations. It was awesome to meet great entrepreneurs and see old friends: Reza Moghtaderi Esfahani, Daniel Lo, Houman Homayoun, Wayne Chang, Golnaz (Naz) Moeini. #product #gotomarket #globallaunch #globalbusiness
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