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Justin Womersley, Dan Leahy, Eric Epstein, and Gabriel Garza
“Helping US companies expand to new markets”
Interviews this week: 9Interviews to date: 92
GoGlobal
Mentor interactions this week: 0, 0Mentor interactions to date: 10, 32
Canvas #1 - ExpertsOnDemand
Medium/Large sized companies that use Salesforce and don’t have in-house experts to solve mission critical problems.
Get Salesforce questions answered instantly
Save time and money by increasing Salesforce efficiency
Value Proposition Customer Segments
ExpertsOnDemand
What We Thought: What We Learned:
Salesforce is great since it’s used at large companies with money and is often complicated and unwieldy.
Companies can only hire in-house or bring in consultants - both are expensive and not suited to small and quick but important problems.
Salesforce is complicated and businesses often struggle with using it, which slows their business down in a critical ways.
ExpertsOnDemand
What We Thought: What We Learned:
}Salesforce is great since it’s used at large companies with money and is often complicated and unwieldy.
Companies can only hire in-house or bring in consultants - both are expensive and not suited to small and quick but important problems.
Salesforce is complicated and businesses often struggle with using it, which slows their business down in a critical ways.
ExpertsOnDemand
What We Thought: What We Learned:
Salesforce is great since it’s used at large companies with money and is often complicated and unwieldy.
Companies can only hire in-house or bring in consultants - both are expensive and not suited to small and quick but important problems.
Salesforce is complicated and businesses often struggle with using it, which slows their business down in a critical ways.
} Nobody cares!It’s a nice-to-have, is never mission critical and nobody was begging us to take their money...
Restart..
Canvas #2 - GoGlobal
SaaS companies with have never expanded before and need help with their first expansion.
Help companies support their services in other languages and timezones
Translating their websites professionally
Value Proposition Customer Segments
E-commerce companies with have never expanded before and need help with their first expansion.Gain: Helping companies enter
new markets in a faster and more effective way
Pain: Navigating the legal requirements to expand internationally
Pain: The logistics involved in entering a new market
Canvas #2 - GoGlobal
Help companies support their services in other languages and timezones
Translating their websites professionally
Value Proposition Customer Segments
Gain: Helping companies enter new markets in a faster and more effective way
Pain: Navigating the legal requirements to expand internationally
Pain: The logistics involved in entering a new market
Really vague
SaaS companies with have never expanded before and need help with their first expansion.
E-commerce companies with have never expanded before and need help with their first expansion.
GoGlobal
What We Thought: What We Learned:
Managing support in international markets (different languages and timezones) is a barrier stopping companies expanding.
Translating their website was a pain and was hard to manage and a large barrier to reaching external markets.
Our customers would be first-time expanders (since they have no experience and need the help), and not repeat expanders.
GoGlobal
What We Thought: What We Learned:
Managing support in international markets (different languages and timezones) is a barrier stopping companies expanding.
Translating their website was a pain and was hard to manage and a large barrier to reaching external markets.
Our customers would be first-time expanders (since they have no experience and need the help), and not repeat expanders.
Business most often won’t trust support to an unknown 3rd party.
Support was not the first barrier, and not the most pressing issue
GoGlobal
What We Thought: What We Learned:
Managing support in international markets (different languages and timezones) is a barrier stopping companies expanding.
Translating their website was a pain and was hard to manage and a large barrier to reaching external markets.
Our customers would be first-time expanders (since they have no experience and need the help), and not repeat expanders.
Business most often won’t trust support to an unknown 3rd party.
Support was not the first barrier, and not the most pressing issue
Website translation is a solved problem with many good competitors - this is one of the easiest aspect of expanding.
GoGlobal
What We Thought: What We Learned:
Managing support in international markets (different languages and timezones) is a barrier stopping companies expanding.
Translating their website was a pain and was hard to manage and a large barrier to reaching external markets.
Our customers would be first-time expanders (since they have no experience and need the help), and not repeat expanders.
Business most often won’t trust support to an unknown 3rd party.
Support was not the first barrier, and not the most pressing issue
Website translation is a solved problem with many good competitors - this is one of the easiest aspect of expanding.
First time customers didn’t care. Though they could do it themselves or didn’t want to expand.
Second or third time expanders were much more interested - they knew how hard it really is!
Canvas #3 - GoGlobal
Help companies support their services in other languages and timezones
Translating their websites professionally
Value Proposition Customer Segments
Gain: Helping companies enter new markets in a faster and more effective way
Pain: Navigating the legal requirements to expand internationally
Pain: The logistics involved in entering a new market
SaaS companies that have already expanded somewhat and need help getting to more markets
E-commerce companies that have already expanded somewhat and need help getting to more markets
Customer Relationships
GET: Direct salesforce
GET: Website with lead generating content
Canvas #1 - ExpertsOnDemand
VCs who can recommend us
US Lawyers - after legal work, recommend us to their clients
Key Partners
Local network of experts in other markets
GoGlobal
What We Thought: What We Learned:
Weren’t sure whether SaaS or E-commerce was a better customer segment.
Lawyers and VCs would be good partners, and a channel to get clients.
Direct sales would be our main channel, and the web would not work for this type of high-value product.
Weren’t sure which countries to focus on and which direction (US -> other or other -> US?)
GoGlobal
What We Thought: What We Learned:
Weren’t sure whether SaaS or E-commerce was a better customer segment.
Lawyers and VCs would be good partners, and a channel to get clients.
E-commerce companies were much more interested, as they faced far more challenges
Direct sales would be our main channel, and the web would not work for this type of high-value product.
Weren’t sure which countries to focus on and which direction (US -> other or other -> US?)
GoGlobal
What We Thought: What We Learned:
Weren’t sure whether SaaS or E-commerce was a better customer segment.
Lawyers and VCs would be good partners, and a channel to get clients.
E-commerce companies were much more interested, as they faced far more challenges
These channels won’t work: US Lawyers never recommend other services, and VCs were very wary to recommend services.
Direct sales would be our main channel, and the web would not work for this type of high-value product.
Weren’t sure which countries to focus on and which direction (US -> other or other -> US?)
GoGlobal
What We Thought: What We Learned:
Weren’t sure whether SaaS or E-commerce was a better customer segment.
Lawyers and VCs would be good partners, and a channel to get clients.
E-commerce companies were much more interested, as they faced far more challenges
These channels won’t work: US Lawyers never recommend other services, and VCs were very wary to recommend services.
Web channel worked better than expected, and could be a viable channel!
Direct sales would be our main channel, and the web would not work for this type of high-value product.
Weren’t sure which countries to focus on and which direction (US -> other or other -> US?)
GoGlobal
What We Thought: What We Learned:
Weren’t sure whether SaaS or E-commerce was a better customer segment.
Lawyers and VCs would be good partners, and a channel to get clients.
E-commerce companies were much more interested, as they faced far more challenges
These channels won’t work: US Lawyers never recommend other services, and VCs were very wary to recommend services.
Web channel worked better than expected, and could be a viable channel!
Better to have customers based in the US, and help expand to nearby countries - Mexico, Brazil and Canada.
Direct sales would be our main channel, and the web would not work for this type of high-value product.
Weren’t sure which countries to focus on and which direction (US -> other or other -> US?)
Customers said:
“I need help with researching top 5 countries we should be thinking about next”
“I need help doing thorough research into the exact steps and options for expanding into our next immediate country.”
Best feedback came from US series A e-Commerce companies that were looking to expand to their next 3 markets over the next 12 - 18 months.
And we “signed” 2 customers - over $30k worth of contracts!
Canvas #3 - GoGlobal
Value Proposition Customer Segments
Gain: Helping companies enter new markets in a faster and more effective way
Pain: The logistics involved in entering a new market
US E-commerce companies that have already expanded somewhat and need help getting to their next markets
Help researching which of their top markets to go for
Help with a deep dive research in exact steps needed to expansion into next country
GET: Website with lead generating content
SaaS companies that have already expanded somewhat and need help getting to more markets
Customer Relationships
GET: Direct salesforce
Canvas #1 - ExpertsOnDemand
VCs who can recommend us
US Lawyers - after legal work, recommend us to their clients
Key Partners
Local network of experts in other markets
We pushed hard to pitch these 2 products to as many customers in our customer segments as
possible
So we got out the building..
GoGlobal
What We Thought: What We Learned:
Series A US E-commerce companies that were looking to expand to their next market in the next 6 months
Logistics, HR, distribution and other on-the-ground issues were valuable to our customers.
We could sell 2 different products - one broad research into next 5 interesting countries and single country deep dive.
Country manager head-hunting is difficult and we could add value there.
GoGlobal
What We Thought: What We Learned:
Series A US E-commerce companies that were looking to expand to their next market in the next 6 months
Logistics, HR, distribution and other on-the-ground issues were valuable to our customers.
A good proportion of these customers were very interested and signed or delayed until needed.
We could sell 2 different products - one broad research into next 5 interesting countries and single country deep dive.
Country manager head-hunting is difficult and we could add value there.
GoGlobal
What We Thought: What We Learned:
Series A US E-commerce companies that were looking to expand to their next market in the next 6 months
Logistics, HR, distribution and other on-the-ground issues were valuable to our customers.
A good proportion of these customers were very interested and signed or delayed until needed.
These issues resonated with most of the above customers we talked to
We could sell 2 different products - one broad research into next 5 interesting countries and single country deep dive.
Country manager head-hunting is difficult and we could add value there.
GoGlobal
What We Thought: What We Learned:
Series A US E-commerce companies that were looking to expand to their next market in the next 6 months
Logistics, HR, distribution and other on-the-ground issues were valuable to our customers.
A good proportion of these customers were very interested and signed or delayed until needed.
These issues resonated with most of the above customers we talked to
Most of the customers issues could be grouped into these two products/services.
We could sell 2 different products - one broad research into next 5 interesting countries and single country deep dive.
Country manager head-hunting is difficult and we could add value there.
GoGlobal
What We Thought: What We Learned:
Series A US E-commerce companies that were looking to expand to their next market in the next 6 months
Logistics, HR, distribution and other on-the-ground issues were valuable to our customers.
A good proportion of these customers were very interested and signed or delayed until needed.
These issues resonated with most of the above customers we talked to
Most of the customers issues could be grouped into these two products/services.
This is one the major pain points for expansion.
We could sell 2 different products - one broad research into next 5 interesting countries and single country deep dive.
Country manager head-hunting is difficult and we could add value there.
Canvas #3 - GoGlobal
Value Proposition Customer Segments
Gain: Helping companies enter new markets in a faster and more effective way
Pain: The logistics involved in entering a new market
Series A US E-commerce companies that have already expanded somewhat and need help getting to Mexico and Canada.
Help researching which of their top markets to go for
Help with a deep dive research in exact steps needed to expansion into next country
GET: Website with lead generating content
SaaS companies that have already expanded somewhat and need help getting to more markets
Customer Relationships
GET: Direct salesforce
So we had found a product/market fit, but was it the best one?
We’ll get back to this later.
Diagrams and Key Metrics
http://GetGlobal.coTotal Visits: 100 Warm Lead CAC: $30-$50 CPC: $2
Most Clicked: Logistics & Entry Guides
http://GetGlobal.co
http://GetGlobal.coCountry Guides as lead generators - start the conversion with customers
http://GetGlobal.coImproved Conversion - lowered the barrier to contacting us
Diagram of Partners & Payment Flows
GoGlobal Customer
Service Providers
Manage providers
Management fee
Contact/Manage
Per project: ~
100K - 200K
Deliver full s
ervices
Activity
Payment
10K - 30K
10%-15% of initial engagement
Customer RelationshipsPass / Fail MetricsGoGlobal actions
● Direct Sales to:○ E-Commerce companies
● Web channel - AdWords, SEM
● Referral relationships with service providers
● Direct salesperson gets 1 commitments / month
● CPA through Adwords > Guide Price (~$400 - $20 / email assuming 5% conversion)
● Upsell additional services, e.g. recruiting, sales rebranding / marketing consultations
● Enter new markets with current customers
● Serve as intermediary between service providers and client
● Brand buildup through PR, use-case testimonials
● 30% of clients sign monthly retainer
● 90% sign up for and stay on [monthly] newsletter
● Live site analytics on services clickthru
● Customers stay on for 2nd market
Customer Personas / Archetypes New Market “Launcher”
Title: CEOExperienced Market Entrants
Venture Capitalist
+
Late 20s, Early 30s / M
Age / Sex: 30s – 40s / M,FMBA or Serial Entrepreneur?
30s / M Late 30s, Early 40s / M
NoDiscretionary budget?
Yesn/a n/a
P&L, impress CEO
Motivation: Increase $$$ for company, become global CEO
Build professional network, be
“plugged-in”, consult
Increase $$$ for company
1 2 3 4
$100K-200KIncome: $500K+ equity$200K+ $500K+
Pitch CEOHow to buy GoGlobal?
Decide, in line with company strategy
Rec. to “launcher”, VC, or CEO
Rec. / persuade CEO
User: Influencer: Recommender: Decision Maker and Economic Buyer:
Why Mexico? Big, Growing, and Underpenetrated
SOURCES: Gartner, Leading Latin American Offshore Services Locations, 2014: Country-Level Improvements Increase the Region's Attractiveness for Global Delivery; eMarketer January 2013; JLL - eCommerce Boom Triggers transformation in Retail Logistics;
Initial Market Size
Source:http://techcrunch.com/2013/04/10/vcs-invested-6-9b-in-841-deals-in-q1-2013-funding-up-17-percent-deal-activity-highest-since-dot-com-days/;http://techcrunch.com/2013/04/10/vcs-invested-6-9b-in-841-deals-in-q1-2013-funding-up-17-percent-deal-activity-highest-since-dot-com-days/;http://www.cbinsights.com/blog/trends/venture-capital-2013-q1
Initial market size per year a function of:
● # of Series A deals: 830
● Total Globalization spend: $200K
● % of Series A Companies expanding internationally: 25%
● % of Series A Spend in 1st market: 10%
CompetitorsProMexico / American Consulate Services
“point you in the right direction”
Current Lawyers/VCs
GoGlobal
Internal company resources
end-to-end expansion consultants
Mexican Lawyers
Accountants, Tax, Notary, etc...
Existing company
professional resources
JapanEntry
Large Consultancies
/ Market Research The key to
GoGlobal success will be finding the right company at the ‘right time’ in their expansion efforts
Metrics that Matterfact kinda guess
CPA to get email - warm lead: ~ $50Average initial purchase size: $10k - $40k*Average lead time from first contact to sale: 1 - 2 months
Conversion to paying for basic entry guide : 25% Conversion from basic entry guides to full paying customer: 10%
Yearly sales needed per salesperson: - Assuming average revenue of $30K per customer- Assuming salesperson earning $10K per month
- Salesperson would need at least 4 sales per year to break their own cost
Content creation cost for market analysis: 100 hours - ~$10 000, cost for helping a client evaluate and execute a new market and should
decrease over time
Average # of countries per client: 3Average LTV of a client: Too early to know
Investment Readiness Level
But….
5
