We hope you had a great summer! But alas, it’s time to get back to work and it’s time for the Cove/McHattie teams to get back on the road – this time to Dublin, London and Milan!

We'd love to catch up with you while we're over to hear what you have been up to, and to talk about what Cove/McHattie have been up to (there was a wedding in Cork and more news on that end!) and to discuss how we can continue supporting your U.S. operations.

As always, we're here to take the complexity out of U.S. expansion, to help you avoid mistakes and to accelerate your growth and profit. Let’s set-up some time to meet and chat about what's next for your business stateside.

If you’re available, let us know and we’ll get you on the calendar!

Post

We're Heading to Europe! Let's Catch Up!

Develop strategy to make sure expansion is successful.

Develop a comprehensive marketing and promotion strategy to raise awareness of the company and target key customer segments.

Pick the location where you will put a stake in the ground.

Key considerations for location are where customers, talent and partners are located, quality of life, and commuting to and from.

Understand the regulatory environment and what you need to be in compliance.

Understand if you need to set-up an entity, get visas, your intellectual property and americanize any existing contracts.

Do you need a bank account, accounting/bookkeeping, funding?

Understand hiring, compensation, benefits, headhunters.

Understand the timeline before and after launch.

Having existing team members help with the launch materially increases the likelihood of success.

Target individuals, senior & junior, with a commercial orientation, that may move over a six month timeframe.

Goal: Create brand awareness, generate demand, and establish a strong market presence.

Target Audience Analysis: Understand demographics, buying behaviors, preferences, and needs of potential customers.

Market Research: Identify key competitors, market trends, and potential barriers to entry.

Channel Strategy: Decide on online versus offline marketing, use of social media, content marketing, PPC campaigns, and other channels relevant to the U.S. market.

Budget Allocation: Determine how much will be spent on each marketing activity.

Goal: Choose a location that aligns with business goals and offers the best advantages.

Market Analysis: Understand where the majority of your potential customers reside.

Talent Pool: Research areas with a rich talent pool, especially if you need specific expertise.

Cost Analysis: Compare rental costs, wages, taxes, and other operational costs in various locations.

Infrastructure & Amenities: Look for good transportation, reliable internet, and other essential facilities.

Goal: Ensure all business operations adhere to U.S. laws and industry standards.

Industry-specific Regulations: Understand and comply with any specific regulations related to your business type.

Licenses & Permits: Identify required business licenses and permits.

Consumer Protection Laws: Ensure your products/services comply with consumer safety and protection laws.

Goal: Protect business interests and operate within U.S. legal frameworks.

Business Structure: Decide whether to set up a subsidiary, a branch, or another business entity.

Visa & Immigration: Understand visa requirements for employees moving from other countries.

Intellectual Property: Ensure protection of trademarks, patents, and copyrights in the U.S.

Contracts: Make sure to americanize any contracts you expect to use in the U.S.

Goal: Set up a robust financial structure for smooth operations and growth.

Banking: Establish a U.S. bank account and understand banking regulations.

Accounting & Bookkeeping: Ensure understanding of U.S. accounting standards and tax obligations.

Funding: Explore potential funding sources if needed, such as venture capital, angel investors, or loans.

Goal: Build a strong team and ensure they are well-taken care of.

Recruitment: Understand U.S. hiring practices and where to find potential candidates.

Compensation & Benefits: Research standard compensation packages in your industry and location.

Cultural Training: Ensure that employees relocating from other countries understand U.S. work culture and practices.

Goal: Have a clear roadmap for expansion activities leading up to and following the official launch.

Milestones: Set clear, measurable milestones for both pre- and post-launch phases.

Monitoring: Regularly review progress against the timetable to ensure you're on track.

Goal: Ensure a successful launch by involving experienced team members.

Team Composition: Identify individuals with experience in U.S. market expansions or similar projects.

Training & Onboarding: Ensure the team understands their roles and the specifics of the U.S. market.

Guide

Expansion Strategy

Launch Plan Guide

Provide a concise summary of the research, findings, and recommendations.

Provide a detailed account of the research findings.

Include any charts, graphs, survey questions, etc., used or mentioned in the report.

Demand: Is there a demand for your product or service?

Market size: How big is the market and how many customers are likely to be interested in your offering?

Economic indicators: From a macro-economic perspective is this the right time and is your target market doing well?

Ideal Customer Profile (ICP): Who is your ICP?

Location: Where are your customers, suppliers, and even competitors located?

Market saturation: How many competitors are already available to your prospective customers? Can that be disrupted?

Pricing: What are customers currently paying for alternatives to your offering?

A brief overview of the issue that necessitates market research.

Identify any specific business questions you are trying to answer.

Define your primary and secondary research methods.

Detail how you will conduct surveys, focus groups, polls, and interviews.

Define the target population for your research.

Discuss recent and projected market trends.

Discuss any regulatory issues affecting the market.

Identify and explain any potential market opportunities.

Discuss key market segments and demographic trends.

Define ICP's age, gender, race, income level, etc.

Discuss any lifestyle trends affecting ICP behavior.

Discuss ICP needs, preferences, and attitudes toward your product or industry.

Discuss the market share of each competitor.

Discuss competitors' marketing strategies and branding efforts.

Provide details on how you collected data (surveys, focus groups, polls, interviews).

Discuss the sources from where data was collected.

Discuss how data was processed and organized for analysis.

Discuss how data was interpreted and what it means in context.

Detail the findings of the research in a clear, organized way.

Discuss any new insights gained from the research.

Based on the research findings, provide any recommended actions.

Good luck with the research and please reach out if Cove can be of assistance!

Market Research Guide