2. GoGlobal
“Helping US companies expand to new markets”
Justin Womersley, Dan Leahy,
Eric Epstein, and Gabriel Garza
Interviews this week: 9
Interviews to date: 92
Mentor interactions this week: 0, 0
Mentor interactions to date: 10, 32
3. Canvas #1 - ExpertsOnDemand
Value Proposition
Customer Segments
Get Salesforce questions
answered instantly
Medium/Large sized companies
that use Salesforce and don‟t
have in-house experts to solve
mission critical problems.
Save time and money by
increasing Salesforce
efficiency
4. ExpertsOnDemand
What We Thought:
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.
What We Learned:
5. ExpertsOnDemand
What We Thought:
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.
What We Learned:
6. ExpertsOnDemand
What We Thought:
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.
What We Learned:
Nobody cares!
It’s a nice-to-have, is
never mission critical and
nobody was begging us to
take their money...
8. Canvas #2 - GoGlobal
Value Proposition
Customer Segments
Help companies support their
services in other languages
and timezones
SaaS companies with have
never expanded before and
need help with their first
expansion.
Translating their websites
professionally
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
E-commerce companies with
have never expanded before
and need help with their first
expansion.
9. Canvas #2 - GoGlobal
Value Proposition
Customer Segments
Help companies support their
services in other languages
and timezones
SaaS companies with have
never expanded before and
need help with their first
expansion.
Translating their websites
professionally
Gain: Helping companies enter
new markets in a faster and
more effective way
E-commerce companies with
have never expanded before
and need help with their first
expansion.
Pain: Navigating the legal
requirements to expand
internationally
Really vague
Pain: The logistics involved in
entering a new market
10. GoGlobal
What We Thought:
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.
What We Learned:
11. GoGlobal
What We Thought:
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.
What We Learned:
Business most often won‟t trust
support to an unknown 3rd party.
Support was not the first barrier, and
not the most pressing issue
12. GoGlobal
What We Thought:
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.
What We Learned:
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.
13. GoGlobal
What We Thought:
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.
What We Learned:
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!
14. Canvas #3 - GoGlobal
Value Proposition
Customer Relationships
Customer Segments
Help companies support their
services in other languages
and timezones
GET: Direct salesforce
SaaS companies that have
already expanded somewhat
and need help getting to more
markets
Translating their websites
professionally
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
GET: Website with lead
generating content
E-commerce companies that
have already expanded
somewhat and need help
getting to more markets
15. Canvas #1 - ExpertsOnDemand
Key Partners
VCs who can recommend us
US Lawyers - after legal
work, recommend us to their
clients
Local network of experts in
other markets
16. GoGlobal
What We Thought:
Weren’t sure whether SaaS or Ecommerce 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?)
What We Learned:
17. GoGlobal
What We Thought:
What We Learned:
Weren’t sure whether SaaS or Ecommerce was a better customer
segment.
E-commerce companies were much
more interested, as they faced far
more challenges
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?)
18. GoGlobal
What We Thought:
What We Learned:
Weren’t sure whether SaaS or Ecommerce was a better customer
segment.
E-commerce companies were much
more interested, as they faced far
more challenges
Lawyers and VCs would be good
partners, and a channel to get clients.
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?)
19. GoGlobal
What We Thought:
What We Learned:
Weren’t sure whether SaaS or Ecommerce was a better customer
segment.
E-commerce companies were much
more interested, as they faced far
more challenges
Lawyers and VCs would be good
partners, and a channel to get clients.
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?)
Web channel worked better than
expected, and could be a viable
channel!
20. GoGlobal
What We Thought:
What We Learned:
Weren’t sure whether SaaS or Ecommerce was a better customer
segment.
E-commerce companies were much
more interested, as they faced far
more challenges
Lawyers and VCs would be good
partners, and a channel to get clients.
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?)
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.
21. 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!
22. Canvas #3 - GoGlobal
Value Proposition
Customer Relationships
Customer Segments
Gain: Helping companies enter
new markets in a faster and
more effective way
GET: Direct salesforce
SaaS companies that have
already expanded somewhat
and need help getting to more
markets
Pain: The logistics involved in
entering a new market
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
US E-commerce companies
that have already expanded
somewhat and need help
getting to their next markets
23. Canvas #1 - ExpertsOnDemand
Key Partners
VCs who can recommend us
US Lawyers - after legal
work, recommend us to their
clients
Local network of experts in
other markets
24. So we got out the building..
We pushed hard to pitch these 2 products to as
many customers in our customer segments as
possible
25. GoGlobal
What We Thought:
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 onthe-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.
What We Learned:
26. 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
A good proportion of these
customers were very interested and
signed or delayed until needed.
Logistics, HR, distribution and other onthe-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.
27. 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
A good proportion of these
customers were very interested and
signed or delayed until needed.
Logistics, HR, distribution and other onthe-ground issues were valuable to our
customers.
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.
28. 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
A good proportion of these
customers were very interested and
signed or delayed until needed.
Logistics, HR, distribution and other onthe-ground issues were valuable to our
customers.
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.
Most of the customers issues could be
grouped into these two
products/services.
29. 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
A good proportion of these
customers were very interested and
signed or delayed until needed.
Logistics, HR, distribution and other onthe-ground issues were valuable to our
customers.
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.
Most of the customers issues could be
grouped into these two
products/services.
This is one the major pain points
for expansion.
30. Canvas #3 - GoGlobal
Value Proposition
Customer Relationships
Customer Segments
Gain: Helping companies enter
new markets in a faster and
more effective way
GET: Direct salesforce
SaaS companies that have
already expanded somewhat
and need help getting to more
markets
Pain: The logistics involved in
entering a new market
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
Series A US E-commerce
companies that have already
expanded somewhat and need
help getting to Mexico and
Canada.
31. So we had found a product/market fit,
but was it the best one?
We’ll get back to this later.
37. Diagram of Partners & Payment Flows
Activity
Payment
Manage providers
GoGlobal
Customer
Management fee
10K - 30K
10%-15% of initial
engagement
Contact/Manage
Service
Providers
38. Customer Relationships
GoGlobal actions
Pass / Fail Metrics
●
Direct Sales to:
○ E-Commerce companies
●
Direct salesperson gets
1 commitments / month
●
Web channel - AdWords, SEM
●
●
Referral relationships with
service providers
CPA through Adwords
> Guide Price (~$400 $20 / email assuming
5% conversion)
●
Serve as intermediary between
service providers and client
●
Upsell additional services, e.g.
recruiting, sales rebranding /
marketing consultations
●
Brand buildup through PR, usecase testimonials
●
●
●
Enter new markets with current
customers
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
39. Customer Personas / Archetypes
+
User:
1
Influencer:
2
Recommender:
3
Title:
New Market
“Launcher”
Age /
Sex:
Late
20s, Early
30s / M
No
30s / M
n/a
n/a
30s – 40s / M,F
MBA or Serial
Entrepreneur?
Yes
$100K-200K
$200K+
$500K+
$500K+ equity
Discretionary
budget?
Income:
Experienced
Market Entrants
4
Decision Maker and
Economic Buyer:
How to buy
GoGlobal?
Pitch CEO
Rec. to “launcher”,
VC, or CEO
Motivation:
P&L, impress
CEO
Build professional
network, be
“plugged-in”, consult
Venture Capitalist
Late 30s, Early 40s / M
Rec. / persuade CEO
Increase $$$ for
company
CEO
Decide, in line with
company strategy
Increase $$$ for company,
become global CEO
40. 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;
41. Initial Market Size
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%
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-comdays/;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-comdays/;http://www.cbinsights.com/blog/trends/venture-capital-2013-q1
42. Competitors
Large
Consultancies
/ Market
Research
ProMexico / American
Consulate Services
“point you in the right
direction”
Internal
company
resources
GoGlobal
Current
Lawyers/VCs
JapanEntry
The key to
GoGlobal
success will be
finding the right
company at the
„right time‟ in
their expansion
efforts
Mexican Lawyers
Existing
company
professional
resources
Accountants, Tax, N
otary, etc...
end-to-end expansion
consultants
43. Metrics that Matter
fact
kinda
guess
CPA to get email - warm lead: ~ $50
Average 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: 3
Average LTV of a client: Too early to know
