This document provides a market entry strategy for Touchtech Payments entering the US market. It includes an analysis of the payments industry and segmentation of the customer market into banks and credit unions. A multi-phase strategy is proposed covering mission/vision, geography, funding, operations including personnel, and marketing such as trade show attendance. Challenges of internationalization like knowledge gaps, resources, and regulations are also reviewed. Recommendations provide a roadmap to target both banks and credit unions through building relationships at trade shows and establishing the right team and resources.
Beyond Asia - developed-markets perspectives – meeting the challenge of chang...EY
How companies based in developed markets can explore the implications of Asian overseas expansion and figure out responses that will both anticipate change in global competition and maximize new opportunities.
http://www.ey.com/GL/en/Issues/Driving-growth/Growing-Beyond/Beyond-Asia-developed-markets-perspectives---Introduction
Our Growing Beyond program explores opportunities across expanding into new markets, finding new ways to innovate & implementing new approaches to talent.
www.ey.com/growingbeyond
Beyond Asia - developed-markets perspectives – meeting the challenge of chang...EY
How companies based in developed markets can explore the implications of Asian overseas expansion and figure out responses that will both anticipate change in global competition and maximize new opportunities.
http://www.ey.com/GL/en/Issues/Driving-growth/Growing-Beyond/Beyond-Asia-developed-markets-perspectives---Introduction
Our Growing Beyond program explores opportunities across expanding into new markets, finding new ways to innovate & implementing new approaches to talent.
www.ey.com/growingbeyond
Human Resources Management Practices and Productivity of Selected Mncs in Eme...inventionjournals
This study investigates the mode of entry of multinational corporation and their performance Nigerian market. Research on the entry mode of multinational companies (MNCs) to Nigerian market has been one of the major topics in the international business, and the performance factor has been regarded as one of the major factors to explain the entry mode selection of MNCs. Based on the developing nature of the Nigerian market, MNCs can enter a market with Franchising, Licensing agreement, Exporting, joint venture or a wholly owned subsidiary, and Turnkey. This study test reasons for entering in the Nigerian market, modes of entering, challenges faced by multinational during entry and finally the impact of mode of entry of MNCs and their performance in the Nigerian market. The research adopted the survey method, with the use of the Questionnaire. The results from the analysis on the first hypothesis show that a MNCs come into the Nigerian market for different reasons with different modes peculiar to their organization. The second hypothesis indicated that there are various challenges MNCs faced when entry into Nigerian market. And the third hypothesis was supported indicating significant influence of mode of entry on the performance of MNCs in Nigerian markets.
The Road to Investing and Building High Growth Companies - Presentation by Jose Marin, Co-Founder & MD of IG Expansion at the NOAH 2013 Conference in London, Old Billingsgate on the 14th of November 2013.
The ‘C’ Factors: Countries, Currency, Competition, Countries in different stages of economic and political development and its relevance, Impact of currency and exchange rate fluctuations. Suggested remedies, Analyzing competition Industry analysis, Porters national diamond, Strategic models, Strategic positions, Strategic Intents-, loose bricks, layers of advantage, collaboration among competing firms, Changing the rules of engagement, Richard D Aveni’s hyper competition.
Market Entry & Expansion Strategies a workshop : Lecture 14; Market Attractiveness: Economic context,
characteristics, opportunities and risks
2. Strategizing for New Market Penetration and Growth
3. Core drivers for market selection
4. Factors to consider when choosing local partners
5. Growth strategies and partnerships for consideration
6. How to boost organisation client base, operation and capital
position
7. Key success factors for market entry
Brand matters: mobilize your best talent ambassadors on LinkedInShira Appell
This session was delivered as part of our Talent Solutions Customer InVite Only Webinar Series in Q4 of 2015.
Do you wish your colleagues had a stronger brand on LinkedIn? This content will give you the tools to teach and empower your cross-functional partners and/or colleagues to be talent ambassadors for your organization and leave a lasting impression. We also recommend this content to be used to education and train your employees on the importance of building a strong professional brand on LinkedIn.
Human Resources Management Practices and Productivity of Selected Mncs in Eme...inventionjournals
This study investigates the mode of entry of multinational corporation and their performance Nigerian market. Research on the entry mode of multinational companies (MNCs) to Nigerian market has been one of the major topics in the international business, and the performance factor has been regarded as one of the major factors to explain the entry mode selection of MNCs. Based on the developing nature of the Nigerian market, MNCs can enter a market with Franchising, Licensing agreement, Exporting, joint venture or a wholly owned subsidiary, and Turnkey. This study test reasons for entering in the Nigerian market, modes of entering, challenges faced by multinational during entry and finally the impact of mode of entry of MNCs and their performance in the Nigerian market. The research adopted the survey method, with the use of the Questionnaire. The results from the analysis on the first hypothesis show that a MNCs come into the Nigerian market for different reasons with different modes peculiar to their organization. The second hypothesis indicated that there are various challenges MNCs faced when entry into Nigerian market. And the third hypothesis was supported indicating significant influence of mode of entry on the performance of MNCs in Nigerian markets.
The Road to Investing and Building High Growth Companies - Presentation by Jose Marin, Co-Founder & MD of IG Expansion at the NOAH 2013 Conference in London, Old Billingsgate on the 14th of November 2013.
The ‘C’ Factors: Countries, Currency, Competition, Countries in different stages of economic and political development and its relevance, Impact of currency and exchange rate fluctuations. Suggested remedies, Analyzing competition Industry analysis, Porters national diamond, Strategic models, Strategic positions, Strategic Intents-, loose bricks, layers of advantage, collaboration among competing firms, Changing the rules of engagement, Richard D Aveni’s hyper competition.
Market Entry & Expansion Strategies a workshop : Lecture 14; Market Attractiveness: Economic context,
characteristics, opportunities and risks
2. Strategizing for New Market Penetration and Growth
3. Core drivers for market selection
4. Factors to consider when choosing local partners
5. Growth strategies and partnerships for consideration
6. How to boost organisation client base, operation and capital
position
7. Key success factors for market entry
Brand matters: mobilize your best talent ambassadors on LinkedInShira Appell
This session was delivered as part of our Talent Solutions Customer InVite Only Webinar Series in Q4 of 2015.
Do you wish your colleagues had a stronger brand on LinkedIn? This content will give you the tools to teach and empower your cross-functional partners and/or colleagues to be talent ambassadors for your organization and leave a lasting impression. We also recommend this content to be used to education and train your employees on the importance of building a strong professional brand on LinkedIn.
The study covers all of the aspects of GCC Enterprise Content Management Market and its impacts on the industry, which has shaped the market into its current position. Depending on the obtained data, the report provides future impactful points to the shareholder and the growing opportunities.
The study covers all of the aspects of Data Catalog Market and its impacts on the industry, which has shaped the market into its current position. Depending on the obtained data, the report provides future impactful points to the shareholder and the growing opportunities.
Learn about the 10-Step Strategic Account Alignment Process:
- See the 10-step account planning and implementation process using real-world examples
- Focus on 3 of the biggest challenges facing strategic account management programs
- Learn the unique approach that Global Partners uses for the account planning and management process
CI 2.0 - Competitive Innovation IntelligenceArik Johnson
Presentation to KMWorld 2006 Audience in San Jose California October 31 on How the Principles of Disruptive Innovation, Risk Management, Corporate Governance and Enterprise Collaboration are Driving the Incorporation of Blog, Wiki, Social Networking, Free-Tagging, Prediction Market and other Web 2.0 Features and Capabilities into Traditional Competitive Intelligence Software
Similar to Presentation for Touchtech Payments final-1 (20)
3. Introduction
International market entry strategy for
Touchtech
Academic frameworks to frame
understanding
Segmented a market of 12,000+ institutions
We produced a shortlist institutions
Gained first-hand information from key
decision makers in US financial institutions.
12,000+ Financial Institutions
4. ProjectScope
Phase 1: Business Model Analysis
Understanding howTouchtech compete in
the market
Phase 2: Market Analysis
Detailed analysis of US market
Phase 3: Academic Literature Review
Focused literature review on best practice
for start-ups, internationalisation, and
growing & scaling an organisation
5. ProjectScope
Phase 4: Researching Potential Customers
Starting at a high level with 12,000+
institutions
Complete list of high level potential targets
Deep dive and shortlisting of the highest
potential customers
Phase 5: Market Entry Strategy
A guideline forTouchtech
Outline the risks involved, key contacts,
and estimated required resources
7. Industry
Analysis
High degree of competition
Authentication market
No preference of end-users
Access to distribution network Reliance on partnerships
Intricate selling process
8. Industry
Analysis
12000+ Banks and CUs
Role of new government
Geographical distance
Credit Union v/s Banks
US Market Analysis
16. Customer
Segmentation
Banks: Segmentation Method
US Banks Group 1 Group 2 Group 3
Asset Size > $100 bn < $100 bn, > $2bn < $2 bn
1. Assets:
2. Demographics:
US Banks Group 1 Group 2 Group 3
Population Under 18 18 – 35 yr Over 35 yr
17. Customer
Segmentation
Banks: Segmentation Method
US Banks Group 1 Group 2 Group 3
Asset Size > $100 bn < $100 bn, > $2bn < $2 bn
1. Assets:
2. Demographics:
3. Geographical:
Identified banking clusters
US Banks Group 1 Group 2 Group 3
Population Under 18 18 – 35 yr Over 35 yr
23. Customer
Segmentation
Credit Unions: Segmentation Method
US Credit Unions Group 1 Group 2
Asset Size > $2bn < $2 bn
1. Assets:Top 100
2. Members:Top 100
3. Branches:Top 100
US Credit Unions Group 1 Group 2
No. of Members > 150,000 < 150,000
US Credit Unions Group 1 Group 2
No. of Branches > 20 < 20
28. Customer
Segmentation
1. Strong retail / personal banking section?
2. Technology focused strategy?
3. Online banking capability?
4. Mobile banking capability?
5. Active on social media?
6. Decreased its number of branches over the past five
years?
7. Customer focused strategy?
8. Customer complaints re login / payment systems?
9. Has new management / CEO been appointed?
Banks & Credit Unions: Shallow Dive
29. Customer
Segmentation
1. How user friendly is their login platform?
2. How bad are the reviews of their payment / login
systems?
3. Do they currently offerApple Pay / Android Pay /
mobile wallet or any other payment system?
4. Do they currently use aTouch ID technology or any
other biometric technology?
5. What is the reason for the % change in branch
numbers (if any) over the past 5 years?
6. Do they have a digital development program in
place?
Banks & Credit Unions: Deep Dive
33. Formulate a clear mission and vision statement prior to
entering the USAStrategy
Mission: Why we exist?
Vision: What future we want to create?
Mission andVision
34. Strategy
Where to locate?
- NewYork
Which market to tackle?
- East coast Banks
- Nationwide Credit Unions
What isTouchtech’s product offering?
- Explore and establish quickly
Structure, Geography and Focus
35. Finance
Ensure sufficient resources for market entry 2+ years
Establish and affirm cost structure prior to internationalisation.
Understanding costs means you
understand your product’s price point
Costs and Financing
36. Operations
Don’t get spread too thin?
Increased risk of failure by entering multiple geographies
simultaneously
Personnel
Establish the right team
Senior US marketing and sales personnel with strong network
connections
Junior US personnel
Original / founding Irish personnel
Desired founding culture is embedded from initiation
Original / founding Irish personnel
continuity of desired standards and expectations – mission and
vision
Senior management support is imperative during entry phase
strongest team members must be available to support market entry
Leverage Enterprise Ireland’s industry networks as part of the marketing
plan
Resources Critical for Success
37. Operations
Things to know
Human resources - critical differentiators between success and
failure.
A key reason cited for market entry failure was shortcomings in
personnel and support structures for the market entry
programme.
Human resources management costs are high and can be a
barrier to entry.
Structural barriers, bureaucratic barriers and cost barriers are low
e.g. US company ex-Delaware can be established in three days
Post establishment professional service costs are considerably
higher than that of Europe e.g. accountancy, legal services
Resources Critical for Success
38. Operations
Understand the procurement processes of your clients
Procurement processes for some tier 2 banks and large credit
unions will be well-defined, involving multiple business units
evaluating the new technologies.
Example: Mountain America FCU’s Chief Risk Officer. (Information
acquired through interview at recent CU conference, Belfast)
CUSO’s (Credit Union Service Organisations)
IT Dept.
Risk
Officer
Procure
ment
Team
Finance
Officer
Legal
Officer
CEO
Procurement Process
39. Marketing
Crucial to attend industry trade shows to gather first hand data
No amount of secondary research can
replace primary, in-person research!
Attending tradeshows needs to be a disciplined process.
Establishing contact and pre-arranging meetings
Information gathered and managed in a dedicated report format
Accessible and visible to all marketing and sales personnel
UtiliseCRM software to manage process – make it a discipline
Develop marketing materials based on customer feedback
Exhibiting at trade shows
Expensive - $10,000 to $40,000
Marketing Process for the US
41. Challenges
Lucrative returns possible but face an uphill challenge
Attitude to risk from Organisation
Previously un-encountered Barriers-
1. Knowledge
2. Resources
3. Regulations
Challenges of Internationalisation
42. Challenges
1) Lack of Information
Barriers to information
Limited information
Unreliable information
Ability to identify opportunities
2) New norms of doing business
3) “Outsidership”
Breaking into new markets
Resistance
Liability of Smallness
Challenge 1: Knowledge
43. Challenges
1. Not just …..Although it is Essential
2. Scaling and the experience curve
3. Personnel
4. Networks
$$$
Challenge 2: Resources
44. Challenges
1. Dodd Frank Act 2010
2. Regulation driving Institution consolidation
3. Regulation compliance driving IT uptake
4. Regulation fear of jumping ahead of the curve
Challenge 3: Regulation
Hello Everybody,
Just incase everybody doesn’t know each other ill just reintroduce the team.
This is Muirenn McCarthy, Finbarr Coghlan, Sumit Chopra, and Paul Murphy.
Im Michael and I will be walking us through a quick overview of the presentation, and outline our project scope.
Sumit will follow me with the authentication industry analysis,
Muirenn will then take us through the customer segmentation. How decided on the target financial institutions.
Finbarr will explain the market entry strategy which is crucial to the implementing the customer segmentation and unlocking value.
Paul will explain the challenges to mitigate or they will limit your effectiveness and potential profitability in the market.
Paul will then finish up with the final recommendations.
Introduction
Our brief was to provide an international market entry strategy for Touchtech Payments. We quickly realised that the USA is the most important market by far.
In terms of technological adoption
Potential market size
Skills and talent available for expansion of the team
Appetite of the users (financial institution customers)
Potential for funding is well developed (e.g. new sources of capital).
Therefore, we excluded Canada and South America as they would divide the focus of the project.
We used various academic strategy frameworks to frame our initial thinking around Touchtech, the broader market, and Touchtech position in it.
We produced a shortlist of banks and credit unions. This involved segmenting a market of 12,000+ financial institutions using a combination of our own methodologies.
We used a combo of secondary research and primary research gained from interviews with key decision makers in financial institutions.
Scope of the Project
So for the purposes of this project we had two masters, 1. UCD and 2. Touchtech.
So obviously some pieces may be more interesting to you guys, in a practical sense, than others.
Ill walk you through how we went about building the report at a high level, so you get a sense of the report as a whole and how it all fits together.
Phase 1. -> Business Model Analysis
This focused on understanding Touchtech, and how they are going to compete in the market.
This is where we used academic frameworks, and research in to the industry
Phase 2. -> Market Analysis
This involved a detailed analysis of the US authentication market.
What was the competitiveness, were there substitutes, was there an appetite for tech and was the way the wider environment driving behaviours?
Fundamentally this was to understand the space that Touchtech would be entering.
Phase 3. -> Academic Literature
We conducted a review of the available academic literature on best practice for startups, internationalisation, and growing and scalling an organisation. And specifically how it directly applies to Touchtech.
Phase 4. -> Researching potential customers
Researching potential customers in the USA, we started at a high level with 12,000+ institutions.
We began to segment customers using a combination of factors.
We formed a complete list of high potential targets meeting pre-agreed criteria.
We then preformed a deep dive into this high level list.
We then shortlisted the highest potential customers.
Phase 5. -> Market Entry Strategy
This is really an implementation guideline for Touchtech.
What challenges and risks you will face. Key contacts required, and how to go about it.
There is a high degree of competition in the marketspace with low differentiation of the competitors. High switching costs under the contract terms and retaliation by incumbents further make it worse for authentication platform proving companies to enter the market. This make the entry barriers into this market quite high.
Partnerships do play an important role like Mastercard, VISA partnerships and those with card issuers/mobile wallet companies could help in getting initial push into the market
Selling a product to financial institutions could be a difficult in light of many decision makers involved and long decision times
Facing challenges in scaling the technology, ensuring flawless implementation, educating customers and more importantly getting early adopters who could validate the technology for early majority and late majority. Apart, there has been question to security of data base that could store highly confidential stuff like biometrics on a database and misuse that information.
Additionally, getting access to distribution network in the market could be tough in case of high dependence on brand reputation
With over 12000 institutions in US, the financial market from perspective of banks and CUs is highly diverse. The business norms would also vary from east to west coast of US.
As far as regulatory norms are concerned in US, new government could have a role in changing the landscape of operation.
Geographically, FIs are densely populated on east and west coast while there are few localized concentrations across few other states. Transaction costs of doing business are increased.
Speed of adoption matters a lot to and credit unions are more receptive to new technology and can can trial and adopt new technologies quite early relative to banks. This relates to ownership structure of the credit union and less complicated decision making process.
(Quantity of competitors is huge in market and this is just reflection on subset of various categories of authentication platforms that exist currently. Their competitors are niche areas where they are operating. While Touchtech is offering wide range products and not limited to a niche focus, unlike, its competitors)
3DSecure is still not very popular in the US despite it being available in almost every other jurisdiction in the World. Many US FI are still struggling to offer chip and pin based credit and debit cards. But this does not mean that TT’s technology can penetrate into US market because leapfrogging in technology is quite common.
Apple pay, android pay, MS pay, Google wallet are already kind of using latest technology with Touch ID from apple being a close competitor to Touchtech and is already adopted my many CUs. With size into consideration, Apple and Google may be huge for Touchtech to compete with. Apart, the brand name/equity is also an important parameter to consider here.
Ensygnia has also developed a patented platform for secure mobile transactions used for the confidential exchange of personal and financial information.
4G is global leader in providing large scale identity management solutions leveraging smart cards and biometric technologies and Immigration & Border Control, Voter ID and National ID are few agencies that utilize their service. Though they are not direct competitors but bearing their success and size into consideration, they can any day come on board to start providing services to Financial Institutions.
Looking on the competitors from product offering and maturity perspective, the competitors look like this.
3D Secure is a mature product and present in market since long
4G solutions has a wide product offering range and quite mature as well
In this section we will go through the methodology we used for segmenting the customer base in the US.
The target customers for Touchtech are financial services institutions such as banks and credit unions.
However as we know customers in any market have different requirements, resources, attitudes and processes.
By segmenting the market, we can answer the basic marketing question of ‘what customers will we serve?’
This map shows all banks and credit unions in the US.
Each institution is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
All blue dots are banks and all orange dots are credit unions.
Many of them are over lapping on the map but we identified approximately 12,000 financial institutions in total.
We used multiple segmentation bases in order to identify smaller, better-defined target customers.
The first step was to segment them by institution type – we separated banks from credit unions.
This map shows all banks and credit unions in the US.
Each institution is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
All blue dots are banks and all orange dots are credit unions.
Many of them are over lapping on the map but we identified approximately 12,000 financial institutions in total.
We used multiple segmentation bases in order to identify smaller, better-defined target customers.
The first step was to segment them by institution type – we separated banks from credit unions.
This map shows all banks in the US – roughly 6,000 of them.
As before, each bank is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
This gives us a good indication fro where the large banks are located and where the main banking hubs are across the US.
We further segmented the banks based on assets, demographics and geographical location.
ASSETS:
We divided the banks into three segments according to their asset size as shown in the below table.
Group 1 banks in the above table consist of the top banks in the US such as Wells Fargo, Citibank and Bank of America etc. which are considered Tier 1 banks.
Group 3 banks in the above table consist of relatively small local community banks which are scattered throughout the country and generally considered Tier 4 banks.
We selected Group 2 banks for Touchtech
DEMOGRAPHICS:
Using US censor data, we then looked at the demographics within each state.
We selected banks that were located in the top 15 states that had 18-35yr olds.
Geographical
Finally we divided the banks geographically based on most concentrated clusters / banking hubs.
Although the other regions may have viable customers for Touchtech, it is not practical to focus on all regions at once.
By focusing on the two prominent hubs where there are a greater number of banks, Touchtech will benefit further from the concept of diffusion.
For example, if they secure a few banks, other banks in the region will more likely come on board.
This map shows all banks in the US that have asset between $2 billion and $100 billion.
As before, each bank is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
This brings us to about 350 banks
This map shows all banks in the US that have asset between $2 billion and $100 billion in states with the highest number of 18-35 year olds.
As before, each bank is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
This brings us to approximately 250 banks
Our third cut bring us to approximately 150 banks
This was done by focusing on the banking hubs of the east coast and west coast where there is the most concentration of banks.
By doing this, Touchtech can benefit from the concept of diffusion.
For example, if they secure a few banks, other banks in the region will more likely come on board.
As before, each bank is represented by a dot, the location of the dot represents the location of its head quarters and the size of the dot represents the relevant size of its assets.
Our approach to segmenting the credit unions was different to that of the banks.
This map shows all credit unions in the US.
We can see that these are smaller than the banks and more evenly scattered through out the country, they are not headquartered in clusters as banks are.
Furthermore, we were able to attain more information on the credit unions such as number of members.
We segmented the credit unions based on assets, number of members and number of branches.
ASSETS:
We divided them into two segments according to their asset size as shown in the below table.
Group 1 credit unions in the above table consist of those above $2b in assets which were the top 100 credit unions by asset size
Group 2 credit unions in the above table consist of those below $2b in assets which are very small local credit unions
We selected Group 1 credit unions for Touchtech as they were considered more attractive and lucritive
We then segmented the credit unions based on number of members and branches.
We analysed the top 100 credit unions in the United States based on number of members
and the top 100 credit unions in the United States based on number of branches.
We felt the combination of these attributes would produce a list of the most viable credit unions in terms of highest number of transactions and hence most attractive to TT.
This map show the top 100 credit unions in the US according to asset size
We can see that these are quite spread out throughout the country with no dominant hub.
This map show the top 100 credit unions in the US according to number of members
While there are many in common with the above we can see that some additional one have come in and others have dropped off
This indicates that the credit union with the highest assets may not necessarily have the most members or transactions
Again we can see that these are not concentrated in one area but are dispersed throughout the country
Lastly, this map shows the top 100 credit unions in the US according to number of branches
And once again they are a slightly different combination to the above and are dotted across the states.
By combining these 3 lists we produced a list of what we felt were the most viable credit unions in terms of highest number of transactions and hence most attractive to TT.
The remaining 37 credit unions are shown in the above map.
So with a list of approximately 140 banks and 37 credit unions, we embarked on the next stage of our customer segmentation process which utilised a more focused set of criteria to investigate each potential customer.
This involved looking at the following aspects…
Gauge their appetite for technology adoption
We gathered this information for each institution from the company websites, news reports, social media pages and other websites.
This gave us a broad overview of each of the institutions and allowed us to rule out any unsuitable ones.
Using this criteria we reduced the target list from approximately 180 institutions to 120.
We went deeper into each of the remaining institutions to find answers to a more focused set of questions and to score each of the potential customers.
We tested their online and mobile capabilities for ourselves to get a feel for how user friendly they were and checked customer reviews.
We gauged how progressive they were based on what type of technology they offered
We reviewed their annual reports, watched YouTube interviews with some senior management, read articles they published to understand what they hoped to achieve in the near future.
This allowed us to further reduce our list of potential customers to 55banks and 28 credit unions.
This map illustrates where each of them are located the dots are not representative of their size for ease of viewing.
You can see the banks in blue are concentrated on east and west coast while CUs are more spread out.
We have provided a final shortlist with each of these institutions and their relevant contact details in the Appendices of our report.
One of our first observations about TT is that there isn’t a Mission and Vision statement for the company.
Our recommendation is to formulate a clear mission and vision statement prior to entering the US.
The company is going to grow and as it does so it is important that the ethos, culture, the ‘TT way’ is maintained and nurtured. Every current and future employee needs to understand fundamentally why does TT exist? What it is that TT do? How do they do it? Why they do it? And what is the future vision of TT?
For example it could be something like
‘We want to create a passwordless society, while increasing user friendliness and improving security measures for online payments in a seamlessly integrated product’
What’s important here is that you are able to articulate your mission statement on paper in a succinct message that resonates with the team and that will resonate with all future team members as the organisation grows into new geographies. The mission and vision will anchor the organisation and this will then permeate into all aspects of the business, critically having an effect on clients – you want this mission to be so engrained that your clients know what TT represent at its core.
Research has shown that about ¾ of higher performing firms have comprehensive mission statements and corporate philosophies. These are mantras that companies works to which filter through the organisation from top to bottom.
Every member of the Touchtech team needs to understand what Touchtech represents as a firm.
One of our first observations about TT is that there isn’t a Mission and Vision statement for the company.
Our recommendation is to formulate a clear mission and vision statement prior to entering the US.
The company is going to grow and as it does so it is important that the ethos, culture, the ‘TT way’ is maintained and nurtured. Every current and future employee needs to understand fundamentally why does TT exist? What it is that TT do? How do they do it? Why they do it? And what is the future vision of TT?
For example it could be something like
‘We want to create a passwordless society, while increasing user friendliness and improving security measures for online payments in a seamlessly integrated product’
What’s important here is that you are able to articulate your mission statement on paper in a succinct message that resonates with the team and that will resonate with all future team members as the organisation grows into new geographies. The mission and vision will anchor the organisation and this will then permeate into all aspects of the business, critically having an effect on clients – you want this mission to be so engrained that your clients know what TT represent at its core.
Research has shown that about ¾ of higher performing firms have comprehensive mission statements and corporate philosophies. These are mantras that companies works to which filter through the organisation from top to bottom.
Every member of the Touchtech team needs to understand what Touchtech represents as a firm.
The US is a highly competitive market place for payment authentication and associated services. And although there may not precisely be like for like competitors there are players out there that can quickly pivot into one or more of TTs markets.
In highly competitive markets with lots of competitors there will always be a battle on price and this cannot be determined until your costs are fully understood – this includes everything from cost of customer acquisition down to the operational costs of maintaining the office. TT need to understand how low they can sustainably price their product to potential customers.
Peter Drucker is a famous professor in management accounting. His mantras is ‘If you can’t measure it, you can’t manage it’.
One of our first observations about TT is that there isn’t a Mission and Vision statement for the company.
Our recommendation is to formulate a clear mission and vision statement prior to entering the US.
The company is going to grow and as it does so it is important that the ethos, culture, the ‘TT way’ is maintained and nurtured. Every current and future employee needs to understand fundamentally why does TT exist? What it is that TT do? How do they do it? Why they do it? And what is the future vision of TT?
For example it could be something like
‘We want to create a passwordless society, while increasing user friendliness and improving security measures for online payments in a seamlessly integrated product’
What’s important here is that you are able to articulate your mission statement on paper in a succinct message that resonates with the team and that will resonate with all future team members as the organisation grows into new geographies. The mission and vision will anchor the organisation and this will then permeate into all aspects of the business, critically having an effect on clients – you want this mission to be so engrained that your clients know what TT represent at its core.
Research has shown that about ¾ of higher performing firms have comprehensive mission statements and corporate philosophies. These are mantras that companies works to which filter through the organisation from top to bottom.
Every member of the Touchtech team needs to understand what Touchtech represents as a firm.
From our conversations with key personnel in Enterprise Ireland and other companies that have successfully penetrated the US market , a constantly recurring theme is the need to attain an adequate personnel balance.
If developers, technical staff or key management are busy managing other markets it will seriously hamper penetration efforts. (Riordan, 2013
Depending on the size of the institutions their procurement process will likely be quite different. In general the larger the organisation the more red tape there is to get through adding time to the sales process.
Understanding the procurement processes of institutions is important and the nuances of each organisation can only be understood through direct meetings and recording as part of the CRM process.
At a higher level it has been discovered that credit unions are much more proactive with embracing new technologies than banks. This is reflective of their ownership structure. What I mean here is members as opposed too shareholders. Shareholders are interested in profits primarily and members are interested in organisational efficiency and greater user experience of the service. Credit unions therefore stand on an equal footing to banks in the US and must be treated with equal importance.
Associated with CU’s are CUSO’s (Credit Union Service Organisations). Some of the CUSO’s can service up to 100 CU’s and this will often include IT and Online functions including online banking, mobile banking, up take of mobile wallets, etc.
It is important that first hand primary data is acquired and managed correctly. Not only in the context of tradeshows but in all business engagements. Every interaction should be managed proactively in a disciplined CRM fashion.
Tradeshows in the US are excellent opportunities for meeting influential people from target organisations. And although some of these recommendations seem trivial they are absolutely key to building effective customer relationships in as short a time as possible.
Need to pre arrange meetings before the conferences
You need to document information gathered in a comprehensive and accessible manner for all members on the business development team
You need to actively manage the follow up correspondence and actions from your meetings to keep on top of things
All of this can be simplified by using CRM software of which there are many options out there.
As an FYI exhibiting at trade shows is expensive so you must make the most out of these opportunities when they come about.