Background
3i-Strategy has been working with a successful Sydney based legal practice management platform to further scale their business internationally, particularly in the ASEAN region via Singapore. The focus to build in new markets requires patience, resolve and detailed planning. The business successfully navigated other international markets in the UK and Europe and has an accomplished team to back the growth.
Setting Up
As Singapore increasingly becomes a hub for companies to expand into the APAC region, the number of regional and global law firms have increased their presence. In addition, the ability to work with global law firms and legal departments requires an ability to understand complex regulations and localising for policies and procedures across multiple jurisdictions. Easier said than done.
Journey
Building a deep understanding of the market was a critical component of establishment and go-to-market strategy. 3i-Strategy examined various factors from researching the addressable market, competitor analysis to potential price elasticity and nuances such as cultural aspects of buying behaviour.
Outcome
Working with partners in new markets is the key to building value chains and the foundations of scale upon which direct investments into local teams can be built. Partners allow reach and can provide connections and support. The business has been able to build a close partnership which has yielded results in terms of revenue and branding, important elements to build trust and test assumptions for scalability.