Entering a new market is tricky and challenging to do successfully. New competitors and complex challenges are tough to face, but with the right steps, it can be a walk in the park and give your business an increased reach. Today, we will talk through some tips you can keep in mind when entering a new market.
Determine your goals
No one wants to go in blind. Be sure you understand what you want to do and can succeed. Be sure of the strategy that you are going to use and why this strategy is the one that you should use, and why it’s right for you over developing a new product or developing an extension of an existing market. The why is just important as the how.
Some questions you could ask yourself are:
- What is the timeframe I want to give myself before launching the brand?
- How much market share do I want to gain? Where will this share come from?
- Other than money, what is my brand expansion going to provide?
In many organizations, people find that revenue and achievements are the most important, but these are only short-term achievements. By establishing a goal and developing a long-term strategy to build over 5-10 years, you’ll be able to support these goals of yours successfully. Short-term and long-term business goals are just as important as each other, and you need to make sure that your marketing team, executive team, and board all understand that.
Research the market you’re going into
Research is one of the essential parts of getting control of strategic development. To properly execute your brand into the new market, you have to understand this market better than your competitors.
You, as an inventor as well as an investor, have to understand what pain problem you’re going to be solving in the market you’re trying to get into with your product or service. In order to conduct the best research possible, you have to throw away any assumptions you may have about the market and how easy it may be to transfer your product into a new space.
Something that can be helpful is asking these questions in relation to the audience in your new market.
- What problem are you solving for them?
- Where are they located?
- What are their interests?
- How would you define them demographically?
Both qualitative and quantitative research is necessary for success in these positions.
Entering a new market is pricey, especially when it’s done wrong. Utilizing these plans and questions can help you have a better understanding of the environment you’re getting yourself into.