If tapping into a new market was easy then we would all be going from startups to mega multi-millionaire corporations in no time at all. However, we all know it’s not as easy as that. Breaking into a new market can be daunting as there is a lot to consider, but it’s an exciting journey.
If you have an idea about entering a new market, test the waters a little to begin with. You don’t have to jump with both feet first. Market your new product or service to a small audience to begin.
Tapping into a new market requires a huge amount of time and dedication; hence you should deliver the promotion that your expansion deserves. Announce your growth into new markets via a number of channels. Exploit free word of mouth, go hard with your social media strategy, address your blog readers and newsletter subscribers or even take advantage of cheap international calls and take your brand global. It’s important that your customers and potential customers are aware of the new items you are offering.
If you’re at the point where you’re ready to consider entering a new market, it’s likely that you’ve already encountered a problem or ten. With this, it’s important that you ask yourself what threats you may encounter when you attempt to tap into a new market. Entering a new market comes with added risk as you must be sure you have the sufficient resources in place to keep your business running whilst pursuing the new market. If you’re likely to jeopardise your business whilst tapping into the new market, now may not be the correct time to do so.
Evaluate the condition of the industry you’re entering, ensuring that you know what it’s cracked up to be. Consider the finances and legal aspects of the market so your operations aren’t immediately met with an impenetrable brick wall. Investing in a new market without sufficient review could spell disaster; hence thoroughly assessing threats is critical.
Factor in competition
Address your competition. Find out which companies already operate in that market, or are also looking to branch into that market at the same time. Establish which businesses are performing well, and which aren’t. Once you have done so, look to establish why some companies are doing better than others. If competition is rife then you may wish to consider forming a partnership with a local company, as this is a relatively safe and cost-effective approach.
Seek to increase revenue
Always seek to increase revenue. Determine which alternative markets you can delve into to help you increase your own. Talk to your customers and ask what products or services they would like to see introduced to make their lives easier. If you’re able to provide such things, consider doing so even if doesn’t take you into a new market – you could use such new services as a starting point to delve into one later.