Market entry is an important part of a brand’s strategic plan to enter a new domestic or international market. Learn pros and cons of common methods. This is key if you are to go about this in the best and also most correct manner too. It is also key for you to take your time in how you undertake any marketing works. After all, marketing is very much an investment for a business to make – and it can be an expensive one at that too. A good marketing company will be able to help with this.
Expanding your brand into new markets allows you to reach potentially vast numbers of new customers and grow your revenue massively. However, the process can be complex and filled with complications. A marketing entry strategy maximizes your chances of success when moving into a new market. In this article, we’ll look at some reasons to consider moving to a new market, the differences between domestic and international markets, and some strategies you can use. A good marketing agency will be able to help with this.
What you need to know about this
Market entry strategy is a plan to expand the visibility and distribution of a product or service to a new market. Market entry research helps brands to expand into new domestic or international markets where the competitive, legal, political or cultural landscape might be less known. Also, market entry research is the path to understanding a new market. It helps brands identify different success factors, reveal potential challenges, and discover hidden potential opportunities.
What you should also take into good consideration too
Before you enter any new market, it’s crucial to take some time to confirm whether you can afford the move. Can you afford the costs of exporting, working with intermediaries, tax, and all the other expenses involved? And what proportion of the market can you realistically expect to be able to serve? You must also consider if the product or service will work in your intended market. Market research (both online and offline) plays an important role here — ensuring demand for your product justifies the export cost. Look for a marketing company to do this for you.
Franchising
While franchising is often associated with fast food or quick-serve restaurants, it can successfully aid expansion in many different categories. Franchising is where a semi-independent business owner (the franchisee) pays fees and royalties to the franchisor to use a company’s trademark and sell its products or services.
While franchising and licensing are both business agreements where certain aspects of the business are shared in exchange for a fee, a licensing agreement is typically more limited. Entering a new market can be extremely rewarding and allow your business to move to the next level and achieve new growth. It’s essential to research all the options and ensure the export strategy you deploy is the safest and most effective for you. You’ll also need to thoroughly research the market to understand its potential and position your product for success.
Overall
For companies seeking growth, entering a new market is a tempting strategy. Sometimes the new ventures are far afield from the segments currently served. Other times, adjacent markets are attractive because of the seemingly lower-risk opportunities they afford. But whether distant or close in any sense, forays into new markets often present unforeseen challenges. This is for sure a process not to rush. A good marketing company will be able to help you do this correctly.
