How can I access new markets with my product/ service?
Business Inspiration is a programme dedicated to helping your business grow and develop. There are many routes you can take to encourage growth within your business, one of which is marketing your products to new markets both across the world and domestically. Accessing new markets is always difficult and can require a lot of thought and consideration before attempting.
Identifying a new market
Before you begin, it’s important to know where you’re hoping to go. In-depth research into potential markets, based on the industry you’re looking into is essential to inform you on whether it’s a good idea to expand into that market both internationally and in the UK.
Look at what already exists in the market you’re thinking about entering. If there is an abundance of the product you’re offering, and supply outstrips demand, then any expansion you make towards that market is likely to be very high risk, and unlikely to succeed. If, though, you find that there is little or no competition in a new market, then there may be an opportunity for you to introduce your product to that market.
For international expansion to new markets, every location has different legal, cultural and financial differences which can all have an impact on how you can conduct your business abroad. Looking at how you will overcome these hurdles and compete with other businesses is an essential exercise.
Expansion into other markets is likely to use extra resources and put extra strain onto your business, whether you’re setting up a new store to sell in your target market, or you’re running an e-commerce shop with hopes of exporting.
Before you move into the new market, it’s essential to develop a plan to help you focus on what you want to achieve in the new market. You need to be sure of how you will measure the success of your venture, and how you will react to situations that may arise. This also includes the planning you should do if your business is either successful or unsuccessful in the new market.
Market research and research of the legal and political framework should feature highly on your priorities. Your market research will allow you to begin to consider the potential customers in the new market place, so you can explore your possibility for marketing and targeting strategies when you launch into the market.
Researching the legal framework will help you to develop the necessary understanding of whether it’s worth your time to invest in the new market in the first place. If there is a high rate of tax in a new country or in a new sector that you wish to release a product into, then you must take this into account when working out your profits.
Set up a presence
Creating a presence for your business has never been easier. The internet, and particularly social media has made it easy to create a platform for your business. Creating your new pages for international markets, adapting the language and approach based on your market research will allow you to appeal to the market. You should also consider adopting country specific phone numbers.
Trial your product
Before fully committing to selling your product abroad or launching a product into a new domestic market, it’s worthwhile conducting a test in your chosen new market. Researching who you are going to aim the product at can help you target specific areas that will help you gauge the success of your product. Any sample you use should be large enough to measure success, but not large enough to present to large a financial risk for your business.
Creating a successful launch campaign
When you’re ready to launch your new product into the market place, your efforts into marketing should be a high priority. When you are launching something new, you have a great opportunity for some coverage in local or even national media. Using well-constructed press releases and paid editorials, you can begin to build an awareness of your product in the new market. Any press coverage should be supported by your social media and broader marketing strategy.
You can look at producing offers, discounts, free samples, or publicity events when you first launch your product, which can help support your marketing strategy.
Launching into a new market can be beneficial for your business in the long run, but it isn’t without significant risks. Planning your entrance into the market and managing your business effectively and reactively can help you make a success of your business in a new market place.
Business Inspiration can provide you with tailored advice to help your business grow and evolve. You can contact the team at firstname.lastname@example.org.