7 Steps You Must Follow Before Entering a New Market

Mr. Paul is thinking of expanding his business. Mr. Steve is still struggling with the company sales. In both the cases, enter a new market. Moving into a new market can provide leverage to both the businesses. Whether company enjoys strong sales or not, take a plunge into a new market.

New ventures could be scary and come with their own risks. Before you jump into a new market, make sure you know every step of the process.

Have thoroughly researched PPT deck on this and enter a new market with a complete plan.

Download Entering A New Market Deck

Entering a new market is like a road-map. Follow every instruction and you will reach at the destination.

Let’s take a look at every signboard and learn.

1) Identify your Target Market

Understand what the market needs. Determine who you will be selling to. Make sure you clearly assess the needs of demographics so that you won’t be wasting your time and money. Figure out these points before moving on to next step:

What do people like?
Are they willing to pay?
Figure out their shopping habits?

2) Perform Market Research

Do your research on the buying habits of demographics. Get into the details of target market such as:

Market Growth: Analyze rise in sales or evaluate market size within a given customer base over a specific period of time.
Competitors: Know your competitors well. Find out who is doing well and who is not. Learn from them to improve your business.
Potential roadblocks to entry: You may have unexpected barriers in a way. Make sure you are ready to face all the hurdles and have solutions for them.

Use techniques like focus groups, in depth interviews, customer survey etc. to conduct market research.

3) Define Marketing Strategy

Plan how to reach to the audience. Discuss communication strategies with team. Design distribution model to decide how to the put the product under the spotlight. Think of the elements within Promotional mix:

Advertising
Pubic relation
Direct Marketing
Personal selling and much more.

4) Establish a Plan

Hone the skills of your team to reach out to the audience. Work on marketing plans of the product. Evaluate internal resources. Define the sales targets beforehand. Conduct some basic research, have online survey regarding the product or service to know if any changes are needed before entering a market.

5) Risk Mitigation Strategy

Run a pilot project in the market to work on the flaws if left any. Start with a smaller market. Even if the project fails, you don’t have to bear heavy losses. Running a pilot project in the market will give you the overview of how you should go about it on a larger scale. Exclude the flaws if required before taking an effective action.

6) Ramping Up

Now you are ready to start a new venture. The goal should be to increase the visibility of the brand. With exhaustive planning, target is to achieve more market share. Keep creating buzz in the market. Use public relation here. Design campaigns and promote heavily.

7) Exit Strategy

Nothing beats it if you achieve success. But always prepare for the worst. Think of the future steps in case you fail. Strategize for both success and failure.

We have a full-fledged Entering a New Market PowerPoint deck which you can download and use. It has all the steps you need to follow. Also, you can provide some information about it to the clients using this professionally designed deck.