Before Entering into a new market, you must…

  • by Adeyinka Adekeye
  • 4 Years ago
  • 0

1. Make use of the digital trend

The advent of cell phones and ecommerce has disrupted the traditional delivery services in markets across the globe, expecially in developed and developing countries. more than half the total consumers in the world are willing to purchase goods online. These numbers illustrate the opportunities that can be derived from fusing consumer sevices with the fast-paced technological trends.

Indeed, the digital dividend creates a favorable platform through which businesses can expand their reach to potential consumers. The digital dividend can be a potent force when companies harness it correctly.
2. Have an understanding of the competition.

The consequences of ignoring or underating the market competition are dire. They are the chief reason why a lot of ventures fail in new locations. Entrepreneurs must enter the market stealthily by looking for gaps they can fill.

When considering frontier markets, businesses should never underestimate the competition from these economies’ informal sectors. So, make an incisive SWOT (strengths, weaknesses, opportunities and threats) assessment of key competitors; this will put the landscape you face into perspective and enable your business to evaluate its position.

In fact, SWOT assessments provide value for businesses in any market, from smaller companies, such as finance blogs or tech consultants, to the top of the Fortune 100. Formalizing these discussions can provide a road map for maneuvering past the competition in key areas before entering a foreign market.

Many enterprises also make the mistake of competing on price points instead of building a consumer-centric culture. The latter strategy, however, allows a business to develop a strong bond with its clients and leverage that relationship as a marketing tool.

3. Build up useful networks.

Business communities thrive on resourceful, mutually beneficial exchanges of information. Entrepreneurs starting out in new locations should unearth potential networks as early as possible; these connections will help them identify the best service providers, budding market opportunities and partnerships that will enhance their competitiveness.

In-country contacts can provide valuable information about compliance issues, local markets and other essential details for a successful expansion.

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