MARKET ENTRY STRATEGY
If you have your eye on a new market, reduce risk and improve success rates by taking the time to develop a market entry strategy. The challenge for any organisation is getting an objective view when determining what market entry approach to take. Step outside by letting us look in.
A robust outside view can provide you with a better assessment of your value propositions, capabilities, products and services and the local competition. This could significantly raise the odds of making good market entry strategy decisions. Many organisations successfully operate in a niche market for years. But with the changing global economy, and for UK companies Brexit, organisations look to enter new markets for growth. But for every successful market entry, four fail. Increase your chances of success with a market entry strategy.
When entering new markets, the decisions you make need careful consideration and planning. There’s no ideal market entry strategy. In fact, there are advantages and disadvantages to every market entry method. Different methods can be adopted by different organisations entering the same market. The right approach will be based on your current situation, capabilities, product, resources, costs and the risks that you are prepared to take.
STEPS TO CREATING A MARKET ENTRY STRATEGY
- Defining your goals
- Research the market
- Research and study local competition
- Determine entry method
- Determine financing requirements
- Document your strategy
- Collaboration with your accountants and legal team
A market entry strategy can typically take six to 18 months to implement. Ensure you have dedicated resource and strong project management. Get distribution channels in place, launch on time and communicate with your new market persuasively. We can help.