Moving to a new place during my final year as a student brought many changes, including a weekly market that would set up on a street I frequently passed. I would intentionally come home later on market days to avoid the crowds and chaos. However, there was something unique about walking through the market late in the day. The products, their intermingling scents, the vendors' (suppliers') hustle, the regulators' (rule-makers') approaches, and the cleanliness—these factors combined in a way that transformed a familiar path into one full of surprises and new experiences. For me, it was like a symphony of scents.
While this anecdote isn't about entering a literal market, it illustrates the importance of stepping outside your comfort zone when entering a new business market. Here are some essential considerations to take into account before embarking on this journey:
How to Enter a New Market?
Market Research: As a first step, thoroughly research your target market. Even take a step back to determine which target market aligns with your roadmap. Market research in your target market will help you understand who your target audience is, the competitors, market trends, and the demand size.
Identify Your Target Audience: After market research, determine who your product or service caters to. This helps in defining your marketing and branding strategies as well as your communication approach.
Competitor Analysis: Know your competitors and study their products and services. This helps you identify your competitive advantages and create a unique value proposition. Determine your unique selling point (USP) - the aspects that you excel at but your competitors do not. Highlight your strengths that set you apart.
Product/Service Development: Develop a product or service that meets the needs of your target audience and market demands. You can add new features to your product/service or eliminate features that the market/customer will not accept or pay for. Do not fall in love with your product/service; constantly improve it based on customer feedback.
Marketing Strategy: Define your marketing strategy. This involves using various marketing channels to increase brand awareness, engage your target audience, and boost sales. Utilize the basics of marketing, at least the 4Ps (Product, Price, Place, Promotion).
Determining Distribution Channels: Identify the distribution channels you will use to deliver your product or service to customers. This can include online sales platforms, retail stores, wholesalers, or direct sales.
Pricing Strategy: Establish an appropriate pricing strategy for your product or service. This strategy should consider market competition, costs, and the perceived value by your target audience. You can set your pricing for short, medium, and long term.
Monitoring Customer Feedback: Regularly monitor customer feedback and use it to continually improve your product or service.
Long-Term Planning: Entering a new market requires long-term effort. Therefore, regularly review the strategies you initially set and make changes as necessary.
Business Model Canvas: Use the Business Model Canvas to ensure you remember where you started over time. Although entering new markets can be intimidating and challenging for many companies, if you follow the rules and think long-term, growth opportunities will always be within arm's reach.
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