If you are a business person, you are certainly aware of how daunting it is to enter a new market. The stress that comes about the pressure of seeing your new product not performing well and how hard it is if you have to pull it out of the market if it is not being consumed at all.
So, the big question is, what should you look out for if you are new in the market? How do you ensure that you do not end up pooling your brand off the markets due to poor performance?
To answer these questions, we are going to look at the different things you can do if you are new in a market. Let’s get to it!
1. Understand the Culture
Cultures play a significant role in influencing how a brand operates and the success of every item in that particular market. Now, this seems quite crazy but it’ll help you understand what the people value, their cultures and what they grew up eating.
Take Japan, for instance, any coffee brand that tried to penetrate the market ended up pulling off the market since most of the Japanese are culturally accustomed to tea, despite the fact that they had given positive reviews for coffee and liked it. Those that understood this were able to find a better way of introducing coffee into the market, without making the Japanese feel pressured into consuming those products.
Likewise, when you get to know the people’s preferences in the new market, you are able to brace yourself and get new strategies to succeed in the market.
2. Read the Popular Brands and their Techniques
Every new market has a dominating brand that pretty much dictates the market directions. Taking your time to understand what these brand(s) are doing differently will help you know how to operate in that market, and even possibly use the right techniques and dominant weaknesses to your advantage.
While you look at the popular brand(s), do not forget to analyse what their market shares are and how they got their challenges and how they were able to thrive despite the forces they faced.
3. Invest in Branding Your Product(s)
Product branding plays a significant role in painting a perfect picture for your target market and getting them to see you positively.
Now, as mentioned earlier, you need to ensure that you respect the new market’s culture, especially the people. Help them feel connected to your brand. It’s not all the time you will get it right, especially with your product outlook on the shelves, but working with flexible packaging companies will help you reach an optimum brand image that connects you to your customers and be able to drive to buy it/them.
4. Read the Market Pricing
Marketing pricing is everything when the consumption of your products is in question. It’s not something you simply wake up to and decide to drop or increase. You need to be strategic with this as it significantly affects your target customer’s trust in your brand.
If you keep fluctuating your products, your clients might assume that you are offering obsolete goods and might wind up deflecting your product altogether.
Underpricing your products is also harmful to your brand and image in general. Therefore, you want to ensure that you are aware of what your product represents and how to efficiently price it.
Take a look at Tesla, for instance, their market entrance wasn’t a picnic in the park, they faced tons of challenges and even almost went bankrupt a couple of times, however, they were able to come out strong. In addition, their brand is not about class, rather, their aim is to offer their market niche affordable cars with zero-emissions, and as per their current sale, they’re winning, right?
5. Invest in Its Talents
This is where most brands that have risen actually win the heart of most markets. When you are new in a market, you need not bring your workforce with you there. Rather, take time to recruit talents into that market. Chances are, they are more aware of the market operations and thriving techniques than most of your workers(unless they are accustomed to that market).
Moreover, it helps to make your brand more acceptable if the face of it is one of their very own. Make a good working environment for them and allow them to market your brand as per their market and culturally accepted techniques by the people. This way, as you get adjusted to the new market, your brand(s) will be slowly penetrating the market.
6. Analyze Levels of Competition
It’s no doubt that whatever markets you are new to, as mentioned earlier, has dominants that determine the market flow, pricing and industry standards. So, as a newbie in that market, you need to analyze what you are up against. Know your competitors and what makes them strong. Carry out a SWOT analysis to evaluate the chances of your thriving or failing in that market and ways in which you can make things work better for you.
Basically, knowing your competitors puts you in a better position to strategize and plan ahead of your launch.
The Bottom Line
Being new in a market, not a party to dress up for. While you might be great in whatever market you are in, you need to ensure that you check out the above list. Best of luck!