Entering a new market
Having established a good foundation for a business, owners may want to reach out to new groups of customers in new markets. These can either be domestic, for example, in a different region or state where the business already operates, or an entirely different international market.
To expand into new markets, businesses will need a clear market entry strategy. As with any new venture, many unknowns arise – the competitive, social, and regulatory landscape may be unknown or only partially understood. Clear goals need to be set, along with timeframes and preliminary assessments of the value market expansion can bring to a firm.
This includes identifying potential opportunities and partners, key customer trends that may differ from what the business is used to in its home market, as well as incumbent businesses or government policies that could pose challenges to entry.
Small to mid-sized enterprises (SMEs), in particular, tend to under-invest in such market entry research, which could also prove a stumbling block as they attempt to break into new markets.
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