Entering a new market – How to be a step ahead
How hard is it to enter a new market? How hard is it to launch a new product in the current environment? How to be a step ahead? In order to be successful in such endeavors, a company needs to prepare in the best possible way. This preparation is not something that could happen overnight, it’s necessary to have a detailed plan with simple steps that will be followed. One of the most important things is to leave out emotions in the process of making vital decisions for the future of the company. Only well-prepared analysis, based on reliable information and facts, should be considered, analysis of the cultural differences – if we are entering a new market; market specifics; gathering as much as possible information about our targeted groups of people or companies. As we witnessed from one of the best-executed marketing campaigns in the near past – Brexit- the more you know about your audience the better are the chances to succeed. Mind you – always observe the data protection regulations!
To understand how important it is to have prepared all those analyses mentioned above, let’s take a look at the stage of preparation and more accurately said the stage of gathering all that needed information. In addition, to understand the importance of the gathered data and its goal, taking a glance at the second stage of executing the activities based on the analysis is also that important.
As a business, a successful one, you have reached the point that you decide that you are ready to expand to a new market. The first thing you need to do is to choose which market is the most suitable for your business and the products that you are selling. In other words, you need to make a research on your targeted markets, what’s the political situation there, what is the condition of the economy in each country, what are the laws and different regulations. The other important thing that needs to be considered is the cultural differences – how people perceive the world, habits, most important – to understand how they perceive different types of products. This information could be gathered from government sites, trade registers, news articles on different topics from local media and also social media.
The next step, after you choose the new market that matches your business requirements, is to research the deepness of the market specifically for your product (from this step all corresponds also with businesses that want to launch a new product on their current market). This is probably one of the most important analyses that need to be done. It’s crucial for the future success – you must understand who are your competitors – what they offer, how they offer a product, what is their price, how they have positioned themselves, who are their customers, what are the channels they use to sell it, where are they active in the digital world, and not in the last place what are the risks upcoming from them for your business. Those insights are vital for choosing how to present your product or company to the market and how people are going to perceive everything coming out from you. According to GlobalWebIndex “More than 40% of digital consumers use social networks to research new brands or products” – why don`t you follow their example and research your competitors in the news and social media? Act as if you want to be their customer and then you will be able to understand what they are good and bad in and with you as a business is better.
When you find out which are your competitors’ clients and knowing the features of your product it should be easy to target your buyers’ characteristics. But the work doesn’t stop there. With the risk to repeat myself, this is the point that the research starts again and you need to understand as much as possible about your buyers’ features in order to adapt yourselves to them. I will give only one example which I think says enough, according to Salesforce “50% of consumers are likely to switch brands if a company doesn’t anticipate their needs”. If you are able by collecting all that data to get in their shoes and know what they anticipate I guess your clients will not be part of that 50%.
The second stage, combined with the help of the first, should be easier. The combination of knowing where you want to stand and be, and using the data from your competitors’ and buyers persona should be a sufficient prerequisite for the successful launching of a new product and precise marketing campaign for it. Following the defined activities is something that shouldn’t `it be underestimated and must be done on a daily basis. Here is a short list: see how people engage with your marketing activities, your brand as a whole, what competitors are doing in order to bring back customers that you took from them, what’s the overall precision of your brand in the news and social media. All this should be done to see what works best for your product and be able to introduce changes on time to what’s necessary. As we can see in the stats presented by CEB “57% of the purchase decision is complete before a buyer even calls a supplier”. This percentage will probably increase so it’s vital to constantly polish and improve the presence of your brand according to the needs and opinions of your customers.
In the end, everything comes from the need to be informed and stay that way. Sounds easy, I guess. Unfortunately, it’s not! To prepare and follow all mentioned above is a hard time -consuming everyday work. Doesn`t matter if you are a start-up business, well-established corporation, PR agency, digital marketing agency, pop singer, actor or other types of business that just need to know what people and media are saying for you. But the time spent on following news and social media is the time that you or your team could use for way more important tasks.
Fortunately, with the evolving of the 21st century time-consuming media, modern timesaving and effective monitoring tools evolved also. We managed to develop such a monitoring tool for News and Social media – HyperNews based on AI technology. It is designed to conduct different analysis and reports – geographical, publication rate, sentiment, summarization, and more in order to spare your time and increase daily effectiveness, to be a step ahead of time.
If you want to learn more about HyperNews, please write us an email – we will be happy to be more specific and meet your needs.
In the future – we will talk about how to retain your existing customers and be one step ahead of your competitors.