One of the hardest things to do in business is to launch a product or service in a new geographical location. What you need is a robust and implementable market entry strategy to succeed in getting clients in the new location. If the strategy is poor, you will end up sinking massive amounts of financial capital and human resources into dead-end initiatives that will eventually lead to business failure.
It is recommended to hire a professional who has the experience and skills required to put together a market entry strategy that is ideal for your company. Here at OGSCapital, we specialize in providing new and existing businesses with ideas on how to expand their current market base without compromising their operations. Needless to say, market expansion results in new revenue streams that can drive your business towards profitability.
Our team has vast hands-on experience; it will work smart to give your business an upper hand, as it ventures into a new market. Here are some tips on how to come up with a winning market penetration strategy.
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Get to Know the DNA of the New Audience
A costly mistake that most new businesses make during the initial stages is failing to understand the dynamics of the new target audience. This results in wastage of resources that could have been channeled to other profitable ventures. Knowing what the local population wants as well as their preferences will help you to know if the products or services that you intend to provide are ideal for them. One of the questions that you need to ask yourself is how the local customer varies from the current home market.
We will carry out a comprehensive market study to give you a clear picture of the market that you intend to venture into and help you come up with credible plans of penetrating it better than your competitors will.
Assess your Internal Capabilities
Finding the right personnel to lead the market expansion process is one of the main challenges when it comes to expanding your market reach. Without enough internal resources, you will not be able to handle the challenges that come with launching a new product in a new market. If you do not a staff member whom you can delegate the task of steering the marketing campaign in the new location, go ahead and hire some. During the hiring process, take into consideration the academic qualifications of the applicants as well as experience and interpersonal skills.
Our team will work with you during the recruitment process to ensure that you choose the best. For instance, they can help you evaluate each of the job applicants and give you recommendations to guide you in the right direction.
Channel your Focus and Resources on the Right Things
First, you need to have a laser sharp understanding of the difference between the current market that you have at hand and the new market. With that understanding, you will be able to know the specific areas that you should channel your resources and focus on avoiding losses. The most successful businesses in the world have an 80/20 rule that they use to launch products in new markets. What this rule means is that you should consider using the current metrics, tools, strategies, and processes to get the 80% and then wait for a year or so to localize the enterprise and implement a new marketing strategy to achieve the remaining 20%.
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Concisely, here are some of the primary reasons that you should hire us to create and implement a market penetration strategy for your company.
- Vast hands-on experience in creating marketing strategies
- Committed and determined to help the business succeed
- Maintains a high level of diligence and professionalism
- Always completes projects on time.
Bottom line: when launching a new product, it is imperative to have a team of experts on your side to help you the right decisions especially when creating a new market penetration strategy. Do not despair; call us today for professional tips and guidance on how to go about the process. Feel free to fill the contact us form to get real-time answers to all your questions as well as more details about our services.
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.