An effective and appropriate market entry plan need are one of the key factors to consider to enter international markets confidently. It needs to balance resources and risk with a clear measure of opportunity.
How can this be achieved?
- Real transaction data from business to business research can identify acquisition targets and future trading partners, as well as guiding buy-and-build strategies.
- Testing what consumers in new countries think of your product or service and see what they are willing to pay. This will not only guide your price, but also volume assumptions as well as developing your strategy.
- Understanding the competitor landscape of the target market.
- Adapting your offering by understanding what features of your product/service are optimal to highlight when moving into a new market.
- Informing your growth expectations and ensuring appropriate supply chain, sales, and marketing resources are in place.
Our experience
A dietary food search engine app approached us when they were looking to enter international markets, in particular the US.
We conducted primary research in five US cities, mapping the food shopping habits of those with different types of dietary restricted diets. This identified supermarkets that were not effectively servicing certain diet restricted consumers, and were losing custom as a result, as well as pinpointing types of shopper most likely to fully utilise and value our client's product.
Our research underpinned a strategy for market entry aware of the most eligible demographics, cities and supermarket partnerships for the client product. In turn, ensuring the leanest, most intelligent use of marketing and sales resources.
Originally published 11 November 2022
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
