Entering a new market can be compared to conquering a mountain peak. In order for the ascent to be successful, it is important to think through all the risks in advance, plan a route and prepare resources. Let’s talk about when you need to look for sales outlets and how to build a strategy for entering a new market.
What is meant by a new market
Entering new markets for product sales how to build phone number list is not necessarily about opening branches abroad or in a new region. The concept includes business development in different directions. This can be:
Territory – When a company expands its geographic presence by providing services or selling products in other regions or countries.
Target audience – starting work with new clients. If the company provided services only to individuals, and now has started working with legal entities or government procurement.
New product – each product requires individual development. If a cosmetology office is decided to be converted into a beauty salon, then the new services will relate to a new market.
Industry – a complete or partial change of industry. For example, if a company that provides software for gyms decides to optimize the work of medical institutions.
Going online is the start of selling a product or providing services online. Starting sales on marketplaces or opening your own online store expands the brand’s geographic presence and target audience, which requires careful consideration.
When to look for new sales markets
There are three signs that indicate the need to conquer new markets:
There is demand from customers . For example, if a company successfully sells goods in one region, but customers often request delivery to another city.
Business is stable . When all production processes are established in one of the markets and there is a surplus of goods.
There is a team and resources for expansion . To successfully enter a new sales market, you need to have a reliable and experienced team, a financial cushion and start-up investments.
6 Steps to Entering a New Market
When entering new markets, you shouldn’t rely solely on luck or personal speculation. Even if you’ve successfully launched more than one business or expanded successfully before, it’s better to prepare thoroughly. This will help you analyze all possible risks, find weaknesses, and even make your product more in demand among the new target audience.
You can comprehensively prepare for expansion in six steps. We will describe each of them in detail.
Step 1. Analysis of new market indicators
The first step is to evaluate the economic indicators of the market. This way you will be able to find out: its volume, with what dynamics it is developing or stagnating. It is quite difficult to conduct such an analysis on your own. To collect statistical data, you need a whole team, and some information is completely in closed access.
As one option, use the website of the matthew woodward: crítica brutal e honesta Federal State Statistics Service (Rosstat). Information from the section on regional divisions is especially useful for analysis . It contains data on the production of various products and money turnover within individual regions.
Reports on the state of individual markets can also be purchased from analytical agencies. If you want to enter the market of a new country, it is worth enlisting the help of specialized companies. They provide assistance, mentoring and consulting support, which will help you quickly get used to the market and start making a profit.
Having learned about the market volume, its ge lists turnover and dynamics, you can make a balanced decision about the need for development in this direction. For example, if the market volumes increase, then the direction may become promising, and if they gradually decrease, then expansion may not give the desired result. It is on the basis of the information received that a strategy for entering new markets is drawn up.
Step 2. Target audience analysis
Customer characteristics may vary even within a single city. Therefore, it is important to analyze the target audience in detail. To do this, create a portrait of it that will include the following details:
General information: demographic, social and psychological characteristics of potential clients.
Needs: what problems of the target audience will your product solve and whether there is a demand for it.
Audience size: how many representatives of your target audience are on the market.
You can get the necessary information from several sources:
Talk to potential buyers
Conduct a survey or interview representatives of your target audience. Try to ask indirect questions. For example, if you are planning to open your own chain of beauty salons in the region, find out from your clients which salons they currently visit. Are they satisfied with everything? What services are missing? What would you like to change? Are they ready to overpay for improved service?
Use search engines
Yandex.Wordstat and Google Trends will help determine how often consumers search for your products or services. Keyword analysis will also help identify the most popular items, which is useful for a company with a large assortment.
Analyze social networks
Social networks collect and analyze information about users every day. You can use it for your own purposes. For example, create a product page on VKontakte, publish a survey, and then use the advertising account to search for the target audience. The system itself will analyze the users and offer your survey only to people who are potentially interested in it.
