Tammy : Hi to our listeners! Once again this is Tammy from the Unipro Consulting Limited, here with us again Ray, the founder of Unipro Consulting Limited Hong Kong, Hi Ray! Welcome to another episode of our weekly podcast.
Ray : Hi Tammy, always looking forward to our weekly podcast, and I guess today we are going to talk about “Entering a New Market”
Tammy : Yes Ray, let’s not keep our listeners waiting, ang start discussing the things to consider before entering a new market.
Ray : Sounds great! This topic is actually great for business owners who are seeking growth and innovation.
Tammy : Yes, however, you have to check if the new market is an opportunity or most likely a trap. If a company decides to enter a new market, it should have a marketing plan. This plan is required if you are looking to expand into new markets, sell new products/services, or existing ones.
Ray : Of course, you should first determine whether the new market under consideration is likely to grow quickly or slowly. The pace of growth depends on a different factor, including whether a supporting infrastructure exists for the new market.
Tammy : Also to gain a competitive advantage, business owners must learn about what, where, and how of the new market environment they plan to enter. They need relevant insights to enter new markets as successfully as possible.
Ray : Yes, and we’re going to discuss and give you tips on how to overcome these big challenges of entering new markets. And see if you are the aggressive type of business owner.
Tammy : Agree, and here’s an example of one market that has a slower growth rate, like the first sushi bar in the United States appeared in the 1960s, it took two decades for sushi to become part of the popular consciousness. Demand finally exploded after 2 decades.
Ray : Imagine that it took 2 decades before it became famous, what good there is that the owner did not give up. When some people would probably think that after a decade it might be just a waste of time or money. So yes, it is possible to have a slower growth that might take you more than a decade to be really successful.
Tammy : Wow, it took so long, but I’m pretty sure that restaurant was earning well before it became famous, because if it really failed then it wouldn’t be standing for 2 long decades, maybe mainly because there were few capital or political barriers to overcome. Instead, since there was little inherent demand, most Americans had no familiarity with raw fish.
Ray : True, but the point of becoming known after 2 decades is actually long. And what good about right now is that there are online tools and resources available on the internet or everywhere that can really help you with your business.
Tammy : That’s a really great thing right now. A lot of resources available online. Note that offering a new product or service that meets a real consumer need is of course a good start. But need is not enough. It also suggests addressing few success factors in considering a new-market move.
Ray : Yes, as a business owner you should have an idea and want to sell NEW services or products into NEW markets. To be successful with this idea, you have to understand the new market and how the new offer delivers product value to the market.
Tammy : And that is why it is important to understand what market you are targeting, you may also choose your old market and try to sell your new product or services and see if it will be successful, maybe more likely to expand?
Ray : That’s right, Tammy, Expanding will be the second type. Expanding into another market can be a powerful method to develop your current business. An orderly process will help you precisely evaluate the potential of every development opportunity.
Tammy : So can a business owner sell their service or products to a new market?
Ray : Definitely yes, but first you need to understand and get insights about the market, competitor’s advantages and customer’s behaviour.
Tammy : Oh yea, marketing research and strategy are both required here. Actually, if your business is set up, and flourished, it is a perfect time to stretch out your market.
Ray : That would probably be the perfect time to dive into the new market! But also remember that there are risks like in any other business.
Tammy : Of course, Of course there is.. It is important to know that another market won’t be so agreeable and there will be new contenders and obscure dangers. They say, the best way to check is to carefully investigate your market.
Ray : Well yes, let me share some tips:
- Select your target market and do the research
- Set clear goals
- Define your buyer persona
- Understand your future challenges
Tammy : Thanks for sharing that! Select your target market and do the research, I agree to this and we had already tackled this in some of our podcasts, this only means how important it is in your business.
Ray : That actually plays a big role in your business. So don’t neglect that. Also if you have a partner with you business, it is also important to choose an effective partner.
Tammy : We’ll take note on all the tips, selecting your target market, set your clear goals…
Ray : Yes, When we say set your clear goals, it means be definite about what you desire to accomplish in a different market, including the level of transactions you are supposed to get.
Tammy : Okay, and then define your buyer persona…
Ray : Yes, learn your target audience, this is important because the language and knowledge you use to interact with an appeal to one demographic may not be as powerful with another.
Tammy : Actually determining your target audience provides you a place in your marketing, promotes more flexibility in your messaging and enables you to authentically relate with your customers.
Ray : Well, in some cases, the best way to market efficiently is to think less about marketing and more about relationships.
Tammy : Agree! build a customer experience strategy that produces their trust in your brand and confirms that you understand them, and the last tip is to understand your future challenges right?
Ray : That’s right, Tammy. As your business goes to a new market or grows, the advantages of investing in expansion also change or begin to grow.
Tammy : Yes, well.. If you choose to expand in another country, you should be aware that in some countries your business can get high competition.
Ray : well not only in other countries you have to be aware of, you have to also be aware locally, there are already a lot of competitors everywhere.
Tammy : True, True… Anyway, just put in your mind that expanding or entering a new market can always be challenging, just follow the tips mentioned, who knows? It might be the road for your success!
Ray : Yes Tammy. That’s right! These tips are just tips, it will always depend on how you handle business, after all, we are just here to help you!
Tammy : That’s Right! So until here, if you want to hear more business tips or topics, just follow our youtube channel Unipro Consulting Limited. Visit our website and send a message found in the in the screen.
Ray : Yes, Thanks Tammy!
Tammy : Thanks Ray,
Ray : Bye!