If you do not see any prospects for growth in your home market, maybe it is time to enter a new market? However, it is a complicated process that needs careful preparation. First, you need to create a market entry strategy.
Market entry strategy is the base of how your business wants to engage with new clients, achieve business aims, and set up powerful relations on the new market. The strategy outlines what to say, how to say, and whom to say it to make more sales.
A market research company is the exact one you can rely on in the business. You have to know the companies do not develop a market entry strategy with the help of intuition, at least not everyone. Unlike the others, Adloonix can provide you with the proficient strategy based on up-to-date information and digital technologies.
Today we will talk about the differences between domestic and foreign market entry strategies, consider three issues you should know during the development of the market entry strategy, determine the best market entry strategy, discuss the work process of our firm, and define advantages of the digital market entry strategy.
→ Here is the link to our Market Entry Strategy Company — Adloonix 🔗
The differences between domestic market entry strategy and foreign market entry strategy
Before creating a market entry strategy, you have to choose if you want to expand your business internationally or grow your business power in your home country. The choice depends on your budget, your aims, and the size of your business.
Besides, domestic market entry is easies, because you do not have to learn new skills and acquire new knowledge. Your current and new domestic market are similar, considering culture, economic level, and level of competition.
However, an international market entry gives you more opportunities for the growth and development of your business. I agree, it is a challenge for the business but I do hope that you do not give up after the first obstacle.
If you choose the international market entry strategy, you have to consider several factors before selecting the market: cultural distance, administrative distance, economic distance, and market potential.
Cultural distance impacts the way messages, concerning the ability of the product or service to satisfy the needs and wants of the target audience, are received and interpreted. Culture is one of the most challenging aspects while selecting a new foreign market.
Administrative distance exists due to different bureaucratic, working, and political structures prevalent in host countries. Different government policies are an important source of administrative distance.
Economic distance is a measure of economic inequality between the two countries. Firms find it easy to deal with host countries that are close in the economic distance because they have similar market segments that use similar types of products and services.
The market potential is one of the most important explanatory factors in country attractiveness. We study the market size, growth, competition, target audience, predict demand for products or services to estimate the potential of your target market.
Things you should consider during developing the market entry strategy
a) The risks of entry
Entry to a new market is attractive to businesses due to its advantages, and promising extra income. Overall, it can be risky. As a business person, you should get a review of your aims to develop a detailed plan of entering a new market. You are never going to be 100% sure in the successful market entry, but the help of an experienced marketing agency can minimize the risks.
Ultimately companies must try new things and take risks to flourish — that is the nature of entrepreneurship. If you break the daunting project of new market entry into a rational step by step process, it is much easier to see the whole picture and avoid failure. Start by gaining a thorough understanding of the new market, ensure that you have sufficient internal capabilities, and do not be discouraged by losing small battles along the way.
b) The cost of the market entry strategy
The budget is the pain point of most business owners. I am confident that you do not want to spend more than it needed, so you have to set a budget for the new market entry process.
We honor the business achievements of our clients and put our backs into their cases. On average, the creation of the digital market entry strategy costs €6,000. But the price depends on the size of your business, your business aims, and your target market. I can assure you that the results of the strategy will impress you.
c) The expected outcome of entering the market
A new market can provide new sources of revenue, higher ROI (Returns on Investments), and secure long-term success for a business. The digital strategy can even easier to reach out to the world for business.
One more point to remember, you cannot sell your product to everyone. If you try to make a product that meets everyone’s needs, that product does not appeal to any particular group of consumers. Also, trying to please everyone will almost certainly cause you to panic and be overwhelmed by all the demands you try to satisfy. Do not fall into that trap.
Which market entry strategy is the best to choose?
As a digital marketing agency, we know everything about marketing, the latest trends, and the market in general. From our experience, we can assure you that the digital market entry strategy is the most effective strategy for businesses.
This strategy is appropriate if you run or if you want to run a prosperous online business. The main advantage of it is that you do not need to open new offline offices. On the initial stage, you have to conduct the online market research, create a step-by-step strategy, develop a website or a mobile application (both can be even effective), and set up digital advertising. With this method, you can save investments and put them into the promotion of your brand on the new market.
Our agency is an expert in this niche. Our team creates a personalized strategy for your business that includes many components and features. We help you to implement and adapt your services or products to the new market. Marketers concentrate on all details of the market entry, and this complicated task gives great results for our clients.
I do not talk air and want to describe to you the work process of our team during the creation of the market entry strategy. We keep you in touch with the market situation, limited data, trade opportunities, price level, and competition. The marketers conduct the research of the market and can reduce the risks and boost the opportunities. By focusing on every aspect of the market entry strategy, we can create incredible outcomes for your business.
This is the key stages of the action plan:
· Project brief. We learn details about the client’s brand via the internal and external analysis, international SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, and preliminary assessment to use transparent documentation during all stages of the project.
· Market research. We investigate the demand on the markets, potential competitors and target audience, identify the best countries for business (best trade areas, competition, market size, growth, openness, access to the Internet).
· Presentation. The team prepares the presentation of the market research, answers all your questions, gives you precious recommendations, and makes everything clear about the future of your brand.
→ Here is the link to our Market Research service 🔗
· The CX strategy. Our team starts to build the interaction between your brand and the target audience. Then market experts determine the pricing strategy of your company on the new market. We create a brand message and content strategy, choose the best digital marketing channels.
→ Here is the link to our Digital Strategy service 🔗
· Analytics tracking. Our team does not simply build up a strong step-by-step digital strategy. We also track the analytics of your website. The aim of the analytics to follow the site activity: session span, pages per session, and the sources of the traffic.
· Implementation. At the final stage of the digital market entry strategy development, you can execute your market entering with the assistance of the step-by-step plan. Or you can better focus on your core competencies while we take care of your market entry.
→ Here is the link to our Traffic Generation service 🔗
The advantages of the digital market entry strategy
1. Access to culturally diverse markets
The best benefit of the digital market entry strategy is access to new markets. When a company is presented in many markets, you have to interact with different cultures every day. It can give you good lessons. It makes your business stronger by selling the products or services to the diverse groups of customers.
2. Engage new customers
One more advantage is a new group of customers. It is a great chance to add new customers, especially when a digital market entry strategy involves the introduction of new products and services. The solutions that offer your business can help your customers improve their lives in a certain way.
Digital market entry strategy can target every group of the customers, find their pain points and needs, set effective social media ads. We collect only relevant and useful information about the target audience and recommend how to use it in practice. As a result, we target existing as well as potential customers.
3. Improve business conditions
During the creation of the digital market entry strategy, we spend some time on the detection and analysis of problem areas in your business. Our team is ready to help you reduce the chances of failure and wasting of a budget. Using our results, we can define problem areas and even find the solutions.
For example, you can do not have enough traffic and leads. In this case, the marketers use Traffic Generation. It is attracting consumers towards your product, or in the digital age, your website. Our modern approach helps you to drive more brand awareness, quality leads, and sales. As a result, we help you to improve your business conditions.
4. Increase income
The introduction of your business to the new market increases your ability to make more profit in the long run. Initially, the market entry strategy requires investment. But as a result, entering new markets increases long-term cash flow. Moreover, if your home activity becomes lower, your business does not hurt much.
Entering a new market also allows you to offer more products and services. You can establish multiple revenue streams because you do not rely on the sale of one core product or service. Market entry can become just the kind of life your business needs to take your profits to the new heights.
5. Greater brand awareness
One more advantage of entering new markets is the possibility of greater brand recognition. Branding is a method of business promotion. It allows the customers to associate the specific product or service with the name of your company.
We use digital marketing that focuses on social media advertisements to achieve this aim. The digital market entry strategy also helps raise brand awareness among potential and current customers.
6. The decrease in business risks
When you have a solid digital market entry strategy, you can use the received data for setting achievable and realistic goals for business growth and development.
A road map for 1–3 years is an inevitable part of the collaboration between the business and the marketing agency. We think about engaging the quality and efficiency of the business inside the market. Marketers take care of the future condition of your company and advise you on what to do next.
7. More opportunities for investments
Many business owners know that foreign investments are important for business growth. The solid digital market entry strategy can be the reason for foreign investment growth. The market entry allows you to get more investments and use them for the company’s development.
The process of the new market entry is complicated. But you can simplify this challenge with the help of our team. Our agency knows how to develop a digital market strategy for your business. We are ready to help you and your company to achieve high results and successfully enter new markets.
Just count on us to yield positive effects! You can contact Adloonix to get more information about services. But if you want to have the best digital market entry strategy ever, do not wait and hire us!
Best Regards,
The marketing architect and founder of Adloonix
Vlad Sapozhnykov 🔗,
E-mail: founder@adloonix
How do you create a market entry strategy for your company? What benefits and drawbacks does it have? Please, tell us in the comments.
