A Guide for US-Based Businesses Entering the Canadian Market
LONDON: Infiniti, a leading market intelligence solution provider, has announced the release of their new storyboard on market entry strategies and on how it has supported organizations in strategically entering a new market or expanding in an existing market.
With the thriving businesses all over, expanding the business or entering a new market has become a must to afloat in the business. But, you must be wondering why many companies fail to succeed overseas or while trying to expand their business? Even, despite Aussies’ deep love for coffee, Starbucks, incredibly popular in the US failed to crack the Australian market. Why is it that so? The truth is, market entries are challenging! This compels companies to leverage market entry strategies to avoid pitfalls and distinguish suitable pathways for navigating a new or foreign market.
Infiniti’s market entry strategies help companies assess the opportunities and risks of a new market and ensure a smooth entry. Given our experience in formulating go-to-market strategies for global organizations, we’ve collated some of our recent success stories on market entry strategies and have also highlighted ways in which our market entry strategies solutions have helped businesses become market leaders in new geographies.
#1: 4 secrets to creating a winning market entry strategy: Entering into a foreign market, particularly one with strict rules and regulations can be a very daunting task. Often, business owners have the ambition to go international, but they’re just not quite sure where to start! Are you facing the same challenge? If yes, figure out how to beat the odds in the international market entry with competent market entry strategies.
#2: Market entry strategies facilitate profitable growth in medical devices company: With the recent technological advancements in the market, the businesses are facing difficulties to propel their business forward. Hence, companies are looking to formulate a go-to-market strategy to scale their business prospects across emerging markets. A medical devices manufacturer was going through the same hurdles with the recent advancements in the field of medical technologies. Our market entry strategies helped the company avoid cognitive biases that undermined the market entry decisions and helped expand their reach by entering key target markets.
#3: Top challenges you’ll need to overcome to succeed in international business: Foreign trade requires you to operate outside your comfort zone, but that’s where the magic truly happens in terms of flourishing, shining and realizing your business goals. Before you dive into a foreign market, you need to do some market entry research and learn about its economy, trends, consumers, policies and trade agreements to help yourself plan better. In this blog, our experts have listed out the top challenges and suggested a few measures to combat them.
#4: Identifying new growth opportunities in the market: If you’re not actively seeking out new customers or channels to grow, you’ll almost certainly miss new opportunities right in front of you. A fast-food company also went through the same dilemma. This not only affected their profit margin but provided scope for other players in the industry to expand. Hence, the client was looking to expand their business to capture a higher market share in the new segment in a more cost-efficient manner. Our market entry strategies helped them smoothly expand their business and subsequently increased sales, business stability, and brand recognition.
#5: Helping develop low-cost market entry strategies to boost presence in international markets: Planning market entry strategies can be daunting. Market entry strategies necessitates a deep understanding of the market dynamics, including barriers to entry, customers, trade environment, and so on. Without these insights, navigating the business environment can be extremely challenging and can set the business up for failure. Facing a similar challenge, a leading automaker was in search of a trusted market research firm that could conduct a comprehensive market entry research study. Partnering with Infiniti Research helped the client devise an effective, low-cost market entry strategies to boost their international presence.
#6: Personal care products manufacturer secured a space in the Russian market: This success story explains how a personal care products manufacturer was able to secure a space in the Russian market and identify the untapped opportunities based on the market entry strategies research conducted by Infiniti Research.
#7: Elevating sales and productivity for a chemical firm: In a mere span of eight weeks, Infiniti’s market entry experts were able to offer insights on the implications of entering new market segments in the chemical industry space. This market entry strategies engagement helped the client understand the factors hampering the growth of the market and make informed business decisions to enhance sales and production.
#8: Driving higher sales per product for an orthodontic appliance manufacturer: While trying to expand your business, understanding if you are on the right path along the way, is just as important! Our market entry strategies solutions have made it possible for one of the leading orthodontic appliances manufacturers in assessing the sales potential of their newly introduced product. With our market entry strategies, the client was in a better position to market their products and drastically reduce time to market to drive higher sales per product.
#9: 5 step process for devising an effective market entry strategy: Developing and implementing the correct market-entry strategies can often make the difference between success and failure. As majority of organizations lack the necessary resources and skills required to accurately analyze and assess the growth potential and market landscape, our experts have proffered the five steps in devising successful market entry strategies.
#10: How an IT solutions provider maximized ROI with Infiniti’s market entry strategies: The global IT services sector is highly fragmented due to the presence of several players. This is inciting IT solutions providers to leverage market entry strategies engagement to incorporate innovative technologies into their businesses endlessly. If businesses are not up-to-date with the latest technologies, it is highly likely that their operations will become outdated, putting their survival in the market at stake. Hence, by leveraging Infiniti’s market entry srategies, an IT firm determined long-term corporate plans and formulated strategies to maximize the ROI.
CONTACT US to know more about our market entry strategies solutions.
The rising rate of globalization is prompting brands across the world to ‘think global’. In the long term, every modern business wants to expand their reach to international markets, which would eventually spike their profit and growth graphs. The lucrative scope of doing business in foreign markets are attracting many ventures, big and small, to explore these opportunities. However, while formulating international market entry strategies, chances are that a company might overlook certain barriers that might prove to be fatal for the business. Here are some of the key barriers that companies must watch out for before formulating their international market entry strategies:
Monopoly in the market
The existence of a monopoly in the market often poses as a tough barrier for companies planning to build international market entry strategies for their business. A monopolistic market situation is when one company or a group of companies hold an entire chunk of the market share, making them the primary providers of products/ services in that market. Monopolies often block the entry of other substitutes or competition in the market by using patents and licenses, controlling distribution routes, resources or suppliers, or by using pricing strategies. If companies entering a new market cannot access an efficient or cost-effective distribution system because incumbent companies have a greater control over the distribution networks, the chances of their goods or services to be successful is highly unlikely.
Today, external forces are affecting the success of any business like never before. Experience and conventional wisdom cannot be expected to guide the strategies of the future. This is especially important when it comes to entering a new market. It is aptly said that “One man’s ignorance is another man’s opportunity.” What one organization ignores becomes an opportunity for another. Therefore, to have a strategic advantage, companies should learn about what, where, and why of the market environment before entering a new market. However, before stepping ahead to explore a new market, there are several factors that must be considered. This methodical process of analyzing every potential opportunity and investing resources, time, and effort in market analysis and finally deciding on the entry method to ensure success in the new markets, forms the basis of a new market entry strategy.
The rising costs and growing complexities associated with developing and bringing products to the market are compelling life sciences industry players to reexamine their business operations. Click To Tweet
Breakthrough developments in drug manufacturing processes have resulted in groundbreaking results that are set to bring in a major transformation in the life sciences industry. However, players will have to tackle major challenges to innovate and evolve in a complex market. Factors such as the need to improve time-to-market and siloed legacy systems are persistent challenges for players in the life sciences industry. Also, the life sciences industry players must possess the ability to quickly gauge the market to meet operational, infrastructure requirements, and devise appropriate market entry startegies.
The Business Challenge
- The Client: A life sciences industry major
One of the leading life sciences industry player operating in India wanted to devise an effective strategy to enter the international market. Their decision to enter the overseas market opened distinct new opportunities; thereby, making it difficult for the client to prioritize and gauge the risks in every new market. Hence to develop a precise strategy the client approached Infiniti Research to leverage its expertise in market entry strategy development.
Market Entry Strategy Benefits
The foremost step in launching a product or service deals with the selection of a potential market segment. Though this seems obvious, organizations generally fail to do their due diligence as far as pre-market entry strategies are considered. Moreover, research on the market size, growth prospects, competitive landscape, and technological adoption, it is essential not to disregard other essential factors that affect market growth including- economic landscape, business environment, and consumer groups. Seemingly similar economies can present stark differences in such indicators leading to sharply divergent market prospects.
Hence, a systematic and comprehensive approach to analyzing the factors that affect market potential is a good starting point for any organization and that is what Infiniti’s Market Entry Strategy Solutions are all about. Though the market entry strategy is developed with regards to developing market segments it is equally valid for developed economies.
Summary of Our Market Entry Strategy Engagement
To help the life sciences industry player venture into international markets– the experts at Infiniti conducted a detailed market survey to help them gain a better understanding of the potential factors affecting growth in the life sciences industry.
Solution Benefits and the Business Impact
The market entry strategy solution enabled the client to identify the potential beachhead segment to focus and leverage market entry efforts. It also enabled them to select the appropriate business model to maximize profitability.
The are several reasons why businesses focus on expanding their reach by entering international markets. As far as the life sciences market is considered; lower costs, greater profits, and technological advancements are factors that compel them to enter new market segments. However, prior to undertaking a market entry strategy, it is essential to gain a comprehensive insight into the organizations’ readiness to enter the new segment.
Moreover, the life sciences industry is on the verge of a major industrial transformation which is why leading players are looking at devising an effective market entry strategy to expand their reach. This requires answers to key questions such as- What are the business goals? What measures have been devised to cope with the repercussions of market entry?