Beating the Odds in Market Entry with Competent Market Entry Strategies

January 31, 2019

New and emerging markets open up numerous opportunities and have limitless potential for growth. However, when to take a closer look at the annals of business history, it shows that for every successful market entry, about four fail. Interestingly, it is not just inexperienced startups that face the heat from new markets while implementing their market entry strategies, several sophisticated corporations also face the same fate. Industrial strategists at Infiniti Research agree that successful market entry strategies depend largely on factors including timing, scale relative to the competition, and the ability to leverage complementary assets. Moreover, it is vital to undertake detailed analysis and market research before entering a foreign market.

In our experience, the combination of a robust outside view and an improved inside one dramatically raises the odds of making good market entry decisions.

analyze the strategies, price points, and offerings of key competitors in an international market. This helps mold the company’s offerings to resonate with the customers in a new market.

Understand culture and language

Although cultural nuances may seem insignificant during the planning stages it is essential to properly prepare to meet the needs of the local market. To avoid any unfortunate events that may occur due to a lack of knowledge about the cultural difference of a new market, it is vital for companies to gain deep knowledge of the culture and language of a new market before developing their strategies.

Ready to overcome market entry challenges? Know how Infiniti helps companies overcome market entry barriers with robust market entry strategies by submitting a free proposal request.

Review local laws, regulations and bureaucracy

There are chances of landing into a lawsuit if companies do not undertake a thorough understanding of the new market’s laws and regulations while planning their strategies. It is advisable to hire a local attorney who can guide the company and provide insights into the local business laws. This is an integral step while building the market entry strategies. Not doing so can not only tarnish the brand name if caught in a legal offense but can also cause a hefty loss of money for the company.

Create awareness and trust on social media

Social media is a great platform to promote new strategies for the business. The key here is to gain a deep understanding of the customer’s problems, needs, and lifestyle preferences. This will help create social media campaigns where the company and its communications get noticed. Social media gives companies to contribute valuable content that solidifies their credibility, establishes customer loyalty, and builds brand awareness. These are highly critical for companies who want to successfully execute their market entry strategies in an international market. Get in touch for more information on how we can help your business.

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