If you are an entrepreneur or a manager with ambitious views, you always think about the next best markets to explore to sell your products.
Based on our experience, the selection of the next market to go to is often underestimated and many companies make decisions without a real investment strategy. This choice may be very risky, as major problems may arise in terms of return on investment.
If your company’s perspective is to grow abroad in an organized way, avoiding any waste of resources, we recommend you to take into consideration the following activities:
Do a market research
The first activity to do is to carry out a market research in your continent to understand which markets have a higher interest rate towards products like yours. This research is the basis of your growth and selecting a market that already has high import rates of your product from your country may be the right choice.
Make an analysis of the average price in the selected market
After selecting the best market to go to, the best thing to do is to make an analysis of the prices and positioning of your product in that market. Once this is done, it will be up to you to decide if the prices are aligned with your standards and if you can be competitive in that market; if not, we suggest you to go to another market, thus avoiding wasting of time for a country where you cannot compete.
Identify your target and create your marketing strategy
At this point, it is time to understand which companies or interlocutors you want to reach. This choice is very strategic as the marketing strategy varies according to the type of interlocutor you talk to. For example, if your aim is to enter a market for new distributors, the activity that you could develop is a brand awareness marketing campaign before contacting all the target companies; if your aim is to get in touch with the final customer, you could develop a strategy that involves sending massive email marketing to all potential customers.
Meet the clients and close the deal
Even today, many sales are based on empathy and the relationship that is created between the seller and the customer. The physical appointment is not always necessary to get a new customer, but if the sale depends on the meeting and if you consider that contact really interested, it is important to schedule an appointment and close the negotiation. If the sale doesn’t go through, even after the appointment, we advise you to question the client’s evaluation criteria and assign new standards to define her as “truly interested”, in order to avoid wasting money without return on the investment.
Considering the above, we can conclude by saying that entering a new market is very important for every company. For this reason, it is fundamental to implement a plan according to your company’s needs and make your decision after a careful consideration of every aspects in order to reach the best country for your products without any waste of time and/or money.