Before entering a new market, the first step every company should implement is to carry out a specific analysis about the country and its economy. But once the analysis is done and we found the best market to enter, how do we know which strategy to adopt?
Nowadays, the tools that companies use when making a strategic choice to enter a new market are mainly word of mouth, fairs, and events. However, things often do not go as planned by management and these activities do not bring the desired outcomes. Always more often there is no balance between the time invested and the return on your investment.
To help you adopt the best strategy and develop your business worldwide, below you find some useful tips to create your path to success:
Make a market mapping
Focusing on a specific event in your sector may not be the best strategy to find new customers, suppliers, or distributors. To identify the most suitable partners you are looking for, you need to map the entire target market in order to focus only on the companies that suit your needs.
Identify industrial poles
Finding out where industrial poles are located geographically is very important to understand where to invest your resources the most. With an accurate and precise analysis, you can greatly increase your return on investment, avoiding incurring expenses in areas that are not suitable for your products or services.
Carry out advertising activities
This strategy consists of 2 different activities: inbound advertising (i.e. sponsorships within social channels or in major search engines) and outbound advertising (i.e. email marketing activities or direct calls to your target). As the combination of these 2 activities can guarantee great return on investment, it is fundamental to carry out both of them in order to maximize the results (even if, according to some experts, the second one does not bring results).
In light of the above, if you aim to enter a new market, it is fundamental to develop a coherent strategy that includes market mapping, identification of industrial poles and targeted partners, and advertising/brand awareness activities. In this way you will begin your climb to success, obtaining great personal satisfaction and return on investment.