Entering a New Market in 2021? Here’s what you need to know
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Increased revenue, lower costs, the acquisition of new skills and technologies, and the diversification of cost and profit bases – these are some of the primary reasons businesses look to international expansion.
Interestingly, a recent durhamlane survey showed that 68% of business leaders have plans to enter new markets over the next 12 months. This is despite challenges caused by the Covid pandemic.
Of course, before undertaking an expansion strategy, understanding your own readiness is essential for success.
Understanding & preparation are crucial
What are your motivations? Do you have the necessary processes to cope with expansion in place? What are your KPIs and end goals?
Once you’re able to answer these questions, you should look to carry out research to inform your comprehensive market entry strategy.
Developing a strategy
Be specific about what you can realistically achieve in your new market, including the level of leads you expect to generate, and also the amount of closed-won deals based on realistic conversion rates.
While it’s always tempting to approach the major players straight away upon entering a new market, successful entry for any business often requires a more nuanced approach. With most products and services new to market, it’s advisable to generate demand through smaller accounts to demonstrate a successful track record.
Of course, some products/services are solely applicable to enterprise-level customers. For these kinds of offerings, strategy is especially important, and needs to be carried out as thoroughly as possible prior to the new market launch.
Never assume
A major flaw in many new market strategies is that they’re based primarily on assumptions. With that in mind, don’t make these all-too-common mistakes:
- Underestimating the degree of competition existing in new markets.
- Believing your product or service will have an immediate impact, producing ROI within the first quarter.
- Underestimating the level of brand awareness needed for long-term success.
Align sales with marketing
Organisations with tightly aligned sales and marketing teams experience 38% higher sales win rates. – MarketingProfs
Digital marketing is no longer an optional extra when entering a new market.
For most market segments, a multi-channel approach is usually the best method. In other words, if your business has no established footprint in your new market, aligning digital marketing campaigns with sales activity is the most effective way to fuel demand and grow your pipeline.
Why should you trust us?
Having helped hundreds of organisations over the last 10 years accelerate their growth in US, UK & Europe, including industry-leaders such as KPN and AdvisorStream, we have a comprehensive knowledge of the vital steps needed for success in increasing demand and driving sales in new markets.
In addition to our outsourced demand generation services, our Digital Scout offering provides clients with key information around the current state of their market, size of investments and deals, top competitors and other areas. This service is often used as a precursor to a demand generation campaign, to ensure that it’s as effective as possible.
We understand what is required to expand into the European and international markets. Ensuring you have a qualified pipeline of business opportunity is paramount, so that your people can hit the ground running.
Backed by years of expertise and proven results, we align new market strategies with individual long-term objectives.