Be better prepared for new market entries. 

No doubt your solution is terrific. Customers are delighted and love your service. You know there are more of them that could benefit from your solution, your product, your service.  However, after much consideration you have determined that to grow your customer base you need to enter new markets, either geographically or vertically.

Entering new markets, what does it mean?

As a business leader considering entering a new market you are at best uncertain about the short, medium, and long-term outcome to your company financially. What you are certain about is that you are about to take a risk that can be defined in multiple ways; that is, financial risk, lost time, and potential damage to your company’s reputation.

An objective business leader will also realize that when entering a new market, you are in effect starting over again. As it was when you started out originally in your current geography or vertical, you will have to again make yourself known, create awareness with your target audience, position yourself against your direct and indirect competitors, develop early interest and manage those opportunities throughout their buy-cycle before you can close the deal. Most probably, this will require the efforts of more than just one individual.

To maximize your opportunity for success and better manage your risk, begin by addressing what APL Scoring has determined to be the 5 biggest challenges when entering a new market geography or vertical.

1. Covering the addressable market - How big do you estimate the market to be? How much can you cover/service? Is there a way to leverage your resources and capabilities? How do you make sure you can cover the most important segments of that market?

2. Establishing the required awareness - Does the addressable market know you? How do you make them aware of your offering? How will you make sure your brand is recognized?

3. Positioning differently than the competition - Do they see the difference with your traditional competitors? Are you well positioned against direct and indirect alternatives? Are the proposed benefits clear and proven?

4. Supporting local end-user customers - Can you reassure the new market of excellent customer service? Will your new market customers have the same access to solution and technical support that your customers in your current geography or vertical have? Can you provide access to support in their time zone?

5. Overcoming language and cultural barriers – When considering moving into a new geography, do you understand the business culture and habits of the new market? Is English widely accepted by all the customers for sales literature, sales presentations and for end-user support?

Preparing well for the journey ahead is half the work.  At APL Scoring we provide expert consulting and execution services on go-to-market strategies for companies that want to breach into new markets offering B2B SaaS, IOT and/or Industrial Mobile Workflow Solutions.

Look out for future blogs or find out more today on APL Scoring or schedule a meeting with David Perrine here to discuss 1-on-1.