Breaking into a new market overseas can be challenging and demanding on your resources. It takes capital, time and talent to plan the right moves. For a higher chance of success, spend some time to consider these best practices:
Go Beyond Your Own Research
You’ve googled and read up all you can find on your new market. You’ve asked everyone you know for advice. But how sure are you that the information you’ve found is accurate and up to date?
Such information can provide you with a general sensing of the market and opportunities present. However, it may be barely enough. You need more in-depth knowledge to plan your product, marketing and branding strategies, especially if it’s a completely new market and customer segment altogether.
Local ceiling fan specialist Acorn Marketing & Services knew better. It engaged Orissa International, a market entry consultant to conduct market research on Indonesia.
Orissa’s customised report gave Acorn Marketing & Services the relevant market intelligence that it would not have been able to obtain on its own. It also learnt the key opportunities to tap for its product growth and picked up marketing advice on how to appeal to potential customers and partners in Indonesia. Orissa also recommended suitable business partners for Acorn Marketing & Services to explore taking its business further in-market.
“Every company should invest in market research when considering to expand its business overseas. Through Orissa’s market research report, we were able to better identify the profile of our potential buyers. This gave us great confidence in our expansion into Indonesia and helped us save time and resources in gathering the meaningful information needed to break into the market,” shared Cindy Yeoh, Director, Acorn Marketing & Services Pte Ltd.
Go Beyond “Feeling” Ready
Even if you feel you are ready, ask yourself these questions just to be sure:
- What product or service do you plan to launch in the new market? How will it address the market needs, whether today or in the future?
- What are your unique selling propositions? How is your product or service different from what is currently available in the market?
- Do you have a good understanding of the profiles and lifestyles of your target customers and have the appropriate marketing plans and strategies to engage them?
- Do you already have a good understanding of how you wish to enter the market, whether it is through a local business partner or on your own?
- Have you set aside enough time, money and manpower to expand your business overseas?
Go Take A Look
Engaging in-market partners or distributors and working through them can be one way to enter new markets. But don’t keep an arm’s length from the market.
If you are new to the market, check it out in person first, before you look for in-market partners. This first-hand experience will give you a better feel of the business environment, and the potential challenges and opportunities, before investing further.
Besides these tips, you can talk to business consultants and industry experts at Enterprise Singapore’s iAdvisory, seminars, workshops and briefings. You’ll be sure to pick up a thing or two.
Check out our full suite of services that can support your business expansion overseas.