Entering a new market: Tips and tricks to get it right the first time


Entering a new market: Tips and tricks to get it right the first time

Moving into a new market can cause a number of different problems, but due diligence and careful planning can help you avoid many of the common pitfalls.

Do your research
Just because you've had success in your home state or country doesn't necessarily mean new marketthat will transfer somewhere else. The needs and demands of customers change significantly between Victoria and the Northern Territory, or Western Australia and Tasmania – they change even more between Australia, China and France. Make sure that there is not only demand for your product, but that you know the best way to advertise it and the right selling price.

Knowing about business regulations in a new country is also vital, and having local knowledge of the difficulties ahead can help make the transition smoother.

Set yourself up right
If you're expanding your operations in Australia you may find that you can work out of the same warehouse easily, but would you be better off opening a second one nearer your new client base? For overseas operations, it is possible to work strictly from Australia and post things to customers in the new target country.

Measure results
Before you start a new venture, it's important to set goals and make sure the whole team knows what they are. As time passes, make sure you measure actual sales against the targets. If you're behind schedule, find out from your sales staff what's going on – is there something wrong with the product, is it a lost cause or are they just finding it hard to break into the new market? Sometimes it can take a while to become established in a new area, so a slow start is often to be expected.

Be aware of currency fluctuations
Setting up major deals with foreign companies can give a huge boost to your bottom line, but if you're not careful the amount you get paid each month can vary dramatically. The terms and wording of your contracts can be vital in these cases.

Expanding into new markets can be a great way to grow your business, but done in a hasty fashion it can do more damage than good.

Post by Topic