Whenever a foreign firm enters a new market, the foreign firm must overcome stereotypes and misperceptions held by local customers. It is perceived easier to deal with a local firm than a foreign firm.
Many new market entrants make the mistake of assuming what has worked successfully in their home market will work again in the new market. However, not only are their cultural barriers to overcome there are also competitors that may be new or stronger - perhaps it is their home market.
A new market represents a profit opportunity but also will use resources (people, money, materials). It may not require significant financial resources in this era of e-commerce but it will certainly require management time and hard robust strategic thinking at the outset.
New market entry is critical to the success of any firm. We have a proven market readiness audit programme to ensure your export strategy succeeds
Exporting to a new market is never easy although the business opportunity may be very clear. We work with you starting with an audit of your digital presence, the effectiveness of your sales pitch including your marketing collateral as well as your interaction with your clients. Whether you use a CRM system or have a manual sales process, we will help you to adapt it to the new market.
Many home governments offer export incentives for new market studies, consulting, trade show support etc. For example, the UK is focused on creating new markets for its creative industries, Turkey has been active in supporting its business and Canada has long helped companies export to the UK market. It is best to review the support that is available in detail and plan ahead. We will tailor our proposal to meet the relevant criteria.
We have developed a Market Readiness Audit for four key markets: United Kingdom, USA, Canada and China to help identify the market entry gap and boost your Export success.