Marketing Strategies to Keep in Mind While Launching in a New Market Location
Any brand that has complete knowledge of their audience will be able to successfully establish in a new location
Launching in a new market place can be challenging, it is the most crucial time for any brand. Expanding your business effectively involves its own fair share of risks, so there has to be a disciplined process, of properly evaluating all the scenarios and growth opportunity. Most entrepreneurs while expanding to a new location face certain challenges such as; insufficient market research, lack of planning & strategy, building the right team, overlooking the need for market strategies, reluctant in taking risks and much more.
In order to successfully launch your brand in the market, it is imperative to curate in-depth research, strategizing & planning and analysis of every risk and opportunity. Once the evaluation phase is complete, the implementation of the growth strategy comes into play. There are certain key points one should keep in mind when launching in a new location.
Specify the Target Market: In order to launch your product/brand, in any new market place, the brand should be able to categorize their target group into segments such as; age group, gender, socio-economic status, interests etc. Any brand that has complete knowledge of their audience will be able to successfully establish in a new location. Knowing your target group is the first thing you need to bring into consideration while expanding your brand’s visibility. The brand should have a clear understanding of the audience, they cater to and their needs.
Decide Your Finances: In order to establish and maintain a successful brand, managing your finances well is one of the most important aspects you need to keep in mind. After you decide on the market space, every brand must chalk out a detailed budget strategy, as to where and how much they are willing to spend. An exhaustive plan to efficiently utilize the available resources will help you plan better in long-term and it can assist in avoiding wastage of resources.
In-depth Market Research and Analysis: Market research and analysis is another important factor to keep in mind when planning to expand your brand in a new market location. Certain key factors that you should definitely consider while conducting the market research includes the demographics, location, and consumer interests or needs of your target customers. If you have your research in place you can either be prepared for any crisis situation or avoid it entirely.
Evaluate the Competition: It is imperative to map-out the existing brands that offer similar product or services, before entering any new market space. Taking a serious look at your competition through SWOT analysis must be done before entering new territory. Even if your brand seems completely unique, knowing the market and existing brands would help you in understanding the audience better.
Define Marketing Strategy: Next, you must decide on the marketing channel that you will follow to distribute your product. The product can reach to the audience through the online retailing, franchise model, multi-brand store, standalone stores etc. In order to maximize your reach, it is better to have a detailed strategy in advance to avoid chaotic situations in the future.
Testing the Waters: It is extremely important that before launching with full force in a new market space, you should do a trial run of the product/ services offered by you in that market. Doing a trial run will give you clarity on the expected response of the consumer in that demographic. You can interpret the market response and forecast your brand’s growth and further plan in the most effective manner.
Planning the Launch Strategically: To enter any new market, it has to be well planned as entry will have a long-lasting impact on the audience. There should be enough curiosity among the audience to be waiting for the brand to launch. Even if you plan on a soft launch, pre-launch and post-launch are crucial activities and must be thought through. You can reach your audience through relevant influencers, social media outreach or creative advertisements. This will help create the desired traction around the brand and the audience will be compelled to at least try the product/ service offered by you.
Any brand that plans its launch in a systematic manner can have a favourable response from the market. This is just a broad overview of the market strategies that should be kept in mind while launching in a new market location. Every aspect must be evaluated properly to avoid any uncertain situations.