My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Entering a New Market?

Get ready to adjust your pricing, marketing strategy and more.
2 min read
Opinions expressed by Entrepreneur contributors are their own.

You may be able to sell existing products or services into new markets without significantly modifying the products or services themselves. However, it's likely that you will have to alter your business strategy when you try to penetrate a new market. For instance, if the new market is larger but more competitive than the one you are currently in, you may have to adjust your pricing strategy to give your business leverage to take market share from entrenched rivals.

Pricing isn't the only key part of your strategy you may have to alter. New markets often require new marketing messages, new packaging, new value propositions and new product names. You can't comprehend the adjustments necessary for penetrating a new market unless you understand that market. Knowing a new market usually requires careful study, including conducting market research, consumer opinion polls, competitive surveys and test marketing.

Marketing remains as much art as science, and there is no certain way to tap new markets or increase sales to existing ones. But fast-growing companies are, almost without exception, companies that are effective marketers. To generate long-lasting, consistent growth, developing marketing, advertising and promotional skills has to be a priority.

Excerpted from Grow Your Business

More from Entrepreneur

Jason's expertise and experience can help you with storytelling, motivation, and pitching your business to media.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur