Entering a New Market?
Get ready to adjust your pricing, marketing strategy and more.
You may be able to sell existing products or services into newmarkets without significantly modifying the products or servicesthemselves. However, it's likely that you will have to alteryour business strategy when you try to penetrate a new market. Forinstance, if the new market is larger but more competitive than theone you are currently in, you may have to adjust your pricingstrategy to give your business leverage to take market share fromentrenched rivals.
Pricing isn't the only key part of your strategy you mayhave to alter. New markets often require new marketing messages,new packaging, new value propositions and new product names. Youcan't comprehend the adjustments necessary for penetrating anew market unless you understand that market. Knowing a new marketusually requires careful study, including conducting marketresearch, consumer opinion polls, competitive surveys and testmarketing.
Marketing remains as much art as science, and there is nocertain way to tap new markets or increase sales to existing ones.But fast-growing companies are, almost without exception, companiesthat are effective marketers. To generate long-lasting, consistentgrowth, developing marketing, advertising and promotional skillshas to be a priority.
Excerpted from Grow Your Business