A marketing strategy tells you what to say, how to say it and who to say it to in order to make more sales.
While an export plan tends to focus on just a few products or services, your market entry strategy will provide you with a roadmap for your whole business.
Gravel says a typical market entry strategy can take six to 18 months to implement. That timeline is well worth the effort as it will ensure you have the best distribution channels in place, that you are launching the right product and that your goals align with those of your stakeholders.
Here are five steps you can follow to build a winning market entry strategy and start exporting into previously unknown territory. Set clear goals Be specific about what you want to achieve in your new market, including the level of sales you can expect to reach.
Research your market Use every means at your disposal to get to know your new market—including going there in person. Gravel suggests attending trade shows as a participant or exhibitor to meet people, learn about the competition and make business contacts in the area.
Explore all the rules that could affect your product and how you produce and deliver it. Learn about different distribution channels, too. Study the competition A detailed competitive analysis based on your research and visits to the target market will help you make key decisions—for example, if you need to modify your product or service to customize it for that market.
Gravel says most businesses underestimate the degree of competition existing in new markets. Getting the expert advice of a consultant can help clarify the challenges.
Choose your mode of entry There are many ways to enter a new market. You can use the services of a distributor or agent located there. You might become a franchisee or acquire an existing business.
You can even construct an entirely new brick-and-mortar facility.
Gravel says in his experience a lot of companies start by going into the U. If you choose that path, make sure your strategy includes a unique value proposition for the distributor.
You may also want to get insurance that protects your company against losses when a customer cannot pay. EDC offers credit insurance that can help you avoid cash flow issues when an international customer fails to pay.Promote and Expand.
Increase your brand awareness and market exposure in countries around the world. Find and establish relationships with . Here are six steps you can follow to build a winning market entry strategy and start exporting into previously unknown territory.
Learn more. business plans and marketing strategy free business planning and marketing tips, samples, examples and tools - how to write a business plan, techniques for writing a marketing strategy, strategic business plans and sales plans.
Free business planning and marketing tips, samples, examples and tools - how to write a business plan, techniques for writing a marketing strategy, strategic business plans and sales plans.
A strong brand identity will favourably position your business in a competitive marketplace—the foundation of any successful marketing strategy. The term export in international trade means the sending of goods or services produced in one country to another country. The seller of such goods and services is referred to as an exporter; the foreign buyer is referred to as an importer..
Export of goods often requires involvement of customs authorities. An export's reverse counterpart is an import.