Entering New Markets
Entering a new market successfully is almost as hard as starting a new business. Only the use of the existing business infrastructure (building, utilities, accounting system…) makes it easier than a business start up. Hard, however, does not mean impossible. Entering new markets is a cornerstone of business growth and healthy companies do it all the time. The most common impediments in getting revenue from new markets are:
- Not enough information on hand which leads to…
- Internal debate over the wisdom of entering this new market
- No one on staff capable of getting new information on the market
- Not sure what to do
- No one has clear responsibility for making this a success
- Trying to make the current organization adopt the new initiative without necessary adjustments
- No plan!
We have developed a standard methodology for entering New Markets, based on many years of hands-on experience and similar to the process used for New Product Development. This methodology has 6 steps:
