10 Things to do when entering a market

1.       Research the market

a.       Not as simple as it sounds and often because of the lack of experience in new market entry, wrong research is carried out and so the wrong decisions are made.

b.      You need to ask the right questions when doing the research.  Often companies go with pre-determined questions that they think are the questions that need to be asked but due to lack of experience often fail to ask the most important questions.

c.       Size the market, ensuring that you understand what is the market available to you.

2.       Ensure that your product is ready for the new market.

a.       Making sure that it is a cultural fit with your new market; that is meets all legal & regulatory requirements.

3.       Ensure that you are ready for the new market

a.       Is your primary market stable? Focus on your primary market before deciding on moving into new markets.

b.      Understand the payback time.  Do you have the investment necessary to move into a new market?

4.       Don’t hire until you have the business

a.       Get the business either using an experienced international sales person or a consultancy that specialises in new market entry. Often costings are done incorrect as the dynamic of the new market are not understood.

5.       Create realistic financials for the entry into the new market. Ensuring that you have included all costs.

6.       Create a launch plan with realistic milestones – make sure that everybody involved in the new market entry understands what these milestones are and what they mean.

7.       Spend time choosing a partner, go over and meet with them. Ensure that everybody is clear with their role in the new market.

8.       Develop a marketing plan that goes beyond the launch. 

9.       Used only qualified mother tongued translators

10.   Constantly evaluate what you are doing. If it is wrong stop and start again.  Do not put good money after bad!