Venturing into new markets with your brand may be a daunting task. If it’s done wrongly, you could sink vast amounts of financial capital. Succeeding with a market entry, your brand could acquire new revenue streams and new customers at the same time.
So, what are the things you need to keep in mind when preparing to enter a new market?
Understand your market
- Do your research. Never assume that you know what your target audience wants. You need to have the facts and research to back it up. Take a close look at the market and find out what the most pressing needs, issues and desires of your target audience are. It will help you to position yourself as the answer they’re looking for.
- Where do they get their information from? There’s a plethora of platforms for content consumption – both online and offline. But how will you actually reach them – through blogs, newsletter subscriptions, newspapers or social media? Focusing your efforts on the appropriate channels will ensure that you get the most mileage out of your resources.
- Tailor your content. Something that works in China may not necessarily see the same success in Singapore – or vice versa. Localising content helps to shape your messages in a way that your customers can relate to.
Know your competition
- Make a competitive analysis. Walking into a new market it’s important to identify the factors contributing to the success and failure of existing brands. What has the market leader done so well that elevates them to their current position? Why can’t other brands find their footing? Learn about the methods your competitors use and find out which they are not using.
- Differentiate your brand. At the same time, there is also great value in making sure your brand stands out. But what are you offering the market that differentiates you from others? Moving into a new market and immediately trying to compete with everyone else in the industry is not a task to be taken lightly. Carve out your own niche and communicate it to your target audience. Operating in a specific niche will reduce the number of direct competitors your brand has to manage.
Have an eye on the market
- Spot trends. Depending on what industry you are in, markets tend to move fast today. Trends are insightful and a powerful source of information. Keeping up-to-date with the latest trends allows you to understand the current interests and wants of consumers, which will help you to capture the attention of broader audiences.
- Network the industry. Smart business leaders know to always be on the lookout for emerging trends and be prepared for what comes next, so they won’t be left behind. However, not all trends start online. Get a feel for the industry by attending networking events in your field.
Look for media opportunities
- Owned media. Build a communication strategy for your brand. Make sure you are consistent in what you say and how you describe your brand. Using your own media channels, such as your company blog, social media or thought-leadership pieces on LinkedIn, are an easy way to spread the word. Just make sure that you are on brand.
- Earned media. Earned media is often the aim of a brand’s PR and social media efforts, including media coverage, social media posts, reviews, and blog mentions. As the average consumer is bombarded with countless advertisements daily, earned media is one way to stand out from the masses.
The following questions will help you when looking for brand-appropriate earned media opportunities:
- Is there something unique about your organisation that might interest local, national, or trade-related news outlets?
- Do you have existing customers who are possible brand advocates?
- Are they willing to tell the world why they’ve had a fantastic experience with your brand?
Why is earned media so effective? It’s simple – customers trust the opinions and experiences of other customers more than any other source available. The road to success may be a bumpy one, but take these tips into account to smoothen your journey as much as possible.
Trying to break into a new market? Drop a message to hello@mutant.com.sg