How to manage the risk of entering an unknown territory
Thinking about customer’s end-to-end experience, and engaging in a multi-step discovery process before locking into decisions may be difficult and expensive to change later on. You may already know the answers to some of the questions in business planning: you may already be trading / distributing; there may be someone in your company, or that you know who has worked or lived in the target market before and ‘knows the answers’.
However, entering a new market on the basis of some knowledge, or an ‘opportunity’ that has come your way, can often lead to jumping to the wrong conclusions, making the wrong call, or placing the wrong bet.
To enter a new market, following are the basic building blocks of a successful Go-To-Market plan
We recommend taking a staged approach to market entry, which is a sensible strategy for many firms looking to manage the risk of entering an unknown territory and constraining losses to an affordable level. All the relevant questions address a number of key business considerations with equal vigor & focus that will enable you to define clear objectives and develop a solid business strategy. Most, if not all of this, can be accomplished from your home country. Companies that have taken the time to develop such a plan typically enter new markets successfully. Without such a plan, companies tend to spend more time and money, use more resources and make more mistakes in market entry, as they have no clearly defined goals, no road map or guide, and often lack the local knowledge to enter the market successfully.
At EPG, We ask the right questions, to help develop a successful market entry business plan.
- Business Development (Sales)
- Legal & Regulation
As you develop your market entry plan, you should challenge your thinking and assumptions about each of these key areas:
Is there a right format of such a go-to-market business plan? – There is no one single, universally accepted ‘right’ format. The most important thing is, all aspects of the business and market have been thoroughly interrogated and linked together with a realistic strategy and defined objectives, against a timeline and budget. Also, the structure and content of your go-to-market plan should work for you and your stakeholders. This will enable you to feel confident of taking the next step into the new market.
We can help by providing defined structure for your market entry plan, as well as give you access to relevant local sector experts to give you invaluable insights and guide you through the process. Please contact us at firstname.lastname@example.org to find out more.