Branch Out. Make a Move. Diversify. Grow. Break In. Expand. Take the Plunge.

Whatever it sounds like around your company, whether out of want or necessity, an organization will likely find itself ready, and hopefully willing, to engage a new audience by entering a new market at one time or another in the company’s life cycle.

An exciting yet sometimes intimidating course of events is now on the horizon, whether you may be a small organization with only sweat equity to spend or a large company with a budget set aside. Either way, there are logical, strategic steps to follow and opportunities and risks to assess in order to ultimately make such a move a success.

Once you’ve identified and evaluated the risks and potential rewards of entering a specific market – whether it is a lateral segment or a new geographic region – getting the lay of the land is a good place to begin. Here are some tried-and-tested ways to begin.

Define the Market

This may seem like a simple step, but to understand the needs of a new market, you must identify your audience. Dig into the demographics, locations and common needs of your target. Don’t be too optimistic in your need to capture a larger share of something new. Clarifying a smaller market will make it easier to effectively infiltrate. A larger chunk of a smaller market is better than an insignificant part of a large share.

Assess Internal Capabilities

Where are your low hanging fruits? What industries, groups or geographical locations are the most natural progressions based on where you sit today? Baby steps are smarter, less risky and more likely to end in a win rather than a giant leap into an unfamiliar, completely new space where you have no foundation to lean on.

Perform Market Analysis

Once you’ve clearly defined the market, dig in by gathering data on the potential audience to be armed and ready for action before committing to the move. A new market will not be so comfortable and there will be new competitors and unknown threats. Knowledge is power. Immerse yourself wherever you can.

Identify Publications

Researching, identifying and aligning with the publications that support the potential market you are looking to break into is a great place to start. A good publication serving a niche segment will be aligned with the pulse of who, what, where, when and why. Read and tap into their team … they will most likely be looking to get your business someday, so use the opportunity to develop some allies and maximize what they bring to the table.

Know Your Competition

Gauge the competitive landscape. Who else is doing what you are doing in this arena; and how well are they doing it? This is a great indicator of what you are up against, a method for drawing inspiration and a starting place for developing your launch plan.

Get Involved

Become a part of associations supporting and servicing the market you are launching into. Besides being a great way to gather real-world intel on the industry’s current state of affairs, take advantage of any membership benefits available as a result. And, perhaps most importantly, build relationships, find mentors and seek quality advice.

The success of new market entry is driven partially by factors outside of your control, but investment in upfront steps should help you mitigate the risk. Whether you are looking at a new market or building your presence where you are, Foster Marketing is here to help. Our team of marketing, digital, event and public relations specialists are developing, and our digital and event marketing leaders are tackling clients’ messages and launch plans each and every day. Best of luck on your journey as you branch out!

To put our experience helping clients break into new marketing to work for you, give us a call at 281-448-3435 or email us today.

Basics of Breaking Into a New Market:

1. Commit to Making the Leap
2. Identify Potential Opportunities
3. Define Your Market/Goal
4. Build Your Unique Value Proposition
5. Make a Plan
6. Learn Your Audience
7. Start Small and Test the Market
8. Refine and Ramp Up Your Efforts
9. Have an Exit Strategy, Just in Case

Helpful Hints for Entering a New Market:

• Select the right region/country that best fits your business model.
• Evaluate costs associated with entering a new market.
• Get to know your potential customers and their needs.
• Check out the competition.
• Make the right alliances to support you.
• Understand the potential legal issues involved in the market.
• Learn safety and environmental requirements for this segment.
• Create a strategic marketing communications plan; and work the plan.
• Be willing to work for it to make the move happen.