CLAREMONT, Calif., February 2, 2020/ExpertClick/ — A business entering a new or emerging market must develop new perspectives and bring clear incremental value, according to The Society for the Advancement of Consulting® (SAC). A multi-faceted approach is best: from initial analysis and questioning your initial assumptions, to understanding the new market’s needs, and developing (or hiring) the right people.
Move Fast: Dig Deep and Hire Key Talent
“There is a vast opportunity for expansion into new and emerging markets,” points out Lisa Anderson, president of Claremont, CA-based LMA Consulting Group, Inc. a manufacturing and export expert known for future-proofing your manufacturing operations and extended supply chain. “Nearly 95% of consumers live outside of the U.S., and two-thirds of the world’s purchasing power is in foreign countries. Thus, if you aren’t considering export, you are missing out!”
“Of course, it pays to be informed,” Anderson notes. “Start by digging deep into the countries and markets you plan to pursue. Don’t be afraid to hire key talent and top advisors to help navigate successfully and quickly so that you can seize the opportunity. Think creatively about your options and strategic partnerships. It is quite achievable to turn 1+1 into 21!”
Braving New Markets
“New or emerging markets can have volatile political and economic environments,” says Dr. Maynard Brusman, a San Francisco Bay Area consulting psychologist and executive coach. “Stories of rampant corruption, red tape, and lack of intellectual property protection can make an otherwise attractive market seem too challenging to tackle. Then, there are the logistical and cultural challenges of doing business far away from home.”
He goes on, “There are ways to mitigate risk and maximize potential opportunities. Taking time to build long-term trusted relationships is vital for your project to succeed. Choosing the right partners is essential. Work on your social skills and EQ.”
Brusman advises his executive coaching clients “We live and work in a volatile, uncertain, complex, and ambiguous world. There is a lack of predictability so understanding our interconnectedness requires mindful leadership to navigate new markets successfully.”
Package What Makes Your Firm Uniquely Qualified
“Take time to understand the challenges and opportunities of the new/emerging market,” points out Kathleen McEntee, President of Kathleen McEntee and Associates, Ltd, (KMA) a full service marketing firm, which helps privately-held businesses to reach their target markets with the right message, through the right media for the greatest impact.
“And, take time to package what makes your firm uniquely qualified and capable of doing business in the market,” McEntee adds. “Many times, what you have learned from existing clients can be adapted and applied to new markets. Your juice is your juice. After all, it’s about leveraging your experience to create value.”
Adapt Your Existing Products: Don’t Try to Hook a Bear
“When trying to enter a new market, businesses should start by adapting their existing products or services, because they already have an established track record,” explains Praveen Puri, President of strategic consulting firm Puri Consulting, and expert on Strategic Simplicity®.
“For example, if a fishing gear company wants to enter the hunting market, they won’t have credibility if they launch with a hunting rifle,” notes Puri. “Instead, they would be better off adapting their best-selling boots for fishermen into a model designed for hunters.”
Each Market has its Own Technological Language
“You wouldn’t enter the Brazilian market with marketing material in Dutch. Yet many companies fail to translate their approach into the appropriate technology for new markets,” argues Sten Vesterli, an international expert on using technology to achieve business value. Vesterli has written six technology books. His upcoming book is Making IT Live up to its Promise.
“Each market speaks its own technological language,” Vesterli adds. “In some markets, you use email and web pages. In other markets, you use text messages or mobile apps. Many countries speak Facebook, but some speak VKontakte or Weibo. If you don’t speak the local technological language, you won’t reach your intended audience. Or, worse, they will consider you culturally arrogant.”
Check Your Assumptions: Autopilot Doesn’t Always Equal Efficiency
“Despite, or in some cases, because of, decades of expertise, it is imperative to review and re-evaluate your launch plan assumptions,” advises Lucie Newcomb, Chief Executive Officer and Founder of the Silicon Valley-based The NewComm Global Group, Inc., which specializes in Global Business Development and Global Leadership Development advisory and training services to optimize individual and organizational success internationally from the inside out.
She adds that questions to help check those assumptions include, “What about this client/customer has changed lately? How has the landscape in this sector, or with respect to this product or service, evolved since the last similar launch? What new technologies, tools or approaches have recently come on the scene that could impact, maybe even optimize, current plans?”
“Taking a moment to research and reflect on the above critically can boost a client’s opportunities for success; minimize costs in some cases; and add value to the consultant-client relationship through demonstrated care and commitment even if the planning process itself isn’t ultimately impacted,” explained Newcomb. “Plans and experience are great, but autopilot doesn’t always equal efficiency, effectiveness or perceived value.”
Use What You Know to Expand Outward
“Success in a new market is best achieved by leveraging previous wins and adapting your offerings to meet the needs of the new audience, according to Linda Popky, president of Redwood Shores, CA-based strategic marketing firm Leverage2Market Associates, and author of the book Marketing Above the Noise: Achieve Strategic Advantage with Marketing That Matters.
“Don’t reinvent the wheel. Instead, start by understanding your new target audience. How are they similar than your existing customers? What makes them different? What must change to make your offerings compelling for them?” she said. “Consider how cultural or economic differences impact buying decisions. Don’t try to force current offerings onto groups with different demographics. Be sure to always have a clear understanding of how what you offer can improves your customers’ situations.”
Create New Needs and Novel Value
“Counter intuitively, don’t try to respond to the expressed desires of the market, but instead create needs currently not understood,” said SAC Founder Alan Weiss, PhD. “Overcome the existing competitors in the market by providing novel value.”