Beating the odds in market entry
Sep 28, 2018
Expanding your product globally by breaking into a new market is no easy feat. Business history shows that for every successful market entry, about four fail. With a landscape of increased competition and globalization, it’s now more important than ever to be aware of what makes market entrants so successful.
There are a variety of ways in which a company can enter a foreign market. Although no one market entry strategy works for all international markets, there are a few guidelines that can help tailor your expansion approach on a global scale. Shana McCabe, global business manager, shared ways to market your product globally at the Base Oils & Lubricants Summit held in Des Moines, Iowa last month.
“Companies seeking to expand overseas should tailor marketing messages and product offerings to specific countries and work closely with local distributors,” she said. “The effective selling and marketing of your products or services worldwide requires a comprehensive, cohesive strategy that addresses the following to create clear market differentiators that propel market acceptance and revenue growth: sales strategy and delivery, branding and value proposition, marketing strategy and pricing.”
Why should you care?
If your business is thinking of ways to globally expand, it’s vital to do as much research up front in order to save time and resources in the end.