Benifits of Entering
a New Market
Learn more Expanding to a different market can improve a businessman’s knowledge; allowing your business expertise to grow. Learning about the new market and how it is different to the home market, what works well and adapt it to how it is sold everywhere. Different technology and techniques are present in different markets and entering them can contribute to learning more about them.
Less Risk Some people might say it’s playing it safe by staying solely in the home market however having presence in more than one market also spreads risk. The business is not totally dependent on one market and if one fails, perhaps through recession, there is still a functioning consumer base elsewhere.
More variety Not only does it benefit the company, but also the market itself. You wouldn’t like to walk in to your shop and only to find one brand of Shampoo would you? Entering a market with a new product or service means the customers have access to a wider range of products to choose from, this could mean they are better quality or just different to their home brands. As well as more variety, more products mean more competitive prices for the brands they want. Entering new markets can create great value to a business; however it is essential that you do your homework! Learning about your market including corporate culture, employee and customer expectation is vital, without this the risk of failure is extremely high. Steps uses native translators to ensure advertising, marketing and documents are correctly translated and the message you want is portrayed in a culturally sensitive way to accept you into the market.