Being ready to expand your business into new markets means you have achieved the success needed where you started, it also means you are ready to put in the work needed to do it right. Growing from one market to conquering another requires organization, research, investment, and a deep understanding of the new territory.
Take for example Latin America, a young growing market that can be a productive investment for years while at the same time being an economic landscape you need to tread carefully. Entering the Latam market is a great idea for some businesses, however, it requires companies to come prepared. The region, where Inlat is an expert market partner, is one that is leaving its tumultuous past behind for a shiny future, a market that is great, especially for startups.
How do you know your company is ready to enter Latam or any new market?
- 1. You are turning a profit in your current market
- 2. You have investors lined up to back your new market venture
- 3. You have allies or partners in the new market
- 4. You know there is a clear need for your product or service in the new market
- 5. You have previous knowledge or a successful position in this market
Timing your entry into a new market
Timing is everything when it comes to market entry, so you need to plan your first steps carefully. Entering the market at the right time makes a huge difference, and can change the way users respond and embrace your product.
To do this you need to keep an eye on the market, have a tight week-by-week plan for introducing your brand in the market, and plan supply, marketing, and all other aspects ahead of the incursion.
Figuring out what you need to enter the new market
Once you have looked at the timing you’ll need to start a checklist of other items on your market entry list. Depending on the market this list will change but it is essential you have a solid growth infrastructure to complete your goals in the new landscape.
Cultural settings
First, figure out the cultural differences you will need to adjust to. How to relate with the local customers or users, these are all the general details:
- ✅ Languages
- ✅ Cultural practices
- ✅ Limits and what to avoid
- ✅ How to advertise there?
- ✅ Demographics
Competitor research
One of the most important parts of this market entre preparedness is recognizing and sizing up your competition. This gives you an overall view of the market you’ll be competing in and where your product stands amongst the others.
Getting reliable partners in the new market
A reliable market entry is a special ingredient in any market incursion. Creating partnerships with the right companies, consulting firms, or distributors will get you closer to your target audience and provide a smoother entry into the market.
At Inlat we guide our clients into the Latin American market with a combination of inside knowledge, customer insights, and the best growth strategic planning in the region.
Coming up with a new marketing strategy adaptable to the new market
New markets require new marketing strategies. This target will need to be spoken to in a new way, so your marketing plans will need an adjustment. Investing in marketing research and expertise will make a huge difference. Having some insight into what the demographics respond to and what works and doesn’t in that market, will make your strategy more effective.
Launch and for gathering data for adjustments
The final parts of your new market entry will be the after-launch results. You won’t fully know how the public will react to your product until you launch your product. Prepare to collect and analyze the data that comes in after your first launch. This will help you assess, reorganize and improve results.
Good luck in the next market!
