You’ve evaluated the market expansion readiness and decided it is time. You have carried out detailed market assessments to determine suitable market options and examined the case of industry-market fit, segment-market fit, and the state of competition. Congrats, you’ve answered these 3 main questions of the market selection process and you made a prioritization among the suitable options. Your target is clear, so what's next?
Now, you need a rock-solid market entry strategy.
Where do you want to settle?
First thing first, your brand can exist in single or multiple channels. To decide which ones are suitable for your brand requires a deep-down examination. As we mentioned in our earlier article on the market selection process and its three pillars we mentioned that your market selection should be based on the control of industry, segment, and competition fit. This three-component inquiry will also be valid in the decisions you make during the market entry process. While you’re choosing the appropriate channels for your brand, the same analyses should be conducted and then you should decide whether you choose marketplaces, create a D2C online shop, a brick-and-mortar store, or all of the above.
Creating the action list
Then, we come to the planners' favorite phase. Preparing a high-level action list. What are your most essential needs for the foundation of your business in this new market? These necessities vary according to the channel options of course. For instance, If you decided to operate with a brick-and-mortar store, you need to find a nice place and maybe hire a designer and buy some furniture. If your strategy depends on only online channels you need to find a strong digital commerce partner to meet your needs.
Different action plans and therefore the list of different requirements allows you to see the big picture and to make a clearer analysis. This is a crucial step because the next thing to do is looking at how much the items on these lists will cost you.
We left behind some early steps, now it's time to face some undesired realities. You need to make a comprehensive cost analysis of all the items you need for different channel options. For sure, you may encounter some extra costs throughout the process, but knowing what will be in your bill, especially related to the scope of large investments, allows you to make the right decision and use your resources most effectively.
Three letters resembling a summer breeze: ROI
If you are running a commercial business, the most important metric to follow is the return on your investments. To research, estimate and take a position accordingly, this is one of the most crucial analyses that you will make. After the cost analysis now it is time to see the expected revenue. So you can make a comparison and decide whether it is worth it or not.
Houston, do we have a problem?
All these steps, which we have mentioned quite briefly up to this point, require extensive analysis and calculations, important business decisions, and feverish teamwork.
And at this point, whit all the analyzes are looking at you in the face, you come to a turning point: do you need to revise any of you decisions? Is it still profitable, good for your brand and business, are there any obstacles... This is a major checkpoint for the process.
Choose the right companion
Almost everything is ready. The entire roadmap and all the necessities were determined, the cost and revenue expectations were set. To carry out this detailed plan in real life, you now need to decide whom you will partner with.
If you are going to open a digital store, you need a highly performed e-commerce platform that can both be adapted according to the local characteristics of the market you will enter, and be customized according to the special needs of your brand. With our robust digital commerce platform inCommerce, we are always focusing on the different needs and we create the best version that reflects the brand value.
Inveon inCommerce allows you to manage all digital assets from a single platform while offering multi-language and multi-currency options. Having a wide range of global partner ecosystems from payment providers to logistic companies, Inveon is here to build every aspect of your digital market entry.
Not only choosing a platform but also the management of the operations can be quite challenging. That’s why our digital growth management solution GrowthLab and its team of experts work on the strategy and management. With its different expertise, the GrowthLab team offers an extensive range of knowledge and data analysis capabilities with effective, actionable insights. Especially in a market entry case, these analyses are necessary both during the decision-making process and after the project’s implementation.
Now leave all the blood, tears and suffer behind and enjoy the fresh excitement of being in a new market. Operating in a new market is not only about the revenue you gained, it is also about the enhance the understanding of different cultures, customers, and their way of interaction with your brand. This learning can open new doors and provides the opportunity to be a global brand.
From the early steps where the first decisions are made to the last ones, admitting that it is a very challenging process is a must. However, throughout this challenging and rewarding path, you don’t need to walk alone. Strong partnerships can strengthen your brand and the whole expansion process.
For all the risk analysis, an effective go-to-market strategy, and a strong structure for expansion, our omnichannel e-commerce platform, app-commerce solution, marketplace integrator, and digital growth management solutions are ready to strengthen your journey!