7 Strategies To Use Before Entering The Market To Get A Better Edge – DIY Tricks
Are you thinking of expanding your business? Are you struggling with your company sales? If you want to get a better hold of your business and company sales, why not enter a new market? You can move into a new market that can help you provide leverage to both. You can take a plunge into a new market, enjoy your company grows and prosper.
If you want to be successful when you enter a new market, go through the simple 7 strategies that can help you get a better edge before you enter the market. Read the following steps and implement them to reach the destination.
1. Identify the Target Market
You need to understand the market first. This is an essential step before you step ahead with your plans. You need to understand and observe who is your target market, whom you want to sell, who will buy your products, who can benefit your product, etc. It is all about the market!
For example, let’s a company is selling African hair products in India and the USA. Which country will make more sales? The USA, of course. You will find more people in the USA with thick, black, African hair when comparing to India. And if the same company sells the same product in Africa, then you guessed, it will make better sales.
Target audience and market are quite crucial for any company. Let’s understand this with another example. Amul is a milk production company. And this has taken all over India with its products. Earlier, they only use to sell milk and curd. But for a few years, they have started producing flavored milk, cooking cream, cream cheese, etc. They studied the market carefully and came up with new products. Amul is now one of the top brands in India!
2. Perform Market Research
Your step will not just end here, now that you have your market set, you need to look at your competitors! You also need to look at the customers who buy your competitor’s products. Basically, you need to study the buying habits of demographics. There are three vital parts that you must explore, and they are:-
· Market Growth
Analyze and observe sales. Evaluate the market size of the customers. This is a very tedious task, but it is an important step to know the market thoroughly. You need to get deep with your customer’s age, occupation, marital status, ethnicity, etc. For this, you can run an online survey to know them better.
For example, if married women want a better skin product to get their previous looks back, you can know this by a survey and start planning to create something similar to get their attention and apparently, increase your sales.
It isn’t spying, just studying them to make your brand outshine and stand unique. You need to know about your competitors, their branding techniques, their products, etc. Find out which one has the best branding methods. Try analyzing and come up with a better plan to make your brand stand out. You can add discounts, free products, free consultation, etc. as the CTA to build your brand unique while attracting people in bulk.
For example, many teenagers will prefer Himalaya and Clean n Clear due to their skin type at an adolescent age. These products are created to suit oily, acne-prone, blackhead prone, and dried skins. They not only come as a single product, but there are discounts, offers such as “Buy One, Get One free,” small sachets of the upcoming products. This will not only make sales but attract customers!
· Unexpected Barriers
Every company has to go through some difficulties. These are the barriers you need to see and try making better plans to overcome this situation.
For example, Samsung had to come to a major problem back in early 2017 with its Samsung Note 7. It exploded and caused them a huge loss. The company then released an app that could monitor and mark their phones and battery to avoid this situation. But finally, the phones were returned and were stopped. Samsung studied this situation very profoundly, and came up with new models with better specifications!
3. Define Marketing Strategy
In this step, you need to understand how you can reach your audience with better communication strategies. We are not talking about the target audience, but how to make them engage with our brand content. For this, you need to work in an advertisement, public relations, direct marketing, personal branding, etc.
For example, when Himalaya came up with Himalaya for Him, it made the profit of INR 3,800 crore. Why? Due to its powerful branding. They involved the famous Indian cricketer Virat Kohli in their videos, which was watched over a million people on the first day of its launch.
Powerful branding can be done by engaging advertisements with creative ad-copies, slogans, and make social media your best friend. Brand your business cleverly on social media with the help of experts!
4. Establish a Plan
You now need a plan on how to make your audience engage with your brand. Create different campaigns for marketing your products. Not only this, but you also need to evaluate the internal resources!
Get to know your sales targets. Research as much as you can through online survey related to your products and services. You can ask questions and ask your customers to rate. And yes, the most important, ask them to give their feedback on the products, and what changes would they want that benefit them. With all this, you can get a better plan for your product, and understand your audience and get their desired outcomes.
5. Risk Mitigation Strategy
You can run a pilot project in the market. You can start a smaller market that sees if it succeeds or fails. This will help you overview the market, audience, sales at the next level.
For example, you can run an A/B testing. Let’s say that you are selling a Laptop. You can offer extended warranty of 2-year with a free printer worth 5,000 INR. Or you can sell the same laptop with 6 months warranty along with a free JPL Bluetooth speaker, and a laptop bag. You can try these two plans separately for 6 months and see the results.
6. Ramping Up
Ramping up is to increase the visibility of your brand with an exceptional and unique plan. This is to get more targets. Create a buzz in the market with unique branding ideas with the help of public relations. Design the Ad campaigns in a unique, engaging way possible.
For example, on this June 5th, the KFC campaign of buying any food products and get a fried chicken free. Ad campaigns with posts and videos were created, and this created a buzz in the market. And yes, on the 6th of July, the KFC outlets were flooded with hungry customers!
7. Plan the Next Strategies
And finally, when all the above steps have helped your company and business branding grow exponentially, it is time you think ahead. Always keep in mind that you need to study what people want, what people are expecting, and try working on them.
Using all the above mentioned DIY tricks, you can get ready to tap the market without falling down.