Expanding your business into another market is an important and exciting time for your organisation, but with it comes research, planning and implementation, all of which can be challenging. At CEE Sourcing, we have over 20 years of experience in supporting businesses with entering new markets successfully. In our latest blog, we take a look at why and how you should be entering a foreign market for future success.
Why should you expand into new markets?
There are many reasons why an organisation may want to expand into a foreign market and it’s likely something that has been thought about for some time. Organisations that choose to enter new markets may do it in order to increase their potential revenue. After all, if market entry is successful, it can grow the business further and bring in higher income overall.
Similarly, entering a new market can help your business to gain a competitive advantage over rival businesses, allowing you to reap the benefits of a market they may not have reached yet. Furthermore, expansion can also ensure your business is reaching a new customer base and widening its audience.
When it comes to business operations, it can sometimes be beneficial to expand in order to find greater talent in other markets, as well as making sure you have the right people in place so your business can run efficiently in that market.
Planning your market entry strategy
Expanding into a new market takes a lot of research and insight before you can begin. There can be a lot of risk factors in expanding into a new market, and it’s crucial to make sure that your business has the best chance of success.
Review your company and ensure you have the right capacity and resources to begin expanding into other markets. You should be confident that your products or services are ready and suitable for the new target market, and that you can meet customers’ expectations in that area.
Carrying out some preliminary research on your target market is key, including the size of the market and any competition. Consider what regulatory or trade information you need to know beforehand.
Once you have all the information to hand, it’s important to think about how you will enter the market. One of the most effective ways is to use a consultancy firm to increase your chance of success.
Benefits of partnering with a market entry consultant
At CEE Sourcing we have a strong footprint in both UK and Central and Eastern European markets, with offices and operations in both the UK and Hungary. We can assist with market entry strategies, including planning and implementation, thanks to our expert knowledge on local culture, behaviour and business practices.
We can offer mentoring and consultancy to help you put together the right market entry strategy, but we’re also well-equipped to assist you with logistics and operational suppliers. Our outsourcing consultancy services allow you to enter your chosen market effectively and cost-efficiently, with experts who already know your target market well.
To find out more about market entry support from CEE Sourcing, get in touch today.