Competent Market Entry Strategies Can Be the Key to Beat the Odds in a Foreign Market | Infiniti Research Explains How It’s Done
LONDON--(BUSINESS WIRE)--Feb 2, 2019--A well-known customer intelligence company, Infiniti Research, has announced the completion of their latest article on creating competent market entry strategies. Through this article, Infiniti Research reveals how companies should select their market entry strategies and some best practices to create a winning strategy.
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How to create a winning market entry strategy (Graphic: Business Wire)
A closer look at the annals of business history shows that for every successful market entry, about four fail. This is the case not only for inexperienced startups but even several sophisticated corporation face the same fate. Furthermore, having a myopic focus on market entry strategies leads companies to commit fatal mistakes while making market entry decisions. Factors such as existing competition, cultural nuances, and price points of similar products are some of the key components to consider while formulating an effective market entry strategy.
The combination of a robust outside view and an improved inside one dramatically raises the odds of making good market entry decisions. for more insights on building effective market entry strategies!
How to create a winning market entry strategy
The first step to build the best market entry strategy is to analyze the strategies, price points, and offerings of key competitors in an international market. This helps mold the company’s offerings to resonate with the customers in a new market.
Understand culture and language
Cultural nuances may seem insignificant during the planning stages. However, it is essential to properly prepare to meet the needs of the local market. To avoid any unfortunate events that may occur due to lack of knowledge about the cultural difference of a new market, it is vital for companies to gain deep knowledge on the culture and language of a new market prior to developing their market entry strategies.
Create awareness and trust on social media
Social media is a great platform to promote new market entry strategies of the business. It is easier to gain a deep understanding of the customer’s problems, needs, and lifestyle preferences on social media. This will help create social media campaigns where the company and their communications get noticed. Social media gives companies to contribute valuable content which solidifies their credibility, establishes customer loyalty, and builds brands awareness.
About Infiniti Research
Established in 2003, is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:
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CONTACT: Infiniti Research
US: +1 844 778 0600
UK: +44 203 893 3400
INDUSTRY KEYWORD: COMMUNICATIONS ADVERTISING MARKETING
SOURCE: Infiniti Research
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PUB: 02/02/2019 07:36 AM/DISC: 02/02/2019 07:36 AM