Entering new markets – Four steps to reach new markets

Even well-managed, well, companies can mess in introducing new markets. But there are four important steps that all organizations can take to ensure that these failures are avoided and it is possible to re-enter markets. They are:

  • read websites and blogs about the market
  • talk to people who already know the market and its culture
  • get started
  • prepare the language limit

Step 1 – Read websites and blogs about the market [19659007] Before trading on a new market, read websites and blogs about the relevant market. Fortunately, websites and blogs are written about almost all of the world's markets, describing their history, culture, business ethics, key issues and local business strategy.

Step 2 – Talk To People Who Know The Market And Its Culture

Do not Refinance Your Bicycle. Talk to people who know the market and its culture before trying to enter it. Find people who have done business on the market or who knows the market. Let them tell you how business is done in the market, what traps to avoid and how to succeed. Ask them to share with you the necessary, but to them quite obvious, information you need to know about doing business in the market. Armed with such information, you will be in a better position to succeed internationally no matter what market you are in.

Step 3 – Walk

When you go to the markets you intend to go in, go for a walk. Take a stroll or car drive around the neighborhood. If you can, mystery-shop your customers and your competitors. If you keep your eyes and ears open you will be amazed at how much you can take from a simple short walk or drive.

To give just one obvious example, a few short walks in Tokyo left me a lot of things I had to know about everything from workflows and local clothing to roofing structures and building rules.

Step 4 – Prepare for Language Capture

English is very different from country to country and from market to market. (The same is true in Spanish, French, and other languages.) Be prepared for this language. Learn the local version of the language and learn local marketplace. It will show that you do not care about local culture.

Implementing Four Steps

While people change dramatically worldwide, I've found one that never changes. That's if you show people you do not care about business traditions and how they do business, they are much more likely to trust you and want to develop a business relationship with you. No matter what market you are entering the end, it's always the key to business success in promoting new markets.

SOURCE SBOBET

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