What’s Your Market Entry Strategy? You Better Have One!

What’s Your Market Entry Strategy? You Better Have One!

Let’s Talk Market Entry Strategies

Do you have a market entry strategy? I sure hope so! As a business owner, you must have a planned method to have your products or services sold into new target markets regularly. Your entry strategy is the way you will approach these new target markets. Depending on your business, you may also need a foreign market entry strategy (which is often called global market entry strategies) if you sell products or services to foreign countries.

Let’s take a more in-depth look at what mark entry strategy is. There are actually two types of market entry strategies that you need to be aware of. One is direct and the other is indirect. Direct is when you sell your products or services directly to buyers in your target markets yourself or through a sales force or even local distributors. Indirect marketing entry strategy is when you sell your products or services through agents or even with trading companies and is applicable, most often, to foreign market entry strategies.

As a mentor for Heartrepreneur® business owners – meaning conscious business owners who understand that doing business heart-to-heart is the only way to do business –  I have found that most business owners don’t have the right entry market strategy and are in need of different market entry strategies. I will share a few to get you thinking and seeing what is lacking in your business that you can fix your entry strategies with the right marketing entry strategy.

Ideas For Marketing Entry Strategy

 

Here are some ideas to get you thinking about what marketing entry strategies to apply to your business.

 

Product development

Product sourcing

Product labels

Product packaging

Marketing information

Establishing prices

Creating discount programs

Competitive information

Advertising

Direct mail

Trade shows

Promotion

Direct sales

Distribution

Warehousing

Inventory control

Raising capital

Processing orders

Guarantees

Sales reports

Insurance

Tax

Legal

Translation

Billing

Budgeting

Auditing

Every successful business I have mentored over the years has systems in place for all of the above items when we are creating their entry strategy. Do you?  If so, share some of your systems below.  If not, comment and ask for help. And if you want to learn how to systematize your business so you earn more and work less, check out this event: www.businessconsultantevent.com