Entering a new market is not easy. Many businesses fail to break down the initial barriers, which is one of the most significant tasks to complete. Not having an idea of how an unknown market works can indeed make a dent in your expansion attempts. Your whole investment can just easily slip out of your pockets, and a waste of resources will naturally follow.
Working with an adept partner that has a strong grasp on the foreign market is a way to cut down risks. You get professional guidance and resources to establish the foundation of your business. A brokerage and supply chain management company like BrokerLii can make your expansion plans as smooth as butter. Let’s go over the key challenges of entering a new market and how BrokerLii can help you in entering new markets.
What to Consider Before Entering a New Market
Lack of Insight
Every market is different. The people, language, culture, ways of working- everything is unique. You can’t expect to make your mark unless you have proper insights into how things work for other markets. The internet can only go so far as giving you that fundamental concept. However, knowing the nuances of an entirely new market is not that easy, unless you have the advantages of being a local. As a result, your expansion plans may end up going down the drain.
Solution
At BrokerLii, we can help you navigate the challenges of a new market. You can get vital insights served to you on a plate for super convenience. Whether it’s sourcing your raw materials or targeting customers, we can provide key cues to grow your business. Without a mentor, your strategies may never help you reach your company goals.
Finding Local Business Partners
You will need local partners to run your business. No matter which entry model you use, you will have to network with distributors, suppliers, and a range of stakeholders. Having no one on the ground to work on your relations can be devastating. You will end up with unreliable partners and lose your capital and efforts.
Solution
BrokerLii finds the best partners for entering a new market. From suppliers to marketing partners, we lay the ground for mutually beneficial business relationships. We even connect you with leading minds in the industry to ease your entry challenges.
Appealing to Local Customers
Customers in Australia are different from the customers in Canada. Every market is different. You can’t rely on your proven ways of presenting products and services. You need to introduce your products in a way that appeals to the customers of the new market. Just imagine the language barriers, cultural differences, and even different communication etiquettes.
Solution
BrokerLii works as your strategic partner to help you understand your target customer. We assist in capturing demand and presenting your products the way local customers are accustomed to. Our team can also make you attractive product catalogs to boost your sales and revenues. We even help you bring down your customer service costs and provide an excellent customer experience. Additionally, we can connect you to a customer base ready to buy your product.
Competitor Research
Every business conducts competition analysis before entering a new market. However, doing your research sitting in another country doesn’t cut the cake. You need to be on the ground, with knowledge of every competitor out there.
The internet can help you research competitors, but not always. In many markets, even large businesses operate without a website. So, you may miss out on key competitors if you rely simply on the internet.
Solution
BrokerLii is capable of knowing every business in the market you want to enter. We can provide you with an in-depth competitor analysis and information about their products from our own resources. Our team can also help you develop strategies to introduce your products in the best way to the local target market.
High Costs
Entering a new market is expensive. No doubt, you have made your calculations and allocated your budget. But did you optimize your costs enough?
Cutting costs efficiently is not possible unless you know your market. Plus, you need the right connections to source or distribute your products. You also need to pair with partners who will not overcharge you. Unless you are a local, you stand the risk of paying higher prices for almost everything.
Solution
BrokerLii considers each client a priority and works dedicatedly in their interest. We put in 100% to get our clients the best rates and people for your business. We also lower your cost of sales and expedite your time-to-market. Our team helps you negotiate deals at the right prices and optimize product sourcing. We can even supply you with further cost reduction strategies without hampering your productivity.
Choose BrokerLii to Expand Successfully
BrokerLii is your go to when it comes to breaking down the barriers to entering a new market. We specialize in brokerage and supply chain management. Our team acts as your mentor and helps you climb the ladder to success. We assist you in setting up your business and connect you with the right people and resources. Please contact us to learn more about how we can help your business expand and grow.
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