Concord, MA, June 15, 2007 --(PR.com
)-- Companies entering new markets encounter unique challenges. Failing to recognize and meet them makes companies take huge risks, or miss out on intelligent risks. Practices called a challenge-based approach are secrets of new market entry. These secrets are revealed in Ms. Grigsby's paper:
Treat each new market like a start-up – Executives frequently try penetrating new markets with products and marketing designed for old customers. New market entry should be treated as a start-up.
Avoid new market panic – Growing from a shrinking base can be done, but it defies the laws of physics. Begin looking for new markets when revenue is growing. Otherwise, panic sets in and time is too short to succeed.
“Gut feel” works if you get the facts – Picking a new market by gut feel can work – but facts are available, and launching a campaign without them is unwise. Market research and honest evaluation of a company’s weaknesses and strengths ensure that it approaches the chosen market well.
Succeed by making mistakes – Get out and do it, and assume that things will go wrong. “No battle plan survives contact with the enemy,” so develop a back-up plan and respond quickly when things go wrong.
Bet big but stay focused – Companies can pay a higher price for thinking small than thinking big. They should aim for the biggest market they can reasonably expect to master, and be clear about the boundaries, so that it is on target with a big target.
Invest in your stakeholders – Leaders who keep stakeholders informed and inspired succeed at new market entry. New ventures need the support of employees, owners, and the existing businesses in the company.
About Fran Grigsby
Fran Grigsby is Founder and Managing Partner of Next Level International, a consulting firm that helps technology firms enter new markets. She has been guiding corporations through critical growth challenges for 25 years. Ms. Grigsby held executive posts at corporations including Giganet, Motorola and Digital Equipment Corporation. Harvard Professor Rosabeth Moss Kanter featured Ms. Grigsby’s leadership in the bestseller The Change Masters.
For a copy of “The Secrets to Successful Market Entry,” email firstname.lastname@example.org, or call 978-369-0012, ext. 302.
Contact: Brenda Nashawaty, email@example.com, 617-688-3253