Identifying and Developing New Markets
A whole new world of business expansion and potential profits awaits in the arena of new markets. Use these points to consider your readiness to expand.
- The cost of researching new markets can tie up valuable time and money. Nevertheless, a thorough analysis of your business' potential strengths, weaknesses, risks and opportunities, and the possible alternatives is well worth the investment.
- Consider the ability of your product/service to compete in a new market, equal or better than the competition, and its suitability and presentation in that environment or culture.
- Work out the resources and systems needed to expand your operation's finances, supply chains and infrastructure, and information and communication technology.
- Your business’ capacity to manage the expansion process is critical. Reflect on how you and your management team would handle extra demands, loads, and distractions from your current market.
- Your current marketing strategy may not work in other markets. Be ruthless in your assessment of your current marketing techniques with a view to how well they may apply in new markets.
For further resources and assistance in exporting activities, go to the Department of Economic Development's Export Trade web pages here.
