Adapting a product for a new market is never easy. What worked in one industry may not work in another. Navigating a new industry often means learning new distribution channels and new customers.You may have heard one potential customer in a new market get excited about new products in the market but in order to enter the market, you must have the right marketing concepts.
The first step is researching the industry
Firstly conduct a proper market research. Get to know as much as possible about the industry you would like to venture into. Talk to suppliers, consumers, retailers and even research on your competitors. Just as it’s helpful to meet with potential customers, it’s important to research possible competitors.
Do not rush in to something because everyone else is doing it. Fads come and go but real, well-thought out businesses are here to stay. You need to also decide whether you are in it for the long term.
If, on the other hand, you don’t know anyone in the new industry, it can be tougher to break in. Try growing your network in that particular industry through attending events related to it e.g. conventions, conferences, seminars, exhibitions and other meetings that will help you penetrate and make the necessary connections you need to start off.
Once you have understood the market look at your product or service and see how best it will fit in that market. The kind of market will determine your location, distribution channels, modes of advertising, packaging and last but not least you’re pricing. And you could build your product marketing strategies.
At the end of the day every business is out to make a profit otherwise it eventually ceases to exist.
You product marketing must be convincing of fulfilling a need and that it is also giving value for money. While still new in the market, interact with your customers and build relationships from which you can get constructive and honest feedback. Also ensure that you are in good books with your suppliers and /or retailers as they too possess useful information that can help you adapt to new and emerging markets.
All in all remember to keep it real by always doing a health check e.g. a thorough SWOT analysis on your business at least once a year. This will guide you in the right direction and help you make the strategic decisions that you need to stay ahead of your competition.
Every society differs in accepting a particular product. Potential customers get excited about the product you launch, so be sure there are more than one potential that makes a market exist. When it comes to new products in the market, people are interested to know what it is and how cool it is. Let it be small or a big, people look for uniqueness in a product and how it can benefit them in better. Walk in your customers shoe to see what they are seeking for in a good product which can bring about a change in the market.