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Top 10 Strategies to Successfully Enter New Markets Webinar by: Connie Palucka

 Top 10 Strategies to Successfully Enter New Markets Webinar

by: Connie Palucka



To make us understand the complexity and procedures that can be done when entering a new market, our professor, Dr. Velita, tasked us to watch the recorded webinar uploaded on the CatalystConnection channel on youtube. The webinar was entitled Top 10 Strategies to Successfully Enter New Markets which was clearly explained by the speaker, Connie Palucka. As the title is telling us, the recorded webinar discussed tips for successfully entering a new market. Throughout the webinar, the information shared by the speaker made new market development processes clear to us even more, considering that this concept is new to us. 

To start off, Palucka said that the very first thing to do upon entering a new market is to define the current market of the business. This can be accomplished by examining the company's current customer base and researching the competition. Marketers have to evaluate them and weigh if it would be a good decision or not to venture out of it. The second step is to establish metrics and then commit. Marketers need to set up the top goal when entering the said new market. It would be best if there are target key performance indicators to keep track of the objectives when fleshing out the strategies. The next step is to perform a market analysis to see how considerable the opportunity is. This will help marketers understand the market that they are about to go into. After that is to assess the internal capabilities of the organization. Marketers have to check if the company has enough resources to venture out into that prospect's untouched market. SWOT analysis could be the best way to analyze and identify the company’s internal and external concerns. As soon as the marketers have done assessing if the business can address the market, prioritizing and selecting the target market is the next step. The organization has to determine what makes a market enticing. For the sixth step in entering the new market, marketers now need to evaluate existing sales channels depending on the prospective customer's preference in every kind of situation. It is important to take note that the target market’s choice on how the item is to be delivered is uncertain and is influenced by the circumstances they have. Aside from that, knowing the competitor’s medium of delivering the products is also important. Now that the business has checked all the functions and elements that need to be examined, it’s time to develop the marketing strategy and consider some tactical and strategic options. This includes crafting of a market offering roadmap, establishing competitive positioning, preparing sales channels, developing tracking metrics options, and brand development. After that, intelligent target marketing needs to be done which covers marketing communications. Finally, marketers need to conduct a risk assessment to identify possible problems that can be encountered and prepare resolutions to address them. In addition to these steps, the speaker also gave advice before ending her presentation about recreating the market identification and evaluation process repeatedly to avoid encountering the same problems.

All in all, the webinar was quite long but it was really informative and educational so it was worth watching. We have picked up the gist of the whole presentation and made sure that we will take note of everything that the speaker has shared. Every detail of the webinar will be of great help to us in our future endeavors as marketers. Entering the new market may be a long process but taking things slowly in a delicate and refined way could probably lead us to success. But maybe, it will not be successful on the first try but it is important to take note that in the business world, we have to be ready for any downfall. Being a risk-taker is one of the characteristics that every marketer should possess so as future ones, we have slowly embedded such an attitude as part of our growth in this field. 

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