Entering an unfamiliar market: How to make the transition easier for a new venture

  • 2022-12-16

Entering a market can be difficult at the best of times. 

Planning to enter an unfamiliar market might seem even more daunting, especially if this is your first brush with the industry. However, with an experienced team, a solid plan and additional research, you can create a foolproof road map for your new venture.

Whether you're planning a new project or already entering a new market, keep reading. We've gathered the top tips and tricks to make your business venture smooth and satisfying. There are no roadblocks here, just business excellence. 

Be clear on your plan

We know, we know, creating a business plan is stating the obvious, but hear us out. 

When you're delving into a new market, there might be some niche areas you wouldn't usually consider. Your usual business plan might work for your regular industry, but not the new one. With this in mind, talking to some industry professionals can help you create a more accurate roadmap for your business. 

Take some time to consider the following:

- The purpose of your new market plan. Why are you delving into this new market, and who are you engaging with?

- Competitor research. How do your competitors position themselves, and is there anything industry-specific you can do to differentiate yourself?

- What do potential customers really want? As it's your first time navigating this industry, create an in-depth customer profile. Know their needs inside out. 

Once you've created your plan, review it well. Then go back and recheck it. Don't be as hasty as you usually would. With any new venture, it's an exciting process, and your team will want to get going ASAP. Proceed with caution for the best results. 

How specialists can help

When it comes down to the nitty-gritty of entering an unfamiliar market, you might want an industry specialist on your side. Working with a well-versed and experienced provider will help your team gain expert insights, plus they'll be able to navigate any niche problems that arise. 

For example, if you're creating a leading iGaming platform, you'll need to work with specialists from this industry. While tech generalists could probably help you, a true iGaming specialist will be of greater assistance. 

A specialist provider can be beneficial if you're putting together a platform that requires a backend technician. Using a well-prepared specialist service provider to carry out the work isn't just easier, but it can often work out to be less expensive too. 

Work with advisors

If you're not ready to hire an industry specialist directly, working with an industry advisor is a great alternative. Expert advisors don't have to work with you daily, but they're on hand to provide advice as required or when any bumps in the road occur.

Sometimes we all need a second opinion or a sounding board, which is precisely how an advisor can help. Whether they provide you with basic business advice for the new market or more specific details, you'll be thankful for their counsel. 

Create new connections

Moving from one market to another can leave you without professional connections, so it's time to get out there and network. 

Networking might not sound like the most crucial move right now, but you'll thank yourself when you have supportive allies and some extra tips. Plus, it's been found that most marketers feel in-person events are the best way to boost initial success for new ventures. 

As we come off Zoom and move into real life again, it's never been so important to mingle with other market competitors. Provide your new venture with a network of supportive industry professionals for an easy transition. 

Keep customer experience as the goal

It's easy to get caught up in an endless to-do list, but your customer's experience should always be at the forefront of your practice. What is your new venture offering to the market if you aren't delivering an excellent customer experience?

Customer experience starts with a general awareness of your venture, and it ends with your customized product or service at the end of the sales funnel. If you've done well, customer retention will fuel itself, but this is a problem for further down the line. Just remember to work on customer experience alongside navigating the new market change as both are equally important. 

The takeaway

Feeling inspired to take the new market by storm? Or do you still need some time to prepare for your new venture? Always take your time before rushing in, and when in doubt, work with a specialist for the best results.