How do you prepare to enter a new market?

First, we should pre-select the market(s) into which expansion seems most sensible based on our know-how. Then, for verification purposes, we should conduct an in-depth analysis of the selected markets and the competition operating in them. Having detailed information, we can move on to build a strategy based on the data acquired earlier.

Secondary research, primary research, or perhaps a combination of both methods? Which method to choose depends on several factors. If you plan to enter the market with a service or product that already exists, it will be necessary to learn about the characteristics of your target audience, growth forecasts, trends, etc. Such information can often be obtained through secondary research. On the other hand, when you want to launch a completely innovative product obtaining information in this way may be difficult. This is when primary research should be conducted.

It allows us to learn the best market practices and build the right strategy that will give us an advantage over other players in the market. In addition, we can analyze the mistakes made by competitors and avoid them ourselves, and design a unique value for our company, which is essential for a successful entry into a new market.