How do you create a market entry strategy and a go-to-market plan for your market gap solution?

In my experience, a lot of new insights emerge only after you launch. There’s only so much information a formal market research process can give you. Sometimes, it’s too much information that can create analysis-paralysis. What works for me is to put together a bare minimum service or product based on my knowledge of the market. Take that service to potential customers and validate it (i.e. sell it). If it sells, build on it using new insights gained. You can continue your research using other methods mentioned here and keep improving your product/service.

Launching in a new market requires the humility to admit to a lack of expertise in the market and start with no assumptions. Foundational research with the (proposed) target audience can lead to fundamental implications: What are the cultural dynamics in the workplace? Who makes decisions? What underlying barriers exist and how could they be overcome with product modifications or marketing interventions? These seem like simple questions, but they almost always reveals simple answers that weren't thought of ex-ante.

First set of questions to ask yourself 1. Who are your potential customers? What do they need? How do they prefer to be communicated with? What are they currently purchasing? What do they find valuable? Who are your competitors? What are they offering? How do they differentiate themselves? Now the fun: Identify the gaps: existing services and or products are missing in the market? What can you offer to fill the gaps

In my opinion, surveys and interviews are helpful but only up to a point. What I have learned is that findings from any of the voice of the customer or voice of the practitioner type interviews may not help if you have not asked / framed the questions correctly

If you have a market gap solution figured out, you have already analysed the category, understood the customer and arrived at a value proposition that you can deliver. Hence, you also have the following : Product: What is the right offering to fill that gap? Price: What is the right price for it? Place/Channel: Where does the gap exit? In what channel? Now you need to figure out 2 things 1) Promotion: What is the ideal way to get the initial word out and traction to test the offering? 2) MVP: A lot of the learnings and tweaking happens after an initial launch is rolled out and you get customer feedback, don't wait to perfect everything, let the market teach you.

I believe that research or surveys should be the starting point. What are the problems that people are facing? Once you have the right answers here, it will be easier to identify your potential customers, which will also facilitate analyzing the market size and determining how much they are willing to pay for the service or product, among other factors. I suggest that a survey would be the best way to gather relevant data while also establishing the first contact with potential customers. Developing a market entry strategy and establishing initial contact with potential customers is crucial even before starting to design the product or service to offer.

Market analysis is essential to Market Entry. Our Clients are foreign players looking to expand to Europe via an acquisition or a strategic partnership with a local company in Romania and / or Emerging Europe. Usually, they require a multi-country market assessment in order to decide in which of the countries to enter first. Also, as a next step, they require the Search & Selection of local Business Partners services. The result enables them to identify the most relevant local players for their M&A or for their commercial partnership, such as export or sourcing production to local manufacturers. We, as their trusted Market Research and Market Entry consultant, have the local business contacts and use the local languages.

Absolutely agree, this man knows what he is saying. Not the nice AI marketing proposed advertising helps but real life and experience

Once the Gap is understood how do you add value? Create your value proposition: How can you differentiate yourself from the competition? What will make your products or services stand out? How will you attract and serve your target customers?

In my experience, once the gap or opportunity (preferably referred to as a problem) is identified, our focus shifts to understanding how to fill the gap or solve the problem. You can't do it all, so your goals need to be Specific, Measurable in terms of percentages, Achievable with clear strategies on how to achieve them, Relevant to the business or company goals, and Time-bound in terms of a period of time. Once the goals are clear, unambiguous, and specific, it becomes easier for the company to focus and reach the target.

Entry strategies are creative opportunities to enhance your brand from Organic growth, gradually expanding your resources and capabilities to slowly enter the market. Requires patience and time, but guarantees a low-risk, low-cost entry. Acquisition: buying a local or regional company already established in the target market. This can provide immediate market entry and access to an existing customer base and brand recognition. However, its expensive and has less creative flexibility. A strategic alliance is a happy medium forming a partnership with another company in the target market. This can help you lower the risks associated with entering a new market while still leveraging the resources and expertise of the partner

One strategy I've found particularly helpful for international companies entering a new market is to initiate partnerships with local service providers. This approach facilitates market access by streamlining processes such as acquiring legal licensing and obtaining other necessary documents. By collaborating with established local entities, companies can benefit from their expertise, network, and understanding of the regulatory landscape, thus easing the complexities of market entry. Additionally, these partnerships often provide valuable insights into consumer behavior, preferences, and cultural nuances, which are essential for tailoring products or services to effectively meet local demands.