Business as usual?
Only a few months to go and we can all get back to business, hopefully. No doubt you, like many, have been cautious in business progression this last year. I’ve read many reports all discussing the slow growth in 2018 which has put a pinch on most SMEs in the country.
Looking at growth trend predictions in 2019 the picture seems to remain continuously cautious as no one really can predict the resulting outcome of Brexit – deal or no deal.
What can be done therefore do to grow the business whilst waiting to see what will happen? Look to emerging markets, as many have done and are looking to do in 2019. South Africa is one in particular. We’ve seen many businesses in recent years start to investigate opportunities in this region, for many reasons:
- Short time zone
- Business procedures are similar to those in the UK
- Business opportunities are great as this market is still opening up – for various sectors
- It is an accessible country
Rushing in to a new market, however, is never a good idea. In the long run it pays to do proper research before investing fully. Many mid to large size businesses have outsourced research to understand the opportunity potential. The following list provides starting pointers to look out for when investigating new emerging markets:
- Generic business landscape: what is it? How is business done?
- Business potential: can you make money?
- Business product / service offering: is your value proposition a valid one for this new market?
- Channels: what go to market channels are in place? What technology systems are mainstream?
- Logistics: how will your offering be delivered in this new market. What are service delivery and product distribution considerations?
- Risk assessment: what influencers can make or break business success?
- Competitor penetration: what competitors exist? How successful are they?
- Competitive advantage: how can you adapt your USP for this market?
- Prospect identification: what prospect potentials exist? Who and where are they?
- Market test: contact a few prospects to run a test lead gen campaign
These projects typically last 3-6 months and once completed will provide internal strategists with in-depth insights, enabling them to turn this research into a solid new business development strategy.
Once the new market penetration strategy has been completed, there are two options: test further or execute. This will depend on the business offering and the size of growth anticipated from the emerging market compared to the overall business growth.
Of course there are further steps to consider which I invite you to contact me to discuss. Simply Melanie@acorn2oakmarketing.com