Are you thinking of entering a new market?
This is a great time for you to do that. Economies are starting their recovery. Emerging Asian economies are expected to grow by 5.8% in 2022. Other parts of the world are also speeding up economic activity to make up for the lost time due to the pandemic. You need to take advantage of that drive. Whether you will use new technology or traditional marketing is up to you.
If you are at that stage of your business where you want to expand, that means you have achieved some level of success. The question now is how you can carry over your competitive edge to the new markets that
Can You Use Your Competitive Edge in Other Markets?
You have met success already and now you want to expand. You have identified new markets that you want to enter, but the question is can you carry over your competitive edge to the new markets that you want to get into?
The short answer is yes. You can do that. The same tactics that made you successful in your original market can be translated to the new ones. It’s not a guaranteed thing but it can be done.
How you can achieve that is the question.
10 Tactics to Build Your Competitive Edge in Other Markets
We have listed here ten tactics that you can use to build your competitive edge in other markets. These tactics can be implemented before or even after you have entered a new market.
Localize Your Communications
The first tactic you can implement is to translate and localize your marketing materials. It makes sense if you will try to use the marketing materials you have because it has already proven effective. But you can’t just translate your marketing materials. They must be localized too.
Localization ensures that content will be right for the target audience beyond the language. For this, it is best to get help from a translation company than freelance translators simply because they have a team of language experts who are knowledgeable in marketing and are familiar with the culture and customs of the target market. Content localization is going beyond the simple translation of words, it is all about understanding and taking into consideration the culture and conventions of a market, which a translation company perfectly understands.
Remember, you are reaching out to a new set of potential customers. You must be the one to adjust.
Become an Influencer
The term influencer is thrown around a lot these days, to the point where it had lost its meaning. But when you become an influencer in the niche to which you belong, the benefits are quite obvious.
When you are perceived to be an authority in the niche, people will go to your site to clarify things. If you’re an influencer in your original market, you need to start over again to achieve that status in the new market you are entering.
Speak at Events
Another to build up your reputation is to start speaking at events. When people perceive you to be an authority in your niche, they will look up to you and see your company as the best option. That will push you ahead of the competition.
Of course, speaking at events in the new target market can be a costly undertaking. But it will be worth it. Research on events there within your niche that you can join. It would be better if you can join as a speaker.
Get Your Own Data
This is the information age and you have a secret weapon that you can use to push your competitive advantage. Well, it’s not really a secret weapon but a lot of business owners fail to take advantage of it. That weapon is the data that can be gathered through the internet. There are over 5 Billion internet users around the world and you can actually reach each one of those if you want to.
For now, you just want to focus on the market that you are targeting. Use the information about your target market to refine your products and offers.
Double Down on Your Niche
You need to be very specific with your niche in the new market that you are targeting. Don’t try to be everything for everyone all at the same time. It wouldn’t work.
You need to focus on a very small niche so you can establish your company’s reputation there. Once that is done, you can then expand your reach.
Use New Tech
If you want to build a competitive edge in a new market you are entering then you should not be afraid to leverage new technology to your advantage. Use QR codes and apps and everything else that you can use to stay ahead of the competition. Because if you don’t, you can bet that your competitors will do so.
Please Your Customers
This is another one of those that does not have to be said but is often forgotten. The best way to keep your competitive advantage is to please all your customers all the time. If you keep your customers happy, they will stick to your brand and your business.
Invest in Customer Relationships
If you can only do one thing to keep a competitive edge, then let it be building customer relationships. It doesn’t matter if you have the best product if you don’t have strong customer relationships it won’t do you any good.
So, invest in building relationships with your customers. Create a strong social media presence that will be responsive to comments and messages.
Build a Strong Company Culture
Build a strong company culture that is focused on helping customers and you will have a competitive edge. That is a universal language that people from different markets will understand. It’s important that everyone in your team understands that.
Charge More Than The Competition
This might seem against conventional wisdom. The usual mindset is to lower your prices to gain customer loyalty. That’s not always the case.
By increasing your prices you can make your brand appear to be more premium and so more desirable.
These are the ten tactics that you can implement to gain a competitive edge in new markets. These tactics will not guarantee that you will have an edge over your competitors but these will definitely put you on the right track.