Somewhere Out There: Testing New Markets
April 8th, 2016 by Nancy Knighten
When you are operating a business online, orders can come from local, national, or international customers. Some of these purchases are a result of your intentional marketing efforts while others are simply happenstance.
As a business owner, taking charge of the happenstance and making strategic decisions for growth can lead to a perfect opportunity to enter new markets and grow revenue streams.
A few orders from California or India may be exciting, but they may not indicate the best market for your product or service. You should explore potential new markets to determine the likelihood of success in an area.
When considering a new market opportunity, review the demand, competition, landed costs, trade-specific documentation, and more. Consideration of where the product is in its life cycle of that specific geographic area can help you determine the likelihood of demand. You may also realize changes you want to make to fit the needs of potential customers.
You don’t have to navigate the review of these new markets alone! Using high-quality market data, the Arkansas Small Business and Technology Development Center can assist you in evaluating the prospects of entering into a new market. The ASBTDC has a great list of resources available to you.