Overview
The underlying goal of almost every company, regardless of size, is growth. But to continually grow the business will ultimately require that you push the boundaries. While this can certainly mean adding new products and services, an easier and less expensive first step is to expand to new geographic markets or even new industry sectors. The question is … where do you start? This type of expansion can be intimidating, particularly for small companies. Catalyst Connection helps you with every step of the process so that your roadmap for entering a new market can guide you toward success.
Tools for Success
- Market Opportunity Assessment – An initial step toward growing sales revenue in a new market. Catalyst Connection conducts on-line market research to determine the market size and key drivers and assess the competitive environment. This is followed by phone interviews with a combination of existing and prospective customers in the new market to determine their needs and receptivity to new entrants.
- Market Entry Strategy – The Market Entry Strategy involves deciding how, when, and what actions are required to successfully enter a new market. This strategy and action plan builds off the market research conducted in the Market Opportunity Assessment which is the path to understanding a new market, as it helps identify success factors, potential challenges, and hidden opportunities.