The goal of a Rapid Market Entry is to rapidly acquire a significant market share. But what is the best way to achieve this?
There are a number of strategies for Rapid Market Entry – Price Leadership and Production Differentiation are two of the most common. But a Focus Market Strategy is often the most effective and most rapid way to enter a new market. This strategy is quite simple – “focus” first on one high-potential segment of the marketplace. Design the message, pricing, feature set and support services for this specific market segment and serve them is such an exceptional manner, that no one else can compete.
Since your company is just entering the market, you can afford to outflank the competition by addressing this specific market segment while the competition needs to be spread across the entire market. Once you have conquered this market segment, then you can move on to other parts of the market.
How to win with a Rapid Market Entry
To get your target customers to change vendors or consider a new product, your company needs to have an offering that is better, faster and/or cheaper. The majority of buyers will need to have more than just a fancy presentation. Then look for ways to differentiate your company’s support and customer-service specifically for your target customer segment.
Other considerations for Rapid Market Entry
- Make sure your team can handle a Rapid Market Entry. Rapid Market Entry is often very effective because it is well underway before your competitors can respond. Before you launch, make sure your team has the recourses to be successful. If they don’t, then develop a strategy to increase your capabilities by either expanding your staff or through partnering with a sales advisory firm.
- Consider test marketing as the first step in the implementation process. This can be simulated, controlled, and/or conventional test marketing, but make sure it is designed to allow your team to evaluate, decide, and refine the product and its launch program before your rollout.
- You do not always need to be first. The market entry strategy is situational and depends on the nature of the product and the market. But often later market entrants acquire and retain the largest market share.
- Make sure your team has tracking and contingency plans in place before you launch. Once a new product is launched, set up regular tracking of performance versus goals. If goals are not being met, make sure that there are options to modify and improve the program to get it on track. The failure to make quick fixes and program changes can lead to a product launches early demise or the continuation of mediocre performance.
What are your challenges for rapid market entry? How are you overcoming them?