Market entry is about making a considered, concerted move into a new space. Clearly understanding the economic potential of an unknown market, especially in the technology industry, is a daunting task. We look at a 10 point checklist in terms of market opportunity:
- Products including substitute technologies
- Customer purchase criteria
- Sales and distribution channels
- Value chain map
More importantly we look in detail at the competencies needed by the organisation to make a successful market entry and seek to make both financial and risk based trade-offs of the potential models: distribution, own-organization with greenfield options or JV/alliance.
Moreover, we assess the timing implications, so critical in the technology space, so that back-up plans can be made if the market does not develop as foreseen.