How to enter a new market/industry and establish yourself.

[Etini]

Starting a business as a newbie is challenging in terms of getting customers. There are already established firms and competition that have had the majority of the market share. How does an entirely new business compete to get customers? Here are tips.

The first thing that would help a new business to compete with other established businesses is for it to have quality products. If possible, let your products be of superior quality when compared to your competition. This is one sure way to get a part of the market share.

Another sure way of swaying patronage to your business as a new entrant is by having competitive pricing. I would advise that as a new business, you should find a way to reduce the price of your products slightly. We all know the law of demand. The lower the price, the higher the quantity demanded. Don't look for maximum profits at the start.

Another way to make customers stick to patronizing you is to have good customer service and after-sales services. Humans are emotional creatures and if you make them feel good. They are surely sticking with you.

 

[Carpon]

Sure these are very good advices and it will actually go a long way helping business newbies. You know it is not very easy to establish a business and keep it standing and it has to of course be a very hard process.

I think to add to your meticulously presented ideas, I would say that adopting proper advertising techniques will also be very helpful. One of the things that helps businesses to thrive and flourish is advertising because you won't be surprised that my shop is situated next your apartment and you will not know if am not able to advertise it properly.

So I think as you establish a business, you should think of the best ways you can advertise. There are many ways that one can advertise and your ability to select the best for your business and generally for a new business is a very big step towards setting up a business that will stay.

 

[King bell]

You've heard the saying, 'if you build it, they will come,' but when it comes to finding new opportunities in your industry, that's easy for some and impossible for others.

The best way on how to go about establishing yourself in a new business is to identify a niche or target market that is going to populate the need you are addressing.

To make it easier, let's say you are trying to establish yourself as the local supplier of food items in the home. To do this, you would want to focus on the needs of your target market before considering how you can then develop products for them.

This is because, if you develop a product to cater to your target market's needs, it is going to cost you more and also may not sell well because you are trying to cater for what their needs are.

What you should do instead is identify a niche or target market that serves as your main point of focus. This way, you will be able to cater for them.

Once this has been done, it will be time for the next step which is finding out the needs of your niche market or target group. This will allow you to build products and services that are going to be unique enough that your customers may not have seen before and thus going to need. In addition to this, you will be able to build products that are addressing unmet needs.

It is only when you have successfully catered for them and the market will be responding to the products and services that you create. This is because they will be something that they are not getting in their day to day lives.

To put it in simpler terms, if you try to sell chicken steak when your target market is not buying any and have never considered buying it before, then your focus would be on developing a new product or service that no one has seen before. Whatever it is going to be, however, make sure that it is something that meets with the needs of your customers and answers their desires or wishes.

 

[Jasz]

1. Choose a market that you are passionate about, but also one that is growing. This will make it easier to build your business and give you something to work on. For example, if you love shoes, then focus on the fashion industry. If you love food, then focus on the food industry.

2. Think about what your product or service is going to be and how it will help people (beyond just making money). You want to create something that people want and need, not just another product or service out there.

3. Figure out who your competition is and what they are doing well (and not so well). You can do this by looking up articles online or talking to other entrepreneurs in your field of interest.

4. Create a business plan and outline each step along the way (from idea all the way through building your first product or service). You can use templates online or use paper and pencil as well - whatever works best for you.

 

[Holicent]

As you enter a new market/industry, there are a few things you should do to establish yourself as a leader:

1. Build relationships with other leaders in the space. This is key for two reasons: First, you want to develop connections with others who can help you and introduce you to people who can help your business grow. Second, it helps you present yourself as an expert in your field and not just another player on the floor.

2. Take advantage of any opportunity that arises. For example, if someone asks you what they should do next time they're looking to launch a new product or service, don't be afraid to speak up and offer your opinion. You'll most likely be right at least once out of five times!

3. Get involved in events related to your industry or market by volunteering for an event or attending one as a guest speaker or panelist. It's important for people at every level of leadership within an organization to get involved with events that affect their industry and community at large.

 

[Shaf]

It might help you to get tips from your competition whether directly or covertly. Some will help you get established, after all, the more the merrier, but a lot would be very skeptical about doing that. You can use this information to help you start off especially if you are very new to the niche.

You can also focus on the weak points that the competition have and solve it for the consumers. Businesses that have been established for long tend to become complacent after a while. If you provide good quality service where they lag, you will make a name for yourself fast.

It also helps to niche down as much as possible to avoid intense competition. Just like with other niches, when you specialize in solving a more specific problem, it makes your product or service more relevant to a particular group who would be more inclined to pay higher fees for their problems.

For example, you can target owners of cats only instead of all pet owners.