Your How-to Guide for Market-entry Strategy

It’s All in the Magical Mix of Data + Marketing + Customer Experience

Stat of the day: Only 1 out of 5 market-entry attempts succeed. That’s a pretty daunting statistic if you’re looking to enter a new market or trying to find new customers for your product or service. What can you do to beat those odds?

First up: Do your due diligence.

After a quick search (looking at you ChatGPT), three elements of a good market-entry strategy come to light. First, you need research to identify your target market and customers, what problems they are trying to solve, and your competition. And while this data also helps with product development and personalization, by itself, your market launch won’t be successful unless customers know it’s out there.

Enter marketing.

Targeted marketing to be exact. Take that research and apply it to your marketing plan. The data you collected can tell you who the ‘right’ customers are for you and what messaging and positioning will resonate with them. Let’s face it, you can throw your marketing dollars into the wind and hope your customers find you. Or you can develop a targeted marketing plan tailored to the customers most likely to use your product. Thank you data.

But what about customers?

Which brings us to the customer experience. Once they discover you, is your customer experience a good one? Has your product been developed with customer outcomes in mind? Again, you can thank data for making this possible – you know who your customers are and what problems they are trying to solve. A good customer experience builds loyalty and keeps customers coming back. And in this day and age, a great customer experience helps you to stand out from the crowd (Ticketmaster anyone?).

A complete strategy combines the power of data, marketing, and customer experience

As you can see, the magical mix of data, marketing and customer experience is what makes a market-entry launch successful. Collecting data alone is not enough – what good is the data unless it’s applied to your marketing plan and customer experience.

What good is a marketing plan that is not rooted in data? Might as well be shouting into the wind.

And what good is either of these, if your customer experience is not great because it wasn’t based on data to design a product that people want and can use.

Ready to apply this magical mix to your product or service? Contact 3Create to find out how!

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