My burger tastes funny here…..but it’s the same product that I can get at home!
If you are thinking of driving the growth of your business in another suburb, state or overseas it's difficult to do it from your desk chair in the office.
You need to get on the ground and understand what the desired market is doing day to day, how they interact with competitors of your products, and what would be required to enter.
“In a globalised marketplace buying habits are inevitably localised”
Think about McDonalds, if they didn't need to understand their market they would sell the same delicious burgers from their menu in every country, based on the food tasting trends of american consumers.
But it's not the case, in Asia you can get rice instead of chips in your meal or if you are eating in India, you will find the Big Mac is actually the Maharaja Burger due to over 31% of the Indian population being vegetarian, and based on their religious view around cows being sacred.
They understood this from the local market research and adapted to suit. You can not be arrogant about people in different geographical areas wanting the exact same version of your product or services that you have always sold. A couple of things to think about when going into a new market:
- Are there any competitors currently selling in that market? If so what's the take up of product, how are they marketing
- Find products that are sold in your current area and the potential new area, does the advertising and marketing shift to show it in a different light.
- If you can, do a market test and get feedback from as many people as possible to gauge how you will move forward.
Now I know that every business won't be making huge steps overseas but even in the same city people can relate to products as services differently, so do some research before you launch no matter how small that might be.
Pack your bag, get on a plane or in your car and get into the market. Don't start burning your cash on an outside observation, do it right the first time watch your market share grow.