Posted by: Pradeep | September 28, 2009

Entering new markets / business

Being in Sales and meeting people from all types of backgrounds and exposure helps me get that extra drop of sense in making entries successful. I get this question many a times from friends and relatives that what business they should get into looking at middle east as market. I always say, whatever you can export or trade; only condition is either it should be exclusive item where you have ready buyers at good prices or offer something which would make the buyer actively think on buying from you as against existing suppliers.

What is that new business entrants or entrants into new markets can do to make their ventures successful? It is proven fact that as a present buyer of anything that you wish me to buy, buyer would prefer to get it from known sources because of

1. buyer knows the existing supplier and its modus operandi

2. the product is tested, services are known

3. buyer is comfortable with the prices

But buyer can change if point 2 above is substantially higher than the present one and point 3 is substantially lower than present one. This gives a kind of moral boost for buyer to decide on something which is not prevalent. Anything which can offer more value for money would be accepted by buyers.

This strategy can be well utilized for items which are general traded. If the seller is in the business of special items then things become bit easier in terms of getting prices while product and services still need to be proven.

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