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Sinclair and Ruiz is a consultancy that creates integrated local, national and international marketing strategies


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What are the biggest challenges to entering new markets and how do you overcome them?

There is no single way to overcome the challenges to new market entry. Conversely, those challenges/obstacles should be determined before products or strategies are developed, to prevent substantial expenditures in the midst of entry. Once you understand which obstacles/challenges must be tackled, you determine how to overcome them. In a rush to move things along, many organizations fail to recognize the importance of carefully evaluating challenges before jumping all in.

overcoming obstacles

 

Carlos Escobosa commercial and administrative director of The Residences at Solaz says that in Mexico, where an important percentage of sales are directed to foreign buyers north of the border “the biggest external challenge is the negative perception that North Americans have of Mexico.  The best way to overcome negative perceptions is through  PR campaigns focused on the value, security of investments, and levels of capital being invested. In addition, there is often an internal lack of knowledge of what a consumer wants or needs in our industry (Travel & Leisure and recreational Real Estate)”. Cindy Collins founder of Mining Technology Partners told us that  “the approach for us would be the same as it was in coming into a new territory in our market of mining & metals. Except now  we have greater access to online resources such as advertising, SEO marketing and so on.  We are working to take advantage of this … with a new website, podcast and other content.  This is in addition to face to face meetings…it is more than about effective marketing, it comes to relationships”.

Rahul Samant CEO of Rehabtronics stated that “…the biggest challenges include regulatory, sales, distribution, and marketing. Typically to overcome these we enter markets where we have first established a strong sales and distribution partner that understands the local issues in this context”. Alejandro Godoy founder of Seafood Business Solutions adds that “entering new markets is all about understanding the demand. But on the other hand, explaining and demonstrating your product and its benefits in comparison to others” is key.

The research and development phases of a project often seem protracted, but it is essential to prepare and take your time to do it right. As noted above, the key issues to keep in mind for overcoming barriers are marketing, a clear understanding of demand, and relationship building.

Each organization has its own way of navigating areas of opportunity. Some companies are well versed in entering new markets, have strong processes and count on the necessary resources to do so effectively. For many others, hiring a consultant the most effective way to define specific challenges and design a strategy for tackling them. The avenue offers a way to overcome a lack of initial internal capacity within an organization, and support capacity building in an effective way; while continuing to move forward with the due diligence required for new market entry.  In addition, consultants can assist in overcoming sensitive subjects, as they can bring an impartial opinion and an unbiased eye, as is mentioned in an article by Alex Nuth  titled “Why Companies Really Hire Consultants” .

In a nutshell, taking the necessary time and doing your homework will minimize risks and maximize results.

This article is part 3 of 3.

In case you missed Part 1: Top 4 Challenges to Business Development. 

In case you missed Part 2: How important is it to develop strategic relationships and contacts inside target markets?

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Rebranding.

rebrandingBranding refers to establishing a company’s identity. Branding includes determining a logo, name, and message that identify an entity. Establishing a brand and what it stands for in the minds of consumers, is the starting point on which to build a marketing strategy, and ultimately reach sales goals.  Rebranding can entail changing certain aspects of a brand, or completely changing a company’s identity.

Why Companies Rebrand

Companies may rebrand in order to refresh and update their image, communicate a change, or shed a negative image. In order to undertake a successful a rebranding campaign, it is important to understand that building an identity is far more complex than simply choosing a name and logo; and communication is essential to implementing a rebranding campaign. Two of the more complex reasons companies rebrand include shedding a negative image, and to consolidate mergers and acquisitions.

Sinclair and Ruiz has rebranded itself once before, and  will soon launch another rebranding campaign to update the scope of services provided – as we are proud to say they have increased over the past seven years. We have also worked with clients to improve their image after a cycle of crisis management, rebranding for mergers, as well as rebranding for the evolution of an organization’s identity.

Rebranding to Shed a Negative Image

In order to shed a negative image it is important to face the issue that is causing the negative image head-on. Organizations must decide how they want to be perceived, make the necessary changes and communicate them to the world. Organizations must be committed to the message, as shedding a negative image requires consistency, and often entails regaining the trust of existing clients as well as winning over new and weary markets. Rebranding campaigns must be tailored and highly targeted, depending on the entity requiring the update, and the reasons behind the need. In this case, the message is often more important than the name or logo.

Read an example of how what you say can damage your brand at http://www.entrepreneur.com/article/227164

Rebranding Due to a Merger

Mergers are challenging as a result of the uncertainty they can project to employees as clients.  Mergers are inherently a cause of change and it is important for companies to acknowledge and embrace this reality. Rebranding due to a merge is the perfect opportunity to focus on the improvements that change will bring, rather than how things will remain the same. Failure to acknowledge change may cause distrust within an organization, and failure to engage employees will project negatively onto clients. Effective rebranding is imperative to employee and client retention during and following a merger.

The breath of image change will vary for each case. Some mergers require complete structural change, while others keep the existing name, service and market it under an umbrella company.

Thus rebranding requires careful consideration of the most basic “branding” elements, as well as a clear message.  Among other Things, successful rebranding entails:

·         Determining exactly what your brand stands for.

·         Setting out a clear strategy and timeline for rebranding.

·         Communicating the new brand message to employees, partners, industry and clients. Successful rebranding will take place once all stakeholders know and accept the new message and image. Organizations that do not control a branding message risk projecting an image based on the voice of exterior forces (i.e. rumors).

·         Careful planning and measured execution of rebranding are key to consolidating the desired image, and avoiding collateral costs.

Contact Sinclair and Ruiz today to learn more about how we can plan and guide a successful rebranding campaign. info@sinclairandruiz.com