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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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DIY Marketing – Is it the right option for your business?

Many businesses are opting to develop and implement their own marketing campaigns. Some decide to hire in-house staff to take care of this side of business and others just go at it alone with the idea of saving money.  In both cases, businesses can benefit from professional assistance, albeit for different reasons and to different extents.

In the case of in-house marketing staff, personnel is very useful in terms of implementation and follow-up as they are knowledgeable and can absorb some of the more time-consuming aspects. However, rarely can one person know everything. Professional marketing agencies can provide specialized assistance and direction  that complement your marketing staff’s plan of action – and they may be able to secure preferential pricing not available to individual businesses.

They case of DIY for company’s with limited marketing experience is more complex. Some companies shy away from investing in agencies if they feel they can buy media on their own and choose the right place to advertise from listening to buzz about delivery options (like Search Engine Marketing). Some companies shy away from professional help because they have chosen a method of advertising – lets stick with Search Engine marketing – and spend a substantial amount of money on Google AdWords only to find they are not getting the return on investment expected. In these cases the missing link is a sound strategy.  DIY involves expensive trial and error if a company is not familiar with different media options and how they connect with specific markets.  Furthermore, as with many other media, Google AdWords are an excellent advertising option, but rarely are they the sole answer to a company’s marketing needs – a combination of media with a strong message are needed. These features, along with a budget and clear and realistic goals,  make-up a sound strategy.

We do not claim that DIY should be considered a write-off. DIY marketing is not for everyone, but the reality is many companies will take this route and if done properly it will produce the desired results. The DIY approach can especially work for small businesses.  I wouldn’t recommend it for large and complex campaigns; for companies that cannot invest the time required for implementation and follow-up; nor do I recommend DIY for event planning (save yourself the time and stress).

However, DIY marketing  can be used for setting a solid foundation in branding and lead-generation. Most companies do DIY social media marketing as well. They key, as noted before is having an effective strategy, and this is where professional help is extremely important.

S&R understands that companies have different needs, budgets and take different approaches accordingly. We also know everyone needs a sound strategy.  This is why we are launching a new set of cost-efficient marketing packages designed especially for DIYers. The packages include all the tools and coaching companies require to launch effective strategies from the start. If you would like more information and pricing for these packages … or would like to know if this is an option for your business email us at info@sinclairandruiz.com.

CIS

carolina@sinclairandruiz.com

www.sinclairandruiz.com/marketing


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S&R: a consultancy for integrated marketing strategies

Sinclair and Ruiz is a consultancy that creates integrated local, national and international marketing strategies. www.sinclairandruiz.com/marketing

Here are a few facts about our work:

  • We analyze markets, assess progress and business processes in order to improve performance.
  • S&R designs highly targeted campaigns that focus on ROI, marketing-for-leads and branding.
  • Our experience includes working with private companies, tourism boards, associations and public-private sector co-ops.
  • S&R campaigns reach Canada, Mexico and the U.S.
  • Our team’s client retention average is 4 years +.

In the following blogs we will discuss different marketing topics and address frequent questions about event management, new media, design and others. We’ll offer tips and provide anecdotes you might relate to.

But for today, I say welcome to our blog!

www.sinclairandruiz.com/marketing