- September 17, 2021
- Posted by: admin
One of the best ways for companies to grow is by entering new markets. 2Max Group provides expert help by providing specific market knowledge that facilitates planning, development and execution of market entry strategies in Kenya.
A common challenge when entering markets in emerging and developing countries involves language barriers — English is frequently not the primary language and key information is often published only in non-English languages. To overcome this practical challenge, the 2Max Group market entry strategy kenya team includes specialized language experts.
Successful networking is a time-tested technique for opening doors and closing sales in traditional markets. However, the ability to network in new markets is another matter entirely. Key obstacles include cultural differences, legal guidelines and regulatory requirements — these factors often combine to form a strikingly different way of “doing business” in new surroundings. 2Max Group has been working and networking in environments like this for well over a decade and can readily lend their expertise to helping you network and thrive when you enter a new market.
Part of this process will frequently include white papers and customized reports with comprehensive analysis that will help decision-makers at all levels. Developing a market entry research strategy should be extremely detailed so that you “cover all the bases” before making a final decision and long-term commitment. To help you proceed along this path in a prudent fashion, 2Max Group offers 19 specialized techniques — each one is described in the following section.
Ways 2Max Group Can Help with Market Entry Research Strategies
Stepping into new territories is often accomplished via a team effort — as part of your team, 2Max Group can provide help in many different ways:
Global Markets Overview
2Max Group can provide a detailed preview of different global market alternatives by examining currency valuations, macroeconomic trends, banking environments and market conditions. For many clients, this is a critical “first step” along the path to entering new markets.
2Max Group compiles an in-depth analysis of potential competitors. This includes market overviews, company profiles and analysis of strengths, weaknesses, opportunities and threats in new target markets.
2Max Group identifies potential partners for market entry and can help with all M&A aspects. Our team can perform due diligence, prepare pitch presentations, develop financial models, analyze financial data and assemble information memorandums.
Market Feasibility Studies
2Max Group prepares you for circumstances that will be faced in specific markets by looking into market entry barriers, competitors, legal challenges and business obstacles. This candid assessment often includes SWOT and PEST analyses.
2Max Group assembles detailed research about reporting standards, national and local laws, corruption issues, best practices, employment laws and prevailing wage regulations. Our foreign language experts often play a critical role during this step.
2Max Group helps you create your network by identifying partners such as distributors, suppliers, lenders, attorneys, joint venture candidates, accountants and franchise partners. This is one of the most important and delicate steps as you develop a market entry strategy.
Business Formation Support
2Max Group alerts you to detailed guidelines involved in business registration, setting up representative offices, establishing a virtual office and instituting an interim management team. This step is often impacted positively by earlier networking.
Foreign Direct Investment
2Max Group briefs you on all pertinent foreign investment parameters. Our team prepares reports that cover reporting requirements and national/local regulations.
The 2Max Group market strategy team translates business/legal documents, prepares presentations and marketing material in key languages, and identifies local interpreters and translators.
2Max Group provides guidance on localizing packaging and product features in order to refine the product and service offering in each specific market. This is designed to facilitate sales as well as provide a competitive edge versus existing marketing approaches.
2Max Group ensures that you don’t overlook cultural differences, local consumer behavior, religious factors, organizational challenges and prevailing management practices before you enter a new market. This will help you to avoid many “surprises” by examining these aspects at an early decision point.
2Max Group briefs you on all tax issues beforehand so you can see how taxes will impact your bottom line. Our reports will provide insights about compliance, tax rates and regulations, taxing authorities, payment procedures, tax strategies and tax due diligence.
2Max Group analyzes the entire logistics network operating in each market entry area. This can include cost comparisons and selection of local logistics providers.
Business Opportunities Identification
2Max Group can keep specific opportunities on the business radar and apprise you of new developments via periodic newsletters, detailed updates and more targeted ad hoc notifications. This ensures that someone is keeping an eye on what is happening in prospective new markets while you continue with your normal business routine.
Quantitative and Qualitative Research
2Max Group conducts detailed research such as in-depth interviews, online surveys, focus groups and mail surveys. This step can be particularly helpful in identifying consumer needs that are currently under-served in the existing market environment.
2Max Group provides customized job descriptions that are consistent with prevailing conditions such as legal guidelines, languages and cultural contexts. When completed properly, this step will accelerate an effective hiring process.
2Max Group compiles comprehensive information needed to support a successful marketing strategy. This includes trade show representation, advertising campaigns, conferences and other networking events, media planning and public relations.
2Max Group reviews licensing regulations, searches for partners and examines export/import guidelines. This is another step that will frequently be facilitated by effective networking.
2Max Group can help with the entire site selection process from start to finish. We can identify suitable locations, provide on-site inspections, search for property acquisition partners, and communicate with tax advisers, legal experts and real estate agents. Our foreign language experts often play an instrumental role.