Don’t Make These Mistakes When Entering a New Market

Before investing big, there's one question a growth strategy expert says you can’t afford to leave unanswered.

Pioneering new markets feels exciting. Think of all the rewards awaiting innovators that follow in the footsteps of organizations like Google and Cirque de Soleil.

However, companies should approach unpopulated market spaces with a dose of caution. Before you invest big ask why the market is uninhabited. Perhaps a technological constraint, regulatory barrier, or entrenched behavior stopped its development. That suggests an opportunity. But there are three, less promising possibilities:

  1. A stated customer need isn’t a real customer need.
  2. Powerful stakeholders can inhibit the adoption of a new idea.
  3. The fundamental economics of a space or an idea aren’t attractive.

The third area ended up being the killer for one seemingly promising India-based hair venture.

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