{"id":153000,"date":"2023-08-29T14:19:57","date_gmt":"2023-08-29T10:19:57","guid":{"rendered":"https:\/\/forbes.ge\/?p=153000"},"modified":"2023-08-29T14:19:57","modified_gmt":"2023-08-29T10:19:57","slug":"the-founder-s-guide-to-entering-a-new-market","status":"publish","type":"post","link":"https:\/\/dev.forbes.ge\/en\/the-founder-s-guide-to-entering-a-new-market\/","title":{"rendered":"The Founder\u2019s Guide to Entering a New Market"},"content":{"rendered":"

“How hard can it be?” \u2013 the four words that’ve sent many a startup into an early grave. The startup arena isn\u2019t a kindergarten competition where everyone gets a \u2018participation trophy\u2019; it\u2019s a gladiator\u2019s coliseum, and not everyone gets a thumbs up.<\/span><\/h4>\n

Entering a new market might seem as straightforward as jumping into a pool. But here\u2019s the thing: sometimes that pool’s depth is deceptive, and sometimes it’s teeming with sharks.<\/span><\/p>\n

In short: Don’t do a belly flop. Do a well-practiced dive. Because, well\u2026 hubris isn\u2019t a strategy\u2014it\u2019s a trap.<\/span><\/p>\n

Now, I’m not here to scare you off, but a healthy dose of realism? That’s on the menu.<\/span><\/p>\n

So, let\u2019s dig deep and understand why thinking “how hard can it be?” can be a pitfall, and how to sidestep it.<\/span><\/p>\n

1. You Can\u2019t Educate the Market<\/span><\/h1>\n

When you march into a market, assuming you’re the professor and the market’s the student, you’re signing up for a lesson in humility.<\/span><\/p>\n

A market isn\u2019t a blank slate.<\/span><\/p>\n

No matter how innovative, how game-changing your product is, remember: the market has its own dynamics. It\u2019s got its years of evolution, its deep-rooted behaviors, and a pulse you might not instantly catch.\u00a0<\/span><\/p>\n

Trying to \u201ceducate\u201d it is a bit like trying to teach a cat to fetch. Sure, it might humor you once or twice (mine doesn\u2019t), but it\u2019s always gonna be a cat.<\/span><\/p>\n

Instead of marching in with solutions, walk in with questions. Use tools like netnography – it\u2019s like ethnography, but for the digital age. Search through local forums, social media, and even TikTok challenges.<\/span>
\n<\/span>
\n<\/span>Sure, the data is good, but the local intuition is something you don\u2019t want to ignore. Sometimes, the loudest insights come from silent nods, the unsaid words, and the pauses in a conversation.<\/span><\/p>\n

Your market isn’t a student. It’s a wise old sage, with stories, quirks, and a wealth of knowledge. Instead of breaking out the lecture slides, sit down, grab a notepad, and become the student.\u00a0<\/span><\/p>\n

Because, you know, “He who thinks he leads, but has no followers, is only taking a walk.”\u00a0<\/span><\/p>\n

Well, don’t just take a walk.<\/span><\/p>\n

2. Selling snow to Eskimos<\/span><\/h1>\n

If you think your killer product will sell just as well in Delhi as it does in, say, Tbilisi, you’re in for a treat… or maybe a shock.<\/span><\/p>\n

Here’s the thing \u2013 the most successful brands are essentially anthropologists in disguise. WIthout understanding the cultural terrain, you might as well be selling snow to Eskimos.<\/span><\/p>\n

For example. <\/span>
\n<\/span>
\n<\/span>In many Western countries, the price on the tag is the final word. No debates, no drama. Now, off to\u2026India. <\/span>
\n<\/span>
\n<\/span>Here, haggling isn’t just an act; it’s a national pastime. A dance of sorts. It\u2019s not about penny-pinching, but a test of rapport-building and negotiation skills. If you waltz in with a fixed-price model, brace yourself for a cultural shockwave.<\/span><\/p>\n

Or another example – the pure SaaS model does not work in India.<\/span><\/p>\n

In most places, “software as a service” translates to “buy, click, done” but in India it\u2019s “software and service”. <\/span>
\n<\/span>
\n<\/span>It\u2019s weird. The country has almost a billion smartphone users, but they still prioritize personal touch over digital-only solutions.<\/span>
\n<\/span>
\n<\/span>A mere click-to-buy could be seen as impersonal. Indians cherish the human touch: personal sales pitches, in-depth demos, hands-on onboarding. Trust here is not built by algorithms but by human interactions.<\/span><\/p>\n

Every culture is quirky for the outsider but you\u2019ve got to get over cringing about it. You\u2019re not just entering a new market; you’re entering the living rooms (in India that\u2019s literally a thing).<\/span><\/p>\n

So, enter with respect, not just a business plan. You don\u2019t want to look like a colonizing businessman.<\/span><\/p>\n

3. Competitive Analysis is Just Glorified Stalking<\/span><\/h1>\n

Standard advice is about checking out their social media, Crunchbase, LinkedIn and maybe even looking at their traffic on Similarweb and Semrush.<\/span>
\n<\/span>
\n<\/span>Sure, that\u2019s good and I love doing it as a growth person, I\u2019ll even recommend some tools in the next section but that\u2019s not even nearly enough.<\/span><\/p>\n

You gotta get your hands dirty though.<\/span><\/p>\n

Sure, you could register on your competitor’s website, but why stop there? Request a demo. Talk with their sales. Engage with the customer support.<\/span><\/p>\n

Each interaction, every overlooked detail, holds potential insights. How are they addressing pain points? Where are they dropping the ball?<\/span><\/p>\n

And if their customer support is a beacon of patience and knowledge or a comedic disaster, you’ll know where you stand.<\/span><\/p>\n

Another thing you could do is – talk with their employees.<\/span><\/p>\n

It sounds sneaky, and, well, it is but this is war!<\/span><\/p>\n

Get in touch with their employees with a job offer in your hand. People from sales and customer support are ideal because they know all the dirty stuff.<\/span><\/p>\n

Interview them.<\/span><\/p>\n

And maybe hire a few.<\/span><\/p>\n

You\u2019ll get more intel than you ever dreamed of.<\/span><\/p>\n

And lastly – find and just TALK with your competitor\u2019s clients. They have nothing to lose by talking to you. Your competitors are for sure not going to be like:<\/span><\/p>\n

\u201cOh you talked with our competitors?! You’re a cheating piece of crap, we don\u2019t want you as a client anymore.\u201d<\/span><\/p>\n

No, everyone wants to retain their customers.\u00a0<\/span><\/p>\n

Just make sure it\u2019s worth their time to talk to you. Maybe a gift, a bribe, or a 99% discount. Whatever it takes.<\/span><\/p>\n

And if you can\u2019t do that then just visit software review websites or anywhere else where customers can write reviews and stalk your competitors there.<\/span><\/p>\n

Digital Espionage is Still Good<\/span><\/h2>\n

Okay, I\u2019m just going to list things here (most are paid, some are free(ish)):<\/span><\/p>\n