If you’re planning to enter the US market do you know what niche your product will address? Rarely does a new entrant have the funds to take the US market by storm so what’s critical is to understand which segment of the market has an unmet need that your product already addresses. We’ve had the good fortune this past year to work with several Asian clients looking to expand to the U.S. In every case the client had brilliant technology; and equally true they did not understand the importance of segmenting the market for a successful US market entry. Using Vision & Execution for qualitative and/or quantitative market research enabled them to identify the appropriate market segments for their success.
For many Asian companies success is born out of being the one company who can offer every feature a customer asks for in the home country. What often happens is a hodgepodge of features get developed so local customers are happy but they don’t neatly fit into a solution set that a US market segment would care about. So instead of being ready to invest in marketing funds to launch their product they’re back to the drawing board to develop a product suited for the US market. NIPA, Korea’s IT Promotion Agency has been quite smart about this. NIPA has implemented a program to support established Korean companies looking to enter the US market to invest in the market research necessary to identify a competitive positioning and solution suite that would allow them to successfully enter the US market.
Vision & Execution is sponsoring a study in 2014 to identify more of the common challenges companies experience when expanding to the US. Look for an invitation to participate soon.