Building a new business in a new market
A complex challenge in a competitive world
There are many questions that come up when an emerging company creates or enters a new market. Addressing the following issues may be one of the biggest business challenges our Client’s typically face:
- Having a professional presence in the target market, which represents the Client’s own goals and strategies
- Understanding the market and getting reliable data – all the way from assessing the opportunity to understanding purchasing systems
- Designing and implementing strategies that prepare the market to accept the company’s value proposition
- Winning clients and reference centers that will buy the product and become advocates
- Finding and convincing key opinion leaders, who are the best experts available for endorsing the product
- Designing and launching programs for public communication - from peer-reviewed scientific papers to media advertising and attention
- Getting highly qualified and motivated people into the Client’s local marketing and sales organization
- Having the significant cash reserves to close the gap between a substantial increase in expenses (‘burn rate’) and delayed revenue and cash flow streams
This poses a fundamental question: Is this significant investment justified for a “single” product and/or a limited time frame of a few years?