5 Key Steps in a New Market Campaign

It does not matter if you are a marketer focused on a product or service, or if your business delivery is online, bricks and mortar, or a hybrid of the two; when building momentum to leap into a new market, there are countless variables for you to consider. It is a lot to shoulder. You and your team need to weigh each scenario, consider all options, and measure risk. Each vertical and territory comes with its own set of unique variables which should challenge your thinking.

At Vovia, we are energized by this challenge. Because of our specialty, we look at new market entries with a media and marketing lens, which is the focus of this blog. I’m going to talk about a few key steps we take with clients on this new market journey.

One of the foundations of our success has been working closely with clients as trusted partners to understand their business, and recognize stakeholder and operational needs. This allows us to have open dialogue and discuss opportunities and barriers before getting too deep, potentially wasting time, resources and money.

In these conversations we talk about how brave the organization is willing to be, what calculated risks they are willing to take, and how we can test and learn at every step. By going into strategic planning with a ‘test and learn’ mentality we are prepared to capture success and learn from failure, so we can continue to grow and scale.

What do the steps in this new market journey look like, through a media and marketing lens?

Step One: What do we know prior to entering a new market?

This is about preparation and doing your homework; digging in and documenting what has been learned through prior engagements and experiences by the organization. Scanning the competitive landscape and mining trends in the industry. Understanding what variables are the iron threads that bind, and those that shift between different markets. Put your audience at the centre of everything you do to better understand nuances in behaviour, based on the unique nature of your market.

For example, when working with one of our long-standing Vovia clients, we dug deep into how ‘value’ resonates across different regions of the country, impacting audience perception and buying behaviour. That insight helped our client capitalize on a new market entry, crafting messaging so they could compete based on quality and value for money, versus a straight out price reduction.

Step Two: What do we need to learn and why?

By going in with a ‘test and learn’ mentality we are prepared with an early hypothesis. Then we need to take it to task, and put plans in place to test out this theory. This is about future-forward thinking. Not only do we want to measure and realize growth in the current new market, we want to learn, both positive and negative takeaways, to set ourselves up for success across all the emerging markets we eventually plan to tackle. What are specific things we need to learn about the region, audience, operating environment and beyond, that can make or break us. Key findings can then be put to work through modeling to identify levers that play hard in different market scenarios.

For example, by piloting test programs, we have helped Vovia clients identify which media channels drive efficiency at the top of the funnel, versus mid-bottom of the funnel results for their business, based on unique market factors like population size, level of brand awareness and budget.

Step Three: How do we win in a new market?

Here is where our strategic planning process kicks in. It is about marrying step one and step two into a strong, yet adaptable ‘Go To Market’ approach. Defining a strategy is figuring out how we are going to win in this new market. The GTM plan is the steps we will take to achieve this goal. 

Vovia’s clients span across a wide range of verticals and markets so we tailor our strategic planning to client and partner needs. For example, one business may need a quick-turn, soft but scalable plan launching in a small test market, while another client may need a domination launch to gain notoriety and awareness in fiercely competitive key markets.

Step Four: Why and when do we pivot?

Because we started with a ‘test and learn’ mentality, putting the right pieces into place to hypothesize and measure, we are prepared to spring forward and capture new opportunities. This is where the calculated risk comes in; it is not just about taking a bold swing, it is about doing it in a thoughtful, data driven way to propel the business forward, versus backward. Don’t be afraid to pivot quickly; however, remain steady and confident as you adapt, knowing you are not reacting, but instead, making sound decisions based on key learnings.

Step Five: Ready to build a playbook.

You are ready! Steps one to four laid the groundwork, giving you the confidence and flexibility to to test, learn, and adapt to unforeseen pressures and win in a new operating environment. It is a process that will help your organization craft a new market playbook that is tailored to your business. 

While the team at Vovia has helped clients across different verticals with different KPI’s build their own playbooks, it is these foundational steps that ring true for all of them. And nothing remains static. The playbook serves as an intelligent resource, a living plan, which is meant to evolve and mature as the organization grows and markets transform.  

There is a lot to consider when entering a new market. It takes preparation, perseverance, and trust. Trust your process, your team, your partners, your data, and be prepared to make informed decisions and take calculated risks. 
Need to build your own playbook? Feel free to reach out and chat.