When is the right time to enter a market or start a fresh business??

there is not good or bad time. Just prepare yourself by market studying and using some tools like swot analysis, porter five analysis, know your competitors weakness, target them and win it.

Market Penetration Definition:

Is a strategy based on micro marketing research analysis for  a specific Industry market segment, that allows a company to take aggressive action to expand its share of total market sales through promoting>

1. A totally new concept, product or service.
2. Specific product improvement and services related.
3. Existing product  through strategies such as aggressive marketing campaigns, bundling, price reduction, or volume discounts and distribution channel expansion.

If you are fully prepared, anytime is your LUCKY time

I prefer anytime after banking hours. I mean Afternoons.

HOW TO ENTER A NEW MARKET

1. Commit

It is of foremost importance to clearly identify who you will be selling to. This may sound simple, but there is often an overly optimistic need to capture a larger share of a new market. A smaller market will make it easier to assess customer requirements and ensure that a larger chunk of a smaller market is obtained rather than an insignificant part of a large share. It is also imperative to set a clear timeframe within which the desired target share is to be achieved and results of the move are to be assessed.

2. Identify Entry Points

Once a clear market is identified, it is necessary to identify potential points of entry. To minimize initial investment and maximize future revenues it becomes vital to study key possible entrance points, weigh pros and cons of each and then make an informed decision. The final choice should also ideally allow for future growth possibilities, both inside the new market as well as into adjoining ones. Any entrance point chosen should be assessed against a set of criteria, such as, does it allow access to an underserved market? Is there a strong need that can be fulfilled? Are the key decision makers among the target audience accessible and do they have the funding needed to find the new solution attractive? Are there any existing competitors and is the new solution strong enough to counter their resources and knowledge of the market?

3. Define Market Entry Strategy

All the activity thus far leads right into the roadmap for future steps – the strategy for entry into the market. The first step is to price your product. It needs to strike a balance between affordability for the target audience and feasibility for the business. It also needs to take into consideration existing pricing strategies and how to place the new product within them. Once the price points are defined, the new product or solution can now be positioned accordingly. How do you want to be perceived by the customer? With this target perception in hand, the communication strategy comes into play, where the target audiences as well as the methods to be used to reach them are identified and consolidated. All levels of the target audience need to be considered carefully, including influencers, decision makers, media, end users among others. And once all this is carefully set in place, the distribution model is designed which is the most effective means of putting the product into the user’s hands.

4. Assemble Plan

Any strategy needs to be followed up with a detailed action plan. This turns a high level plan into an on-ground implementation solution. This should include details of all required marketing plans and campaigns as well as timelines for all these to be set into motion. Clearly defined milestones such as sales targets, market share etc need to be decided upon with all the key stakeholders. All campaigns and targets need to be communicated to the relevant personnel and clear ownership needs to be assigned for each of these processes to ensure transparency in evaluations. Processes also need to be defined and communicated for all activities such as what will be the sales cycle followed and how will leads be pursued and closed.

5. Research

A well planned approach following the steps above should ensure that your risk is minimized. But to further strengthen and support the plan, some basic research can be carried out on a focus group. Identifying a well-balanced cross section of the target audience and approaching them either in person or via an online survey can help provide some basic results that can provide data to make any changes before a full market entry is committed to.

6. Test

Another risk mitigation strategy is to run a pilot project in the target market. This test needs to be carefully defined so as to ensure that it is big enough to give an accurate depiction of a large scale roll out effort but not so big as to suck in additional resources and commitment. By reaching a few key milestones in the pilot study, any remaining issues can be ironed out before full deployment.

7. Ramping Up

You are now ready for a full scale roll out. Armed with a concrete strategy, a detailed plan of action and results of research and pilot phases, it is now time to grow and try to achieve more market share. The goal should be to target increased market share and not just increased revenues. A focus on market share will mean increasing both marketing and sales efforts simultaneously. As you sell more, the easier it will to sell because there will be more visibility of your brand in the market and general buzz about the new player.

8. Exit Strategy

The last but extremely important step of this process is to plan for both success and failure. What will you do if you achieve phenomenal success? You could commit for the long term or sell while you’re ahead and move on to new markets. Or if you fail to achieve the milestones set in the specified time, will you try to learn and continue or cut out before further resources and time are wasted. In any case, a timely move can only be made if a plan is already in place.

That is when your product reach the end of the life cycle