MANILA, Philippines - Bringing in a foreign brand to one's country could be rewarding, but at the same time it also entails a lot of risks. Therefore you need to make sure that it will penetrate the new market. But how do you do that?
In an interview on ANC's Shop Tallk, Entrepreneurs School of Asia
Prof. Adolf Aran said the Philippines is a catch basin for foreign brands because culturally we are open to new ideas.
But Aran stressed it is important that business owners should be
aware of the strategies to penetrate the new market.
1. Be fast
Be the first the introduce a certain product or service in the market.
Being the first will make you top of mind.
2. Differentiate yourself
Product must be unique.
3. If you can't be many, be big.
Entrepreneurs must be able to reach a lot of customers by expanding their business. But if your resources doesn't allow you, one big store will already help create buzz.
4. Start strong
Make sure to create awareness to attract customers.
5. Partner with the right locals
Work with the right people to get an advantage.
6. Value for money is key.
Provide value and allow fast inventory turnover
Maintain and sustain the global appeal without sacrificing the local feel.
8. Localize selectively
Learn to compromise and use local supplies.
For more business tips, catch ANC’s “Shop Talk” every Thursday at 7
p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m.), Saturday (9 p.m.) and Sunday (4 a.m.). ANC's Shop Talk can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).