Business

4 Market Entry Strategies To Elevate Your Business

Published on July 23, 2022

It isn’t uncommon for businesses to seek new opportunities and possibilities to grow their brand image. Public and private companies need to market their products to their target audiences. The process of bringing new products and presenting them to the consumers is called “market entry.”

Market entry is a smart way for companies to widen their reach on their market share. More awareness leads to more popularity and higher revenue. However, with the right strategy, the company can flourish successfully.

The Shikana Group, one of the leading legal consulting firms in Tanzania, is well informed on various types of market entry methods. Along with an experienced legal team, we can help you expand your business in an orderly manner.

Strategies You Can Follow:

1. Turnkey Projects:

This is one of the popular methods when expanding your business to foreign countries. A turnkey project is where a building is made from scratch and built from the ground up.

Once the construction has been finalized, the key to the building is passed on to the company’s CEO. This strategy allows you to have better control over your company. This is what a ‘turnkey’ refers to.

Allowing yourself to spread out your assets is a formidable way to begin with a newer market. The Shikana Group is fully equipped to help you out in this venture. It is essential for them to create many opportunities for success and revenue.

2. Joint Ventures:

Joint ventures are opportunities for two separate companies. These companies come together to create a third company. Often, these ventures have good outcomes because of the increased benefits it brings.

This strategy allows you to have collaborative engagements with competitors. It gives you inspiration on how you can boost your company for the better.

This is an excellent way to present more products to your target audience. It brings good publicity, reputation, and experience to the table.

3. Franchising:

Franchising is a massive success for any business. Those with popular products and services often look towards franchising to expand their business.

It is an excellent way for businesses to raise awareness and accessibility of their products. With the right resources and help, franchising can become an effective way for companies to market their services appropriately.

The Shikana Group prides itself on helping CEOs with franchising opportunities. With their skillful team, they can look towards opportunities and areas that offer the best possibilities for companies.

4. Green Field Investments:

Green field investments is another technique for expanding your business to foreign markets. This investment requires companies to begin construction and designing from scratch.

Ultimately, this allows the CEO of the company to have more freedom and liberty in making choices and proceeding with objectives. It is always challenging to oversee operations in another country but limiting your liabilities is a good way to start afresh.

This market entry strategy ensures that you have complete control over your company. Along with some barriers such as cultural influences and other external factors, green field investments create an opportunity to protect your company from further damage.

How Shikana Group can help

As of the esteemed legal consulting firms in East Africa, Shikana advises clients on the appropriate ownership structure for the business they want to set up, including corporations, partnerships, limited liability companies, and joint ventures.

We analyze the benefits, costs, and risks associated with the choice of a particular business entity based on our extensive experience assisting foreign investors coming into the African marketplace.

We also provide a full range of services related to immigration and labor law, including liaising with relevant Government authorities for work permits, investor permits, and related matters. Our uses our unmatched experience to deliver efficient and transparent legal and investment advisory support for our clients.

Our firm offers services in the following domains: