We dissect the wisdom of local CEO Paul Wedgewood, to get to the bottom of just how to crack a new market.
If you have, or are planning to start a business, I’d like to think you’ve heard the term ‘market’. Invariably followed by an -ing suffix, the ‘M’ word is a pretty big player in the business game. In fact, for your product or service to exist, there must be a market, and conducting your research is an all important step in your business venture. But we’re not here to talk about market research (just yet). We’re here to look at the ways in which you can break into a new market with your product.
Paul Wedgewood, COE and co-founder of Splash Damage game development business, knows a thing or two about breaking into a new market. The gaming industry has boomed in recent years; DFC Intelligence predict that by next year, the video gaming industry will reach $70.1 billion. New mobile technologies have brought gaming to the palm of our hands as an easy-option boredom buster, not to mention the explosion of the Internet and its effect on global gaming; we’ve all become a part of the ‘gamer’ market, and some of us had no idea!
For Paul, it was recognising where to take the leap into the unknown waters of the new gamer market. The rise of smartphone and tablet gaming, as recognised by box office hits such as Angry Birds and Candy Crush, presented itself as a new market for the Splash Damage team, which they broke by adapting their skills to the new environment. Check out some of Paul’s pearls of wisdom below, and see how you too could break into a new market…
“You can’t do too much research”
Here comes that market research I touched upon briefly back up in that first paragraph. Getting to know your market is as vital as getting to know your team, a certain bond of trust between business and customer has to exist for your product to sell.
It’s important to remember that although you might think your product is set to take the world by storm, not everyone might feel the same. There are new markets emerging all the time; the Internet has helped to form a (relatively) new global market, which should be top of your hit list.
Research your competitors, and how they sell to their customers. Find a way to work on their strategy and improve upon what they do. Research any obstacle that could stand in your way and form a strategy to overcome it, you’ll save yourself valuable time post-launch.
Whilst no two markets are the same, Paul’s advice stands across the board: you can’t know too much when it comes to business.
“Work from a base of experience”
Although there are certainly lucky exceptions, most successful businesses are formed on a foundation of strong experience. Paul himself was declared bankrupt no less than three times before his business plan was strong enough to survive, and blames inexperience for his short falls. There’s no doubt his perseverance is commendable, but it certainly can’t hurt to get it right the first time.
Build your business on what you know; your expert area can be your safe haven.
“Focus on the [product], not the money”
This is a classic case of quality over quantity. The fact is, the market out there is so saturated that the poor quality product is shown up and discarded in no time. To be a real contender in a new market you have to really look at the quality of your competition (here’s where that research can come in handy again). Knowing what you’re up against can help you provide the highest quality product on the market, making you a sure-fire success.
Good customer service goes hand in hand with a good product, as a new market presents a whole new customer base. Think about shaking up your marketing strategy; what works for your competitors?