Reimagining Market Entry in the New Normal

You are in a rush to expand the business and beat those competitors, but the ‘new normal’ happened and added new challenges to market entry decisions? Plot twist: the new normal is actually not-so-new at all. In fact, changing consumer behaviors and speedy technology transformation could benefit new businesses to promote their products. Read the following analysis to clear up your concerns over market entry to Vietnam in the new normal!

Making entry decisions in the confusing ‘new normal’!

The ‘new normal’ hype is making us overwhelmed. Nevertheless, whether it is the ‘new normal’ or the ‘old normal’, market entry decision is always made based on rational analysis while looking at the potential of the new market. The ‘new normal’ does not mean that everything has changed. Of course, there are some new aspects, but the essence of doing business is the same.

In this case, the ‘need and demand’ have always been the main reason for market entry, regardless of COVID-19. Every entry decision must be based on thorough market research on local demand and rational analysis. If you are looking into a new market, be sure to find the answer to the following questions:

1. Does the company’s product or service solve a specific problem for a specific set of people?

2. How competitive is the market and is there room for more businesses?

3. What are the costs associated with the new business set-up?

4. How long will it take for the business to gain profit in the new market?

Even if consumer behavior and the normal way of doing business has changed, the demand should be still there.

Moreover, finding the right Vietnamese local partners contributes significantly to the success of the business entry. The best partners are the ones that have both industry expertise and international experience, having worked with other cultures and business approaches.

Then what are the changes that associate with market entry in the new normal context? Working with a partner who has experience dealing with crises and business disruptions would be a huge bonus (like EloQ Communications, for example!). Doing market entry in the new normal requires flexibility. If there is one lesson from COVID-19, it is the need for businesses to be open and flexible. Those who were quick to adapt and adjust their market offerings during the pandemic increased their reputation significantly among local consumers.

Find out more details in the original article on EloQ’s blog.

The article was written by:

Dr. Clāra Ly-Le, Managing Director of EloQ Communications. She is a professional PR consultant with many years of experience in executing many successful PR and IMC campaigns in Vietnam and international levels. Her research interests include crisis management in the social media landscape and new media communication.

Hanh Le, Assistant to Managing Director at EloQ Communications. Hanh is supporting EloQ in connecting and maintaining relationships with more than 10 partner agencies in Asia and other global PR networks to execute global projects, as well as to leverage service quality in the communications industry.