New markets open up new sales and development opportunities. However, market expansions plans also carry risks for every company. In order to identify and assess risks associated with investments in other countries requires in-depth knowledge of the local situation and the context in which an investment is made. Every project that involves international expansion constitutes a challenge and requires thorough knowledge base to decide in favour or against a market expansion. It is not sufficient to solely rely on internal sources. Therefore, consider all reliable sources: economic data, information from trade organisations and associations, studies, industry reports, press releases and to external specialists. Whatever you invest in these data reviews will pay off in the long run and will allow you to arrive at a clear decision. It is necessary to examine your project from all perspectives: sales channels, competitive landscape, market barriers, restrictions, etc. Evaluate the facts and data with a view to the risks and opportunities associated with entering a market. Once the decision has been made in favour of market development, you are able to start developing a clever strategy. Essentially, is is quite often better to seek advice and support from experts. For example, it is advisable to consider important aspects such as whether to build additional production facilities, establish your own sales organization or to use sales partners as part of a team.

Other geographic regions as well as new or extended customer groups can offer great market potential for your company. The shift in the age structure of the population especially in Germany, opens up a powerful potential for highly developed medical technology and medical developments in optics.

Concealed behind this age development is an enormous purchasing power. If you are successful in adapting your business model and products to meet the needs of hospitals and institutions caring for the sick and elderly, you will be able to reach an enormous number of potential customers.
If the potential or new target groups are not yet aware of your product you will need to find a way to reach them. Through the appropriate communication strategy, You will need a tailored communication strategy to make your product attractive to potential customers. In order to get your new target customers to listen, your product has to be attractive to them. Sometimes an existing product only needs to be slightly modified has to be offered in different versions. I am happy to advise you and propose an optimal concept for your success.

You should be available to your customers via several marketing and sales channels (multi-channel approach). One-dimensional sales that is a thing of the past. When selecting the appropriate distribution channels, the focus in medical technology and optics is not on the sale of the product itself, but on the entire product solution package which includes training, consulting, application. This creates the real added value for your customer. If you focus on the channels on which you meet your potential customers you need to know about their buying behaviors. The quantity of sales channels is not the decisive factor, but rather their combined effect. The selected channels need to be combined in such a way that they interlink like a chain and convert a prospective customer to become an actual buyer.

So it’s about the clever combination of sales channels that match your product or solution. Every sales channel has its strengths and weaknesses.

Potential sales channels in medical engineering and technical optics

• Sales force
• Commercial representative
• Technical sales
• Cooperation
• Third-party providers
• Internet webshops
• Applications
• Teleshopping

What do the most appropriate distribution channels for your products look like? What will you need to consider? You will need to create the capacity to build and maintain your ideal sales channels. A professional sales organization cannot be set up just casually. Online and offline channels can be really time-consuming. Therefore, you should take advice from an industry expert.

Market development occurs if your product can be used for a different purpose. This opens up a completely new market with an additional customer group. Perhaps just a slight modification of your existing product will make it accessible to other applications. Be “creative”!
For example, endoscopes are not only used for minimally invasive surgery in humans, but also in veterinary medicine and in industry for the exploration of of small cavities. Please note that the new market and the new customer group might be very different from your already existing market and customers. You need to think about an appropriate strategy, logistics, marketing, advertising and sales channels for your new market…. Click here for advice and help.

Science is continually researching innovative solutions. The use of innovative techniques, different manufacturing processes and intelligent materials are changing and improving products. Remember the first guide wire or the first stent made from NiTiNol. NiTiNol is a so-called shape shifting memory metal. This metal is capable of converting heat into mechanical energy and recalls its origin shape at a certain ambient temperature. An example for process transfer is the use of traditional spinning technology in the textile industry for producing specialized membranes for blood dialysis. This filter technology is also used in lipid apheresis for the treatment of metabolic disorders and for reducing cholesterol levels. There are numerous other examples. You will need to actively promote your innovative technique, or material in order to attract your customers’ attention by communicating finding prominent personalities and new communication channels. Awaken the interest and demand in your target group. Ensure your future success in the market through clever communication and marketing campaigns. Click here, to learn more.

In order to generate a new market for a new product, you need to know its strengths, weaknesses, opportunities and risks for its successful market development. The target customers must be well understood. The target market in which your potential customers are located must be thoroughly researched. The results of this research will dictate the right measures to be taken. For the market development of a new market please refer to the chapter “new market region”.
There are a number of pitfalls associated with introducing a new product into a new market which must be avoided. Frequently, manufacturers of product innovations are start-up companies with limited resources and capacity. Thus, it is often believed, that a strong product find its successful way to the market by itself. This is a fallacy. The market and the interested parties need to be informed and prepared. The demand for the product needs to be established, so that prospective buyers become and remain long term customers. Click here, to learn how to achieve this.

Before offering your services in a new market or to a new consumer group, you will need to carefully develop your strategy. Prevent potential problems and avoid the following frequently made mistakes:

• Transfering experiences directly to foreign markets
• Underestimated bureaucracy
• Different legal requirements in different countries
• Insufficient financial resources
• Lack of knowledge about the new market / the new target group
• Lack of capacity
• Lack of or incomplete business plan
• Lack of, incomplete or inaccurate strategies
• Communication and measures do not suit the new target group / the new market
• Acting on assumptions instead of facts
• Potential market barriers have not been sufficiently investigated
• Lack of suitable business partners
• Just hoping for the best
• Lack of tenacity
• Operational blindness
• Overestimating your capabilities
• Lack of alternative plans

This above list only contains examples and should not be considered complete.

It is a fact, that those who cleverly develop a new market place and quickly occupy and dominate this market, achieve the maximum profit. I would be happy to advise you and assist you in your market development, so that you can target and successfully conquer it without risks. Please click here.