A successful entry strategy rests on several local attributes. Understanding the target market dynamics puts you at a fair advantage in making informed decisions about cost and resource needed. Ontogenix has worked with premium startups and mid sized companies to understand the key pain points of market entry. Based on our vast experience of helping SME’s & startups, we have developed a simple and practical 5 step approach in drafting your entry strategy. Adopting the template will ensure you don’t miss out any critical steps needed to successful in a new market that has its own nuances.
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Why these steps are important?
In a typical approach, there is a rush to appoint distributors in the target territory without understanding the market nuances. This can create a lot of pain points for the company later as also slow down growth. Entry strategy is much more than applying for a regulatory certificate and appointing distributors in a country. It encompasses a whole set attributes including KOL management, product life cycle & reimbursement strategies, and local post entry compliance needs. We help you evaluate your resource needs carefully before committing to a new market.
MNC’s typically use our steps 1, 2 and 3 in preparation for their new product launch. We have Fortune 500 customers who have benefited from our research and fine tuned their commercialization strategy.
SME’s usually follow the whole 5 step framework to ensure seamless entry into new markets. Using this approach ensures they are able to achieve an informed entry into the market with knowledge of competition, pricing and buying behaviour.
We work with many VC’s and investors in the med tech space. The investors like to understand the market nuances and get a validation for the market model they target to mitigate the risks of their investment and plan resources.