Challenges and rewards: engaging in opportunities to enter new markets through in-country visits
Scott Granville
English language education is a global affair and gaining a foothold with an innovative EdTech product in a competitive marketplace is loaded with challenges. So, when an opportunity arises to explore a potential new market as part of an organised delegation, every effort should be made to take full advantage of the offer.
I recently returned from an in-market visit to Singapore and Vietnam as part of an Education New Zealand-led group, gaining valuable insights to each country’s secondary, tertiary, and private language sectors. There were several key takeaways from the experience that have left a lasting impression.
In-market support is invaluable
EdTech providers in New Zealand are fortunate to be actively supported through a range of initiatives by multiple private and government organisations. Through positive engagement with the facilitators of this support, offshore connections can be established, leading to conversations and opportunities that are often more difficult to coordinate as an individual provider operating alone. Being part of a collective and cooperating group opens doors, and you can often be pleasantly surprised where a conversation may lead.
Regional proximity does not guarantee market similarity
One aspect while exploring new market entry that has been particularly eye-opening is the diversity in user needs, influenced by local factors affecting the ability to cater for those needs. Close regional proximity can often lead to a misnomer of sameness, with bordering countries having remarkable differences in demographic makeup, GDP, and education goals as outlined by the current government. It is critical to base decisions on clear information relating to customer data in single locations, and not have expectations of a new product being taken up without extensive trials and testing.
Do your homework
There is nothing more important than being prepared and informed before making major decisions relating to market entry. Having a clearly defined target audience for a product makes selling your story (and by extension your solution) more straightforward and can also work as a device to identify and match with potential partners or distributors.
Another aspect to consider is allowing for an extended lead time when investigating market options. While time is often considered a luxury, and more so for smaller organisations, it is important to keep the value of a slowly-but-surely approach in mind for building trust relationships and long-term success.
And finally
A final component of this recent trip that has reinforced a previously held belief is the understanding that in most cases, an introductory conversation will not move beyond a first encounter. And that’s (in most cases) a positive thing. Because as you move in wider circles and meet new connections, it takes time to evaluate whether a shared value proposition exists. Sometimes, a conversation should be enjoyed at its face value rather than putting unrealistic expectations on every interaction leading to a tangible ‘result’. Taking the time to genuinely listen, and engage, with the person you are speaking with, will almost always end with a positive outcome, sometimes in a form that is unexpected.