Whenever a business attempts to enter a new market or create a new market altogether, there is a considerable amount of risk and the possibility of success.
Expanding into new markets helps businesses adapt to changes in consumer needs and industry trends. Once a business identifies a new market to enter and has the products that they believe will make an impact in that market, the real fun begins. How do you enter a new market that you have never been part of before? In some cases, these markets are so new that there are no guidelines to follow, things are happening in real-time. So what should you do to launch your new concept?
Some experts say the best way to achieve this is to use the “parallel play” behavior pattern of preschoolers. I know this sounds strange at first, but here is the gist of the idea. When preschoolers play together, they participate in what is known as parallel play. The children play close to each other but do not engage with each other, other than occasionally looking to see what the other child is doing. So in other words, have a plan, do what you think will help you achieve your goals, but also pay attention to what others are doing in the market space. There may be changes or patterns that are vital to your success.
That being said, here are Shachihata, we are taking on this challenge, as we are expanding into a new market — specifically hardware, DIY, and outdoors/gardening. We are excited about sharing our products, and their benefits in new and innovative ways. Our first significant step will be attending the National Hardware Show, Jan. 31 – Feb. 2, 2023, in Las Vegas. At #NHS2022, we will be showing our brand new line of professional series markers for the first time, amongst other proven winners, such as the garden marker and fabric marker. We hope you will stop by our booth, #SL10194, and see what’s new and share your thoughts and ideas.
If you’ve never heard of the National Hardware Show and have thought about diversifying, check it out. There are plenty of opportunities for everyone!