Key in your market entry strategy is some market research. Of course there are reports on market size and market growth, but often these are general. Specific knowledge on how your product is perceived and what your competitions is, is harder to get but more valuable.
Turkey, straddling Eastern Europe and Western Asia, has a population of about 85 million as of 2023. The country is known for its unique blend of Eastern and Western cultures, historical sites from the Byzantine and Ottoman eras, and diverse landscapes.
The Turkish economy, with a GDP per capita of approximately $9,000 USD in 2023, is driven by a mix of industry, agriculture, and services. Key industries include textiles, automotive, and electronics, while agriculture focuses on crops like tobacco, cotton, and fruits. Tourism is also significant, attracting visitors to destinations like Istanbul, Antalya, and Cappadocia.
Major cities include Istanbul, a historic and economic hub; Ankara, the capital and a political center; Izmir, a major port and commercial city; Antalya, a leading tourist destination; and Bursa, known for its historical significance and automotive industry.
A local consultant can find possible business partners, or you have identified them yourself. But how to convince them to market and sell your products or services?
For this you need an export plan with a clear strategy and sufficient financial details.
If you have a consumer product that you can’t sell directly from your home country to your end customer, you need at least one step in between. This can be a distributor (who also acts as wholesaler or importer), a big retailer directly, or it can be a large web shop. Let’s look at the pro’s and con’s of each option.
For a B2B product that is not a commodity or for customized solutions the story is different. Here sales needs to be done in alignment with the department that actually delivers the service or that determines the price case by case. Also then you have three different options.
As counts for any country: you first have to define the target group that you want to sell to. If these are businesses, then you can reach out directly through emails and targeted advertisements, e.g. on LinkedIn. If this arouses interest and gives a sufficient response rate, then you may have found an easy way to get the market’s attention.
If your target group is more diffuse, or is a consumer group, then you have to rely more on advertising such as on Facebook or Instagram.
Entering a new market is an investment. Finding partners, contracts, translations and marketing costs money and you may need additional working capital.
Only with a good plan with enough financial data you can convince banks and investors to fund you. We help you with the complete business case and documentation.
First determine who are the end-users of your product or service. And where do they buy it now? The best way to determine the right entry strategy is to approach these parties. Would they consider your product or service as an alternative? Do they agree with the positioning that you have in mind? And what competitors are they buying from now? These data will help you determine the right strategy.