How to enter a new market

If you’re a client of Innovate UK Business Growth, find more advice and support for breaking into new markets, at home and overseas.

Posted on: 31/05/2022

Entering UK markets

UK-based businesses looking to expand into new domestic markets can benefit from support in finding new opportunities for their innovations. Whether it’s adapting your current offering for a different industry or adding new products to your portfolio – our specialists can help you to adapt, pivot and grow in new markets.


Entering international markets

If you’re looking to enter a foreign market, collaboration is key. Taking advantage of networking events and the experience of our advisors can help you to make valuable connections, gain knowledge of the market and accelerate your growth journey.


What to consider when entering a new market

Innovation businesses entering new markets should consider a wide range of factors before they expand.

Factors to consider before entering a new market:

  • Is your market research sufficient? This should include competitor analysis, consumer research and market potential evaluation
  • Have you undertaken full market analysis to ensure you’re offering your product or service to the right audience?
  • Do you need to adapt your product or service to fit the new market?
  • Have you considered cultural differences in consumer behaviour and preference?
  • What external factors may be a barrier to market entry?
  • Do you have an understanding of local regulations, standards and laws?
  • Have you explored all distribution channel options?
  • Do you need to adapt your pricing strategy?
  • Do you need to develop your marketing strategy?
  • Do you have a detailed business model and plan in place?
  • Do you have appropriate funding and finance?
  • Do you require partners or collaborators to support your growth?
  • What are your business goals and will entering the new market help you to achieve them? Whether it’s increased revenue or finding new consumer markets – ensure your move into new markets is goal-oriented

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