Challenges of entering a new market

Your product engineering team has spent months, possibly years, developing an exciting new solution. You have conducted extensive market research, prototyping and product testing in your home territory. It has sold well and you now feel you are ready to enter a new market, the Asia Pacific, which you believe is an exciting and possibly very lucrative for your growing business.

Entering a new market with products and services often results in failure for many companies. The Asia Pacific region comprises many markets with their own unique needs and challenges.
 
While the conceptualization of ideas may be brilliant, and the translation into products and services good, they still fail because the targeted customers do not see value in them.
 
Value is more than what the product of service delivers. It’s what is perceived by the users as seen to deliver that.  This is what makes them appealing to customers and what will compel them to buy and use.
 
An exceptional product requires not just a good understanding on what is being built but what customers want and will buy in the targeted markets.
 
Unfortunately products cannot be designed for every market without impacting the time to market. As a result products and market messages need to be adapted and aligned to needs prior to entering each new market.

Will you succeed or fail? What steps are you taking to ensure success.