Venturing into the Unknown: Embracing Trials to put manufacturing unit in Bangladesh Market
With every new market entry, our approach is a blend of meticulous research, strategic analysis, and an intuitive gut instinct.
How did you equip yourselves to venture into these fresh markets?
Our initial and perhaps the most crucial stride involved immersing ourselves in the local culture and understanding the desires of its residents. We delved into the everyday life of the local consumers, striving to grasp their requirements, anticipations, aspirations, and visions. It was only after gaining this insight that we could begin to shape the identity of our product, crafting an offering that harmonizes seamlessly with the local milieu.
Extensive research was conducted to delve into the nuances of local consumers’ home life experiences.
What did you discover in Europe, the UK, the USA, Canada, and Australia, and how did this shape your strategy?
As we geared up to supply our products to retailers in Europe, the USA, Canada, and Australia, we noticed people’s enduring optimism, even amidst daily challenges. We embraced this positive outlook as we prepared to partner with retailers in these regions, emphasizing that a brighter future is possible for all, regardless of their current circumstances. Our message encouraged taking action today instead of waiting for tomorrow, celebrating life’s simple joys like family and cherished moments with loved ones—a message that resonates with the retailers we work with.
We wanted to help people in Korea live a better – and happier – life at home.
What is the most challenging aspect of entering a new market?
The main obstacle we encounter revolves around the availability of sustainable materials in Bangladesh. This limitation places us at a competitive disadvantage compared to manufacturers in other countries. It’s worth noting that not all types of sustainable materials are readily accessible in our region. This challenge has a significant impact on our ability to compete effectively in the international market, especially when supplying our products to Europe, the UK, the USA, Canada, and Australia. Nevertheless, we remain dedicated to exploring innovative solutions to surmount this hurdle, ensuring that we continue to deliver high-quality, sustainable products to our valued customers.
What did you learn from these experiences?
One key factor for us is the clear and transparent communication of our intentions to all relevant stakeholders, emphasizing our commitment to long-term collaboration rather than short-term gains.
Reflecting on our experiences, we’ve learned not to underestimate the challenges we might face. It’s crucial to address our customer concerns seriously and establish meaningful relationships to address them.
Applying these lessons in our approach to international markets, we’ve successfully positioned ourselves as a responsible and valuable contributor to the world of handicrafts.
We’ve also found that direct interactions, such as personal meetings and tailored engagements, play a vital role in promoting our product before entering new markets. Creating opportunities for engaging with potential partners and customers has been instrumental in our growth.
And the key learning was?
The more comprehensive our preparations, the smoother the journey unfolds. It’s not merely about acknowledging and respecting a country; it’s about genuinely embracing and embodying its core values