Short on Market Access – and why you need it!
Let us start by defining “Market Access”: This term is commonly used in international trade, as an indicator of how the conditions in a particular market are. When a company has Market Access it is able to communicate with potential customers and deliver goods, products and services to these. Sometimes taxes and trade restrictions inhibit the Market Access, but more often it is a simple question of establishing communication with a company´s potential customers to gain the actual access.
However, in order to grow your business, you need to attack this from a more direct point of view, and say: “How can we work in these market conditions? What do we need to do?” In the end, it comes down to creating a match between you and the potential customers in your specific market. Market Access is then all about building upon that match and maintaining the connection.
A series of links in your Market Access
It is our experience that most successful companies actually become successful because of a clear strategy in creating their Market Access. The strategy is like a chain of events, and every link is equally important. The chain then needs to be repeated over and over again, with the addition of knowledge gained in the process.
Link 1 – Identify your customers (Research & learnings) = Target group
Link 2 – Make yourself heard (Communication platforms, channels & content) = Leads
Link 3 – Convince your market (Dialogue & interaction) = Relations
Link 4 – Convert connection to sales (Value transfer & order handling) = Orders
Link 5 – Deliver your product and follow up (Distribution & customer service) = Customers
Once you start seeing your ability to gain Market Access as a series of links, you will also start seeing where a link is maybe missing, or how a connection can be better made. Example: A well-designed web page is a great tool for getting Market Access, but it is useless, if it does not convince your customers to contact or buy. In the same way your good leads will be wasted, if you do not have an effective process for keeping the relation or follow up on the interest.
You only get what you ask for!
Many companies often choose to bring in support for their marketing and communication activities. Specialists, who have the resources to create what you ask for. This is all well and good, but beware of the risk of getting a single fix solution. To ensure true performance in your Market Access activities, you need the consideration of the full process – No chain works without all its links.
Market Access is the new black
To emphasize the importance of Market Access, have a look at some of the biggest game changers in today’s business. Some of them build their business plan only on Market Access: The greatest media organization in the world, Facebook, produces no content. The largest housing and rental company based on square meters, Airbnb, owns no buildings or apartments. The biggest taxi firm measured on miles driven, Uber, has no cars or drivers employed. And the danish trade platform, Dba.dk, has an annual revenue of more than 100 billion DKK, but has no inventory stock or warehouses. These companies exist and benefits on the sole reason of their ability to connect consumers and vendors.
Market Access is in all its simplicity what makes your products or services sell. It is your connection to your customers, so treat it with the same respect and effort you put into other parts of your business. If you do so, it is only a matter of time before you see the results.