Expanding into a neighboring country can be a crucial step toward a company's growth and success.
This therefore requires a well-defined strategy to ensure that the The process is smooth and effective.
In the case of the Velca One, its values of sustainability and innovation are shared by the Portuguese market, and so it was only natural for the brand to expand into Portugal.
Steps to Follow
Efficiency in the process requires certain steps, namely:
Market Research and Analysis
Understand the target market: Conduct in-depth research on a neighboring country—for example, Portugal—including its economic, political, social, and cultural landscape. Identify market trends, key competitors, and the ideal target audience for the products or services; in Velca’s case, electric motorcycles.
Evaluate the opportunities: consider factors such as market size, demand for the products or services to be offered, and barriers to entry.
Market Entry Strategy
Choose how to enter the new market: there are several ways to enter a new market, such as direct exporting, licensing, or joint venture. Each method has its advantages and disadvantages, and you need to know which one is best suited to your product or service.
Establish strategic partnerships: Develop partnerships with local companies that already have an established presence in the market, such as distributors or communications agencies.
Comply with laws and regulations: Make sure you comply with all relevant laws and regulations in the new market.
Marketing Strategy
Develop an effective marketing strategy tailored to the local market: appropriate marketing channels should be selected, such as advertising—online or otherwise—or offline, social media, public relations, and events.
Tailor the message: Make sure the message is culturally relevant and resonates with the local target audience.
Launch of the Velca ONE in Portugal
One example of a product or service launch in a neighboring country is Velca, a brand of electric two-wheeled vehicles founded by five young Spanish entrepreneurs in February 2020, which recently expanded into Portugal and provided an opportunity to learn about and test drive its Velca ONE model.
SayU Consulting was the strategic partner chosen by Velca to dynamically present this new model at an event held on June 20, for which the marketing, communications, and public relations consulting firm worked on the planning and development of Media Relations and Engagement with others stakeholders, namely digital influencers.
Rather than just talking or looking, participants were invited to test drive the Velca ONE on a route that allowed them to experience its full potential and performance, as well as what makes the Velca ONE unique in the market and what sets this Spanish brand—which is expanding across Europe—apart.
Velca aims to “revolutionize” the way we get around in cities with 0.0 mobility (zero emissions, zero noise). Quality, design, safety, and range are the key elements that make the Velca ONE a model top selling. A strategic partnership in marketing, communications, and public relations is vital to achieving this goal.