Tech, are you eyeing up the UK media market?

The UK media market is big, dynamic, exciting, and innovative. It’s up there with the best! Expanding your business here can be a very rewarding venture, but it is by no means an easy win. Being prepared will ultimately define your success, and so we’ve put together some simple “Do’s and Don’ts” to get you started on phase 1 of your journey. 

Do:

1. Research, Research, Research: It seems basic, but researching the      market is not just about numbers, rules, and regulations. It’s also about      culture, people, and market dynamics. Developing detailed ideal customer      profiles and client personas will help you make better and more informed      steps early on in your expansion strategy. Read the industry media, Press Gazette, The Audiencers, The Media Leader, are all good      places to look Find your networks on Linkedin, and see what people care about. 

2. Comply with Local Regulations: Since leaving the EU, the UK market has      added complexity regarding how an international business operates within      its borders, from GDPR to licensing and taxation. It’s worth doing your      research to ensure you’re not held up unexpectedly by overlooked details      in local law.

3. Leverage Local Expertise: Be ready to tap into local expertise.      Knowing the ground you are walking on will help you tread more carefully.      Without intricate market insight, you may slow your progression and miss      that one great opportunity. 

4. Build a Strong Network: Open minds will open doors. The UK is a      big but tightly packed, highly social industry, with lots of events that      will help you build your company and individual profiles. Be open to      meeting as many industry folk as you can early on and refine as you go.      Chances are that someone you meet for coffee knows someone who can help.      Make real-life connections, balancing virtual and real-life meetings. Be      aware that networking can, at times, be a high-price endeavour, as      industry events are ticketed and expensive for vendors, so be smart about      which events you choose to attend.

5. Get Your Narrative Right: Before you move into your new exciting      market, ensure you’re clear on what you’re offering to UK customers. Does      it make sense, and does it meet the needs of this market? If your website,      decks, and narrative are tailored for your home market, do they translate      to the UK? Making sure you can describe your solution in a few simple      terms will cut through more clearly.

Don’t:

1. Neglect Cultural Differences: Be mindful of cultural nuances and      consumer behaviours in the UK. Tailor your content and marketing      strategies accordingly, but also remember that the UK media industry      relies on English as a first language. Ensure your communication is clear.

2. Overlook Financial Planning: Ensure you have a clear financial plan,      including funding options and cost management for the UK. There are many      ways to dip into a market without the heavy cost burden, so mitigate risk      and budget well.

3. Underestimate Competition: The UK media market is highly      competitive. If your solution is up against more established businesses      operating in the UK, it is wise to ensure your approach is well executed.      Quite often, only a few companies control the big relationships. Plan how      you intend to overcome them and find the gap you can exploit.

4. Lose Agility in Your Strategy: Be prepared to adapt quickly to changes      in markets and customer preferences. Make sure you’re agile enough to take      advantage of opportunities when they come your way and be financially      flexible to pull back from risky endeavours. In short, keep on top of      things and read the market well.

5. Harass Your Customers: This could not be more important! The      LinkedIn inboxes of your customers are already full of tech companies      trying to sell them the “next big thing” in media. However good your tech      is, your customers may need educating on the problem before you provide      the solution. Be patient for high-quality connections; it will pay off in      the long run.

In Summary

Getting those early stages of your expansion right will be far more rewarding. Be smart, learn all the time, and use the people around you. The UK media market is waiting for you, and www.connectopia.co.uk is here to help.