Thinking about Market Entry? Here’s what you need to know.
There’s always a need to think about your business strategy, and that may involve thinking about the geographic markets you sell into. So if you’re starting to look at geographic expansion, here’s a checklist of things you need to find out before committing serious money!
Pick more than one market to explore. All markets are different, so researching several will also make you refine your business objectives and strategy.
Look at the relevant market demographics, whether consumer or business. Who is buying what?
What competitors are present, what are they selling, how well are they doing?
Critically look at your product and service portfolio. Is it a good fit, does it fill a gap, does it need localising or changing?
Look at broader risks of doing business in your new market.
And wrap all the above into a market size estimate – are the likely returns on your efforts worth it?
Lastly, look at the logistics, costs, channels, and the broader market strategy (soft launch vs big launch!).