3 Things to Consider when Choosing a New Market
When you are thinking about expanding your business internationally, one of the first questions is ‘Where to?’. I want to share three key things to consider when making that critical choice.
How attractive is the new market?
Expanding to a new market takes time and money, so you want to be sure that the investment will be worth it. Is the opportunity big enough, and how easy is it to enter the market?
Do you want to be a pioneer or a follower?
Being a pioneer, you choose an uncaptured market. This approach requires educating customers and creating demand for something new. Being a pioneer can be a risky but rewarding strategy. Being a follower, you choose to expand to an existing and sometimes crowded market. Your focus will be to convince the customer to choose you over your competition.
Do you go global, or do you take it step-by-step?
Do you want to go directly global, entering many markets simultaneously, or do you want to enter one market at a time? The best approach will depend on your goals, resources, and the product you are selling.
There is no good or wrong answer, and there is no one-fits-all solution. Take your time to investigate these questions, as the answers will be critical when you are building your expansion strategy.
Have a great day!