Post by account_disabled on Mar 7, 2024 2:36:47 GMT -6
International expansion can generate benefits that can change a company forever. But you must be aware that the market evaluation phase is one of the most delicate: if you make a mistake the damage could be permanent. Everyone from the business development manager to the marketing manager must evaluate the business potential of a future market by understanding product demand and competitive offerings in the target region. Market assessment should be done before making the final decision to expand into a new country. There's always an element of risk, but the rewards can be worth it if you research your opportunities carefully . In this guide we'll show you how to evaluate a market with a range of smart tools so you can be more confident in developing a strategy to enter a region other than your home region. Best Markets for International Expansion: Are There Opportunities in Your Target Region? The key steps in analyzing a new potential market .
Choose a specific country to analyze 2. Analyze internal data on Venezuela Phone Number consumer behavior and funnel activity 3. Find your competitors' best markets 4. Get a comprehensive view of the competitive landscape in a new market 5. Estimate the potential market size and competition 6. Evaluate the difficulty of doing business in the country you are interested in 7. Language barriers and localization costs 8. Market Benchmark: Compare your performance to that of your competitors 9. The decision matrix for market evaluation 10. Move to the strategic plan for market expansion Best Markets for International Expansion: Are There Opportunities in Your Target Region? If you plan to expand beyond your home market, you can start evaluating your options in other countries by starting with a GDP analysis . The United States represents nearly a quarter of the global economy . Followed by China, Japan, Germany and India. There may be a lot of untapped potential for your particular product or service in these countries.
At this stage it is important not to eliminate any country a priori, and even more important is to recognize that these positions will almost certainly change over time. Countries with the highest GDP (2020) The chart below projects some significant movements that will occur by 2030 . It is estimated that China will continue to expand to become the number one position for economic growth. India is also expected to overtake today's leaders, while many other economies could strengthen their positions. The global GDP picture could look very different in 10 years: top 10 countries with the highest estimated GDP in 2030 If such growth occurs, the opportunities could be enormous, and if you seize them, you could find yourself in good company. Netflix , for example, now has about 56% of its customers outside the United States. In 2010 it operated exclusively domestically, but today 90% of its growth is fueled by international markets.
Choose a specific country to analyze 2. Analyze internal data on Venezuela Phone Number consumer behavior and funnel activity 3. Find your competitors' best markets 4. Get a comprehensive view of the competitive landscape in a new market 5. Estimate the potential market size and competition 6. Evaluate the difficulty of doing business in the country you are interested in 7. Language barriers and localization costs 8. Market Benchmark: Compare your performance to that of your competitors 9. The decision matrix for market evaluation 10. Move to the strategic plan for market expansion Best Markets for International Expansion: Are There Opportunities in Your Target Region? If you plan to expand beyond your home market, you can start evaluating your options in other countries by starting with a GDP analysis . The United States represents nearly a quarter of the global economy . Followed by China, Japan, Germany and India. There may be a lot of untapped potential for your particular product or service in these countries.
At this stage it is important not to eliminate any country a priori, and even more important is to recognize that these positions will almost certainly change over time. Countries with the highest GDP (2020) The chart below projects some significant movements that will occur by 2030 . It is estimated that China will continue to expand to become the number one position for economic growth. India is also expected to overtake today's leaders, while many other economies could strengthen their positions. The global GDP picture could look very different in 10 years: top 10 countries with the highest estimated GDP in 2030 If such growth occurs, the opportunities could be enormous, and if you seize them, you could find yourself in good company. Netflix , for example, now has about 56% of its customers outside the United States. In 2010 it operated exclusively domestically, but today 90% of its growth is fueled by international markets.