You’re excited about expanding your product to new markets and you are raring to go. Make sure you can answer the following 3 questions adequately-
- Do you already have internal capabilities to support a new market?
- What are the core competencies you can leverage?
- Do you have the sales channels and infrastructure in place?
- What type of time to market considerations are there?
- Have you defined the market? In order to do this, you must already have identified-
- Your Product – what is its value proposition; what needs does it fulfill?
- Your Buyer Persona – who is your buyer? Who would value the product’s value proposition – you can use the Funnel Approach (Gender>Age>Income Level)
- Location – what is the geographical location of the market you have in mind and what are its demographics.
- Have you determined if there is a need for your product in the market? You will need market research to answer this question accurately.
Check out our next blog on why a market research report will be worth every cent you pay for it.