3 Things to Consider Before Entering a New Market

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-

  1. Do you already have internal capabilities to support a new market?
    1. What are the core competencies you can leverage?
    2. Do you have the sales channels and infrastructure in place?
    3. What type of time to market considerations are there?
  2. Have you defined the market? In order to do this, you must already have identified-
    1. Your Product – what is its value proposition; what needs does it fulfill?
    2. 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)
    3. Location – what is the geographical location of the market you have in mind and what are its demographics.
  3. 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.

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