Expanding into new markets takes a lot of resources – time, money, and people. Making the best decisions on where to commit those resources is critical to your success.
It could be a completely new country or a new region in your domestic market that you are considering. Either way, having a strategic and systematic approach to evaluating a possible new market helps you clarify your decision.
As you consider a new market, it’s useful to identify your company’s key success factors and unique circumstances and rate the market against those considerations. A simple example is language. How important is language to your product or service’s success in the new market? Can you continue to use your current language or will you need to do everything in a different language? If so, are you prepared to do so? How important is language and how big of an impact will it have on your decision?
There are many factors that could conceivably matter to your company, in areas such as Market Stability (e.g. political, weather, social, currency fluctuations), Rule Of Law (e.g. IP and trademark protection, respect for contracts, data privacy requirements), and Ease Of Doing Business (e.g. ability to get credit and bank accounts, availability of office space, access to infrastructure, openness to foreign companies).
Webinar And Globig Market Evaluator – A Strategic & Systematic Approach To Evaluating New Markets
We understand how overwhelming it can feel to think through any new market expansion. We’ve been there and know the pain. That’s why we created the Globig Market Evaluator tool for our members and recorded a webinar – A Strategic & Systematic Approach To Evaluating New Markets – to discuss how companies can use the tool to think through their own situation and make an informed decision before choosing to expand into a new market, whether domestic or international.
With these resources, we walk you through the process of identifying the factors that matter most to your company and provide a tool for capturing your evaluation. Download your Globig Market Evaluator from your Globig Dashboard and watch the webinar. You’ll be ready to undertake your own market evaluation.
Not a Globig Member? It’s easy to join and it’s free. Gain access to future webinars and useful resources helping 1000s of companies to expand their business into new markets, at home and abroad. Join today and find your Globig Market Evaluator on your personal Globig Dashboard.
WATCH THE WEBINAR