Before you start looking for a potential new market, you need to understand how your product fits into the current market. Ask yourself, does your offering meet a strong demand in your home market? And how can you enter another market with different consumer behaviors?
If you don't see growth in your current region, expanding elsewhere can be difficult as it could indicate that your product is not aligned with customer needs.
Before you move forward with the process of entering a completely new market, take the time to refine your product, understand your customers, and hone your local marketing message.
Step 1. Choose a specific country for the evaluation
Market assessment should guide you in expanding into a new region.
Europe, Asia and Africa have incredibly diverse populations, with unique vietnam phone number sample histories, cultural beliefs, languages, behaviours and aspirations. An advertising campaign designed for the British, for example, will not resonate with the French, the Greeks or the Russians.
If you take the above into account, as part of a calculated and considered approach , then it is essential to carry out a market opportunity assessment for a particular country.
And then a question arises: how to choose a target country for international expansion? That's where strategic and meticulous market research comes into play .
Step 2. Analyze your data to understand consumer behavior and sales funnel activity
Start by carefully analyzing your internal data to find out whether or not it could impact your company's foray into a new market.
Are you noticing an increase in leads from a particular market , despite not investing much there?
Do you see a shorter sales cycle or higher profit rate in some countries?
Is the average purchase price higher in a given market?
You may also want to check out an analytics platform for geographic data.
Most platforms track traffic distribution by location so you can see where it originates, what happens to that traffic, and how well it converts.
A large amount of traffic coming from a country, along with encouraging engagement metrics and a high conversion rate, can indicate a completely accessible scenario for the expansion of your business.
Conversely, low traffic conversion rates may mean you'll need to localize your product, your site, or both, if you want to expand.