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A Structured Approach to International Expansion
- Companies often struggle with international expansion, choosing the right market to start expanding to is fraught with complications and nuances.
- Set a simple strategy that depends on your stage of expansion. Small companies aim to crack the next 1-2 markets outside or your home turf.
- Write down your target countries. As you comb through datasets, you may notice new countries that appear in the data. This is an iterative process.
- The goal in the initial stages should be to start narrow, delve into the product-market fit and use macro indicators such as GDP, growth, and population.
- Finding enabling factors such as user growth TAM, monetization TAM, and competitor’s downloads/internet population can further tune the data set to drivers of the product-market fit.
- Add risk factors specific to your company such as regulatory, IP, or currency risk. Finally, a prioritization framework can be used to bring it all together.
- The template provided and data inputs can be helpful in prioritizing market entry. It is essential to apply some critical thinking and qualitative judgment to the decision-making process.
- This method can be effective if used with intuition and qualitative factors, making it data-informed, rather than data-driven.
- Qualitative insights can lead to valuable insights that would change your criteria or sorting methodology and can help prioritize market entry.
- It is important to create a tailored strategy and understand the nuances between product availability and market success.
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