Budget for expansion? Human Resources. Think carefully about the current state of this area in your company and consider any staffing gaps you may have. Ask yourself if: do I have the staff I need to manage the expansion? Can my existing teams allocate time for global projects? Do I have to hire new professionals or hire an external agency? Optimal moment. Last but not least. determine the best time to expand. This factor implies a careful analysis of the target market. its current political climate. the global economy. among others. Determine a possible fit between your product and the market You should assess your product’s position in the current market (and region) before you begin evaluating a new market for expansion. When building a go-to-market strategy.
Your task is to research your ideal future customers in detail and estimate potential demand. You can analyze the potential market with the SEMrush Market Explorer tool . This way you can understand if there is enough demand for you in the region and if these options are worth exploring further. Without long and expensive market research you can get relevant results with this tool. To get started. you can use your domain or choose one of your potential competitors who are already present in your target market. Don’t forget to choose a target country.
In 2008. When Angela Ahrendts
SEMrush’s Market Explorer traffic trends The Morocco phone number thing to pay attention to is the previous year’s market traffic. If the traffic decreases. this indicates that said market may be less interesting for business. If the market traffic is growing. this can be a good option for investment and development of your company. Consider the peculiarities of the local market When carrying out the initial evaluation of the market . you will have already noticed certain relevant details of the chosen market. Now it’s time to take a deeper look at the quirks. so you don’t face any nasty surprises in the future. 1. Examine the economic situation Thoroughly assess the state of the economy in your chosen region to see if it’s a good fit. Starbucks won many foreign markets but has not been able to replicate this success in Australia.
First of all. it started to enter the market without fully understanding the potential customers. Starbucks began to promote coffee as a product . but for Australians. going to a coffee shop was a social experience. more than just another “fast food” place. Also. the company misunderstood Australians’ coffee preferences: Starbucks coffee was simply too sweet for their taste. Second. the economic situation played a crucial role in slowing down Starbucks expansion in Australia. As a result of the 2008 global recession. the company was forced to close two-thirds of its stores in that country. as the purchasing power of potential customers in the new market had been affected.
It Was Clear To Angela
Starbucks had enough financial resources to stay afloat. but not all brands can survive in such a situation. 2. Analyze local laws and regulations Even big brands can run into trouble when it comes to local laws. For example. when Uber tried to expand into South Korea. many assumed they would succeed. After all. the company had well-established markets in many nations around the world. However. Uber failed to understand its target market. and this had serious consequences. The taxi industry in Seoul is difficult due to too many taxis and. at the same time. a slowdown in the population growth rate. Seoul alone has more than 70.000 taxi drivers (compared to 13.000 in New York City). The government has started to reduce the number of taxis and the offices no longer issue licences.
As a result. the price of taxi licenses has increased significantly. If Uber started to operate in the market . the taxi industry would have experienced a considerable reduction. The government feared a backlash from industry representatives and Uber’s development in South Korea was hampered as a result of these regulatory problems. Conclusion? Without the proper information. any market expansion plan is unwise. 3. Understand local politics To control the business climate of a place. you also need adequate knowledge of local politics. Some markets may not be as attractive due to an unfriendly political climate or general instability.