Page 1 of 1

A step-by-step guide to evaluating new markets

Posted: Sun Dec 22, 2024 5:02 am
by Md5656se
For a growing company, international expansion has benefits that can substantially change a business. However, miscalculations at the market assessment stage can cause damage that is difficult to reverse.

Everyone, from the business development manager to the marketing head, must assess the business potential of a future market and study the supply and demand of competitive products in the target region.

A market assessment is necessary before making the decision to expand into a new country. There is always an element of risk involved, however, the rewards can be worth it if the opportunities are thoroughly investigated.

In this guide, we'll show you how to assess a market with a variety of smart tools , so you can feel more confident when developing a marketing strategy for a new region.

Key markets for international expansion: Are there opportunities in your target region?
The United States currently accounts for almost a quarter of the total vietnam phone number sample global economy . Planning to grow your business within this country can be encouraging. But, if you plan to expand beyond it, then you may want to start evaluating your options with other economies. Looking at GDP growth can be a good place to start.

In the chart below we can see the GDP share percentages of some countries relative to the rest of the world. Those following the US are: China, Japan, Germany and India – which may have potential for your product or service. At this stage it is important not to rule out any key player in terms of GDP. What is more: these positions are very likely to change over time.

Top countries by GDP


Image



The chart below projects some significant movements to 2030.

China is expected to continue to expand, taking the top spot in terms of economic growth. India is also expected to overtake the current leaders, while other economies could strengthen their positions. The global picture by GDP could look very different in 10 years.

Top 10 countries by GDP in 2030

Due to rapid growth, the opportunities could be huge and if you take advantage of them, you could find yourself in a good situation.

Netflix, for example, now has about 56% of its customers outside the US. In 2010, it operated solely on the domestic front. Today, 90% of its growth is driven by international markets.

Many other large American companies report that about two-thirds of their total sales come from outside the United States. Among them - Intel, Mondelez, ExxonMobil, Apple and GE.

So a cursory assessment of the global market shows that there could be global opportunities for certain businesses in the coming years. The question is: how do you select a country to begin an expansion