When planning a new market expansion, there are a few factors to consider:
Market size – is the market big enough to ensure a significant revenue?
Market fit – are the locals ready to buy your product or services?
Market barriers – will the locals trust a foreign company entering their market? Are they already searching for your product online or are they only using traditional channels such as word of mouth marketing?
A good way to learn about your prospects is through digital channel research and keyword research; you can find out if there are search volumes already and if people are talking about your product online. The next step is defining buyer personas and creating a marketing strategy that resonates with the market’s culture and environment.
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