A Step-by-Step Guide to Market Assessment

Expanding into international markets is a crucial step for any existing business trying to realize their full potential. In terms of market share, breaking into new markets can greatly increase the available terrain. And for businesses with a product or service of value, new markets can mean new business opportunities.

Like any other business endeavor, expansion comes with risk. There are barriers to entry, cultural based differences in language and consumer buying habits, and the state of your industry might look quite different elsewhere in the world. Everyone, from C-level executives to sales and marketing teams, should understand a future market’s potential and pitfalls.

Before making any decisions about expansion, it’s important to conduct a market analysis, a business potential assessment, and develop a business plan for expansion. These steps will help you reduce risk and find the right entry point into the new market.

In this guide, we’ll walk you through how to assess a market, so you can be more confident about developing a go-to-market strategy for a non-domestic region.

Market Assessment Research: A Look at Top Markets for International Expansion

To begin broadly, let’s look at Gross Domestic Product (GDP) across the globe. GDP is the total market value of all products and services produced within a country during a specific period of time. Among other things, GDP can provide a broad snapshot of a specific country’s economic health, which is important...