What research do you do upfront to inform your plan for opening new markets?

Market sizing, competitive & ICP - What does the market look like? Who are the competitors and who is your core ICP you want to go after? This includes verticals and firmographics. Personas - Who are the personas you want to target within the new market? Are these existing personas or net new personas you need to craft? Market trends - What's going on in your new market that you need to be aware of? Are there specific regulations or industry specific knowledge you need to have? Using the res ...Read More

This is a big question and the answer depends on many factors, including company culture, investment scale, distribution model and decision speed. That said, here are a few things to consider: Begin with a comprehensive market analysis to evaluate the market size, growth rate, and future projections. Analyze the competitive landscape. Gather customer insights segment the target market based on demographics and behaviors Conduct surveys and focus groups to understand preferences and buying behavi ...Read More

For opening up new markets, the first upfront research would be market sizing! Before you even build an execution plan to go after a new market, you first need to figure out if there is a market opportunity worth pursuing and understand market potential. This will ensure that you're setting up the right revenue goals for the business and entering the right market. There are a number of ways to calculate total addressable market, but the easiest and most accurate way is a bottoms-up analysis wher ...Read More

The initial focus is to conduct a market assessment. I’d recommend you leverage third-party research and SMEs (subject matter experts) inside the company. When appropriate, you can embark on qualitative research, but there should be significant industry documentation that would be of reference. This will become a cross-functional effort, including brand, finance, marketing, sales, product, strategy, and research.A market assessment would include, at a minimum, the following: Target Market (TAM, ...Read More