Expansion into new markets requires a data and insight driven go-to-market plan

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 02, 2022, 2:02 AM GMT+0

Developing a go-to-market strategy with the target market’s demographic and preferences in mind can help businesses drive expansions.

To succeed and expand in a new market climate, companies should be well-informed about their go-to-market (GTM) strategy. Brands must consider factors like market size and rivals, customer pain points and journeys and more to implement a GTM strategy in a new market.

Establish expansion goals aligned with objectives, assess capabilities, infrastructure, costs, and human resources, and account for elements like global economics before entering a new market. Leverage tools and data-driven insights to predict demand in new markets. Evaluate economic situations, local laws, politics, language impediments, and more to determine a product’s market readiness. Offer a payment system that is commonly used in the target market.

Being sensitive to the local culture is recommended. Clearly define the value proposition for the target market and select appropriate distribution channels, whether it is direct, indirect, or hybrid. Create a GTM market funnel to attract consumers, build awareness, drive engagement, increase conversions and build loyalty. Examining competitors in potential markets can help brands optimise their GTM campaigns.

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