First on the list was to Get Executive Thumbs-Up. Item 2 in the pre-flight checklist is… Analyze Market Horizons.
Do you know where you want to go, and how to get there? An in-depth market analysis reveals whether you can win a hefty enough slice of the pie to warrant the formation of an international business plan.
First, define current and projected viability for products and services like yours, in all desired regions. Use point-of-sale register data from providers such as AC Nielsen, for instance. What challenges await your company in terms of regulations and tariffs? Second, describe market trends, who buys these goods, and why. What are attributes and priorities of these future customers? What aren’t they getting from existing products that yours can provide them? Third, write a scorecard for you vs. competitors; drill down to a feature-by-feature or price per unit analysis as needed. Can your product prevail in its current form, or is retooling a prerequisite? Fourth, flesh out what will become your product roadmap for international markets. Define existing and upcoming offerings, and why you feel they will win international business.
That’s a 30,000-foot view of the makings of a viable analysis. For the works, consult an international marketing expert with proven success in your industry. I know of a great one…
Next installment on the list: Prove Demand.