When I joined HubSpot in 2015, we already had customers in more than 100 countries all around the world. Nevertheless, our international expansion plans were far from complete. To determine which countries would require longer-term investments, and which had the potential to offer us faster near-term growth, we developed a three-part framework that can help any company to develop a more targeted expansion strategy:
Looking for New Global Markets? Bigger Isn’t Always Better.
As your company develops a market expansion strategy, what’s the best way to evaluate different global opportunities and determine which makes the most sense for your business? It can be tempting to simply focus on the largest markets, but that approach doesn’t account for several important factors. In this piece, the author shares a three-part framework to help any company develop a targeted expansion strategy. Specifically, for each potential market, businesses should determine the Market Availability (the size of the market), Real-Time Analytics (current traction in that market), and Customer Addressability (ease of entry into that market based on your current product offerings). By balancing each of these three considerations and carefully considering each market opportunity one at a time, you can make an informed decision and move forward into these new markets with confidence.