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Geographic Market Expansion is the strategy employed when a business leader is looking to launch an existing product or service into a new market. If your business is looking to expand beyond its current geographic area, it is vital to consider multiple factors which may influence the success or failure of any geographic market expansion. The goal of the Geographic Market Expansion tool is to assist business leaders to guide their decision making in strategizing and selecting the best markets to expand into, with what products, and targeting which key audience groups.
Description of Geographic Market Expansion
Developing a Geographic Market Expansion strategy is different from the average expansion or go-to-market strategy in that it requires a cohesive and comprehensive understanding of the global market and how your business may or may not operate in different regions or constituencies. If, for instance, you try to scale in competitive geographies, you need to have an amazing value proposition or a solution which nobody in the region you are looking to enter currently provides. You should also look to expand into regions where there is a high density of customers, go-to-market and operational synergies.
Geographic Market Expansion requires lengthy planning and in-depth research. According to research conducted by McKinsey, 4 out of 5 attempts to enter a new market fail. The reason for this is that, with limited resources, businesses often fail to get their product right before launching into new markets. With this being said, it’s vital that a business first focus on creating a solid value proposition and primary go-to-market strategy before using geographic expansion to scale.
Once it is decided that Geographic Market Expansion is the best path to drive continued growth for the business, an organization must take steps to plan a comprehensive go-to-market strategy on a global scale. This planning typically requires four steps:
- Target and Prioritize Potential Geographies
- Assess Regional Business Models
- Score and Prioritize Geographies
- Develop Geographic Expansion Plan
Once these steps have been completed, a business or organization will be well on its way to developing a cohesive Geographic Market Expansion plan.
Tools & Templates
The Geographic Market Expansion tool helps business leaders carry out each step required to develop a comprehensive Geographic Market Expansion plan. Initially, this means providing a way for business leaders to prioritize potential geographies based on a set of questions and selection criteria, followed by an assessment of regional business models using data gathered in the initial fact-finding task. Finally, the tool prompts business leaders to score and prioritize geographies based on the data received in order to develop a robust Geographic Expansion Plan.
Praxie's Online Geographic Market Expansion Tools & Templates
Unlike most traditional Geographic Expansion Plan processes, Praxie’s online Geographic Expansion Plan tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.