In the UK we have just had a general election. It has been a contentious battle with politics being disrupted as much as any industry in recent years. For every political party, long term brand loyalty is weakening, technology is affecting ‘customer’ behaviour and new target audiences that were previously unreachable are now realistic. These are the same challenges as in many businesses.
Recently I was in Chicago speaking at the Think Global conference which concentrated on supporting businesses that are growing internationally. When deciding whether to grow your business, either through new markets or new products, there are a series of questions you need to satisfy before you will be ready. For my Think Global workshop, the team here created a Supply & Demand Decision Support Tool to help delegates assess their risk when entering a new market.
Whilst our Decision Support Tool was created to help businesses kick off their process of growing Internationally, I think much of it can also help political parties!
What is your decision-making process in the early stages of new market exploration?
Try to think about your business’ supply and demand in terms of:
- Finance
- Availability
- Brand Growth
- Product
What works for your current market is not guaranteed for new markets – make no assumptions! If people currently love your brand, why should people in a new geographic with low brand awareness love you or trust you? Are their values the same?
Our tool was a great success at the Think Global conference and we’d like to share it with you. Answer the questions for your own business and if you answer ‘no’ at any point, STOP! Test the market, test your supply chain and test your assumptions.
There are plenty of examples of successful companies who have struggled when they try a new market. The famous example of EuroDisney’s rocky start should be a lesson to us all. Unfortunately, most businesses can’t afford to support a failing growth plan with a substantial support package. They need to get it right the first time.
I hope you enjoy our free tool – please download it here.
Consider it our festive gift to you!
Any questions or comments please get in touch, we love to chat innovation and growth!