How can you make your market expansion strategy for the future even better?

17/10/2016

Market expansion strategy

Market expansion strategy

As companies plan for 2017 and beyond, one of the most important decisions they must make is whether to expand into new markets and, if so, which ones.

The right market expansion strategy can bring great success for years to come, while the wrong one can cause companies considerable problems or even jeopardize their continued existence.

With such high stakes involved, we wanted to talk to some experts to find out what you need to consider as you make any decisions about potential new markets, and which countries and regions of the world offer the greatest challenges and opportunities.

Moderator: Julio Mestas (@julio_mestas), is a Senior International Business Advisor at the University of Texas San Antonio’s International Trade Center.

Panelists: 

Lynda Arsenault, CITP|FIBP (@LyndaEllenA) is now working as an international trade consultant after working for Nova Scotia Business Inc., Nova Scotia’s economic development agency, for the past 10 years.

Petra Benes (@PetraBenes) is an international trade consultant focusing on Latin American markets. She is the owner of Top Latin Export, and a partner at Alliance Experts. She is based in the Netherlands.

Richard Chowning (@TheAfricaMentor) is from Texas, and owns and runs Africa Mentor, a consulting company to help companies in African markets. He is also the author of an ebook entitled 3 Realities of Doing Business in Africa.

Dana Fox (@danafox) is the Director of Global Business Development at Athena Software in Waterloo, ON, and is managing teams expanding to markets in North America, Europe and Asia.

Siddha Param (@SiddhaParam) is an international business consultant and runs his own consulting company, StrandRidge.com, based out of Winnipeg, Manitoba.

What do you need to consider in the early stages of the market selection process?

How should new potential markets be researched? What are the best ways to analyze that research to make a decision?

What criteria are most important to determine a market that will work long-term, not just the next 1-2 years?

What are the major pros and cons to expanding to major developed countries?

Which major developed markets are you most excited or worried about as potential options?

How should businesses include emerging markets in their strategy and decide which, if any, are best for them?

Any emerging markets we should pay closer attention to in the future?

Any last thoughts?

Read the rest of the chat on market expansion strategy and follow future discussions by following the #TradeElite hashtag.

Stay tuned for the next #TradeElite chat, coming up Thursday, November 3 from 2:30-3:30PM ET.

About the author

Author: Ewan Roy

I'm a Digital Marketing Specialist for the Forum for International Trade Training (FITT). My background is in writing and research, and I am passionate about communicating new ideas and telling stories that matter to you.

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