How can you expand your radical innovations to new markets?

1 Assess the opportunities and challenges

Before you decide to expand your radical innovations to new markets, you need to evaluate the potential benefits and risks of doing so. You can use tools such as market analysis, customer segmentation, competitive intelligence, and scenario planning to identify the size, growth, profitability, and attractiveness of the target markets. You also need to understand the needs, preferences, behaviors, and pain points of the potential customers in those markets, and how they differ from your existing ones. Moreover, you need to be aware of the legal, regulatory, cultural, and ethical factors that may affect your entry and operation in those markets.

2 Plan your fit and vision

Once you have a clear picture of the opportunities and challenges in the new markets, you need to align your radical innovations with your core competencies and vision. You need to ask yourself how your radical innovations fit with your existing products, services, and capabilities, and how they can leverage or complement them. You also need to define your vision for the new markets, and how it relates to your overall mission and goals. Your vision should be inspiring, realistic, and adaptable, and it should communicate your unique value proposition and differentiation.

3 Execute your strategies and tactics

Finally, you need to design and implement your strategies and tactics to enter and grow in the new markets. You need to consider the best mode of entry, such as exporting, licensing, franchising, joint venture, or acquisition, and the best timing, such as first mover, fast follower, or late entrant. You also need to develop your marketing mix, such as product, price, place, and promotion, and tailor it to the specific needs and expectations of the new customers. Moreover, you need to monitor and evaluate your performance, feedback, and learning in the new markets, and adjust your strategies and tactics accordingly.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?