How do you segment your market for international expansion?

Identifying target markets involves conducting market research and analysis to understand the characteristics and needs of potential customers. 1. Define your product or service: Clearly articulate what you offer and identify its key features, benefits, and unique selling points. 2. Identify customer demographics: Determine the demographic characteristics of your potential customers. 4. Assess market size and growth: Evaluate the overall market size and growth potential for your product or service. 5. Evaluate competition: Identify your direct and indirect competitors within the market. Analyze their target markets, marketing strategies, and customer base to identify opportunities and differentiate yourself.

The easiest way to start the process of internationalisation is to simply sell to the same target audiences, but in different countries. Whilst you will need to do some research to check, it is highly likely that people types are very similar in your target countries as your home country. What your product or service delivers will be the same, no matter where you sell it.

To segment your market for international expansion, conduct thorough market research. Consider cultural nuances, economic factors, and local preferences. Analyze demographics, psychographics, and buying behaviors. Leverage online tools and engage local experts. Identify target markets based on growth potential, competition, and alignment with your product or service. Adapt your marketing strategy for each segment to maximize relevance and appeal. Regularly assess and adjust your approach to stay agile in dynamic global markets.

I think an understated first step is to assess your business orientation. Identification takes resources and time, outside of high level information, access to truly business defining shifts like international segmentation is a game of patience, especially within the climatological and socio-political balancing acts we are in today. Establishing care and trust is your gamechanger here, and that might lie with your employees, collaborators, consultants, contractor, vendors and suppliers. Your leadership must be introspect if it is not already, especially your design and marketing leadership.

Apart from the the by the book marketing strategy, it's important to understand local nuances. So the best thing to do is: spend time with consumers in the market. Or if you can't, bring in some people who can deliver proper insights. Some brands really try to control their market efforts and globalize their marketing strategy. After all, we're living in the era of further globalization. But at the same time the cultural richness of each market is key to growth. This also applys to market maturity: important to understand if the market you're going to enter is ready for your product, pricing, communications, etc.

I would also include “interests” and group it under psychographic segmentation. Interests can be insightful and actionable data point, which ultimately help pivot a product or service - and their respective go-to-market efforts.

Creativity and imagination here is also needed. The established groups evidence in the paragraph are leaning in one direction. The legal, regulatory and socio-political landscape is important to consider here to forge expansive relationships. The exchange of ideas is a point of opportunity, and leveraging your expertise is important. Don't be hesitant to imagine a news segment type with criteria that make sense for what success is over time.

Demographic segmentation is key but I would also add a strong qualitative approach to this step. Specially now, generations are shiftinng quicker than ever before. And yes, it's getting more complex. To access how this generation mix plays out in each market is key. Of course, we can always use AI to help market to different target customers, but first we need to understand this costumers. That's where the marketer's capabilities will truly shine.

This is where it's get trick and putting everybody together is key. Financial forecasting is always very intimidating when you're looking to a new market. But, it's possible. Acessing the risks - in my opinion - it's the most important step in this phase. Provide scenarios: if this happens, then what? It helps ease business insecurities and also provide a clear roadmap that the teams will be able to follow should the risks provd true.

In the era of individualization the newer generations are seeking products that fits their needs but also their causes. So co-creation is pivotal in this phase. The challenge of personalization is well known in the market. And there isn't of course a simple solution to that challenge. But in order to achieve true connections, we should consider this for the marketing mix strategy. How we can be personalized or how we can achieve true connections to ever shifting generations? Inviting creators and consumers to co-create their solutions might be the key to create meaningful value, whatever the market, whatever the segment.

There are many things to consider prior to targeting and segmenting a marketing strategy when you are considering going international. 1. How well is your product and/ or service going to translate to other cultures and language? 2. What are the travel/ logistical requirements, etc? 3. What are the political, legal and trade (import/ export) requirements &/or barriers to be dealt with? The answers to all of these questions can have a significant impact on who (and where) you target and how you segment that market. Also include a benefit oriented positioning statement and culturally and linguistically crafted strategic communications strategy. You also need to work out order fulfillment/ delivery strategy, customer service & followup.

As an advertiser who have been helping brands to achieve sucess in south america markets I would highlight the following: 1. There's no one size fits all. At some point, tropicalization will happen and even tough your strategy and communications is broad each market will perceive it in a different way. 2. When it comes to promotions and specifically the media mix, what is key is to understand that each market has it's own media landscape. And it doesn't matter if the algorithms are the same - culture plays it's roles in media consumption behavior. 3. Co-creation is relevant and to invite local consumers is also key. They'll bring the true perspective of the market.