The 3 Key Components of a Market Analysis to Know if Your Product or Service is Viable Abroad

With a market analysis, you can put yourself at ease knowing you’ll enter a country where there is more likelihood of success!

Without a market analysis, you might get stuck with unforeseen costs, import or delivery complications, or hit other dead ends. Like chasing the mirage of water in a dry, dry desert.

At weConnect we divide a market analysis into three main buckets. Analyze these buckets in tandem for your market analysis:

1. Market Size: finding the sweet spot

2. Competitive Analysis: can you beat the competition?

3. Local business environment: will you have any barriers to entry?

?Analyzing these three categories - market size, competition, and local business environment will help you answer these questions:

·??????Is this a market where there is demand for our product?

·??????Is this a market we can make money?

·??????If so, just how much can we anticipate making?

·??????How much time will it take to make that money?

Answering these four questions in tandem is essential for gaining a full scope of your revenue and profit potential and the only way to perform an effective, watertight market analysis that will enable you to make informed decisions on which countries and markets to expand into.?

For a more detailed explanation about performing a market analysis please feel free to subscribe to our article series:

https://weconnect.co/international-expansion-blueprint-isaac-invite/

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