Read the full script of Module 6, Episode 7 of the Global Growth Master Class below. Want to get certified on global expansion? Simply click here to access the complete course today.

Now it’s time to bring together all the insights from your market research, localization discovery, and analysis of the 6 Localization Premium Categories with the Government & Regulation and Culture filters, and in doing so, answer the question, how do you turn these insights into an actionable plan to find traction in the market more quickly?

The answer to this question is an exercise we created called, the “Business Model Canvas" (BMLC)

The goal of the BMLC is to paint a picture of how your model would need to change to be successful in a new market by analyzing the market in a structured way to create a comprehensive list of potential localizations by using some of the constructs you have learned more about in this module – Localization Premium and the Government & Regulation and Culture Filters.

Let’s review the BMLC and show you how to fill it out yourself. If you’d like to fill out your own BMLC as I go through this overview, simply download it in the module description of the Global Growth Master Class.

Let’s start with the top row. Starting on the top left you fill out your company name, the country that you are filling the canvas out for, the date, and the person/people completing the form. The date is important because the BMLC is a dynamic document; as you learn more about a market you will likely add more insights and change some of your hypotheses.

That said, you should update the document or fill out additional versions to reflect these new learnings and changes. Listing the people involved in filling the BMLC out is important for internal alignment purposes, so you know who has contributed input, and to encourage you to make it a more collaborative exercise with your colleagues. 

Next, take a look at the far-left column that lists out each of the 6 Localization Premiums, broken into the Go-to-Market (Marketing, Sales, and Product Premiums), and Operational (Infrastructure, Organization, and Administrative) segments. The column immediately to the right is where you outline the Validated Model in your Initial Market. 

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Marketing Premium would list your value proposition for your initial market, sales premium is where you outline your revenue model and distribution channel strategy, admin premium is where you might outline your domestic intellectual property strategy, etc.

 To the right of this is the “Key Questions” column. In this column, you write out all the questions you have as they relate to each of the localization premiums for the new market. For example, under sales premium, you may ask “Will a subscription agreement work?” and under infrastructure premium you might ask “Do we need to set up a new data center in-country or will our current cloud providers work?” etc. 

These are the questions you should ask key stakeholders during the localization discovery process

Then, in the Government & Regulation and Culture columns you outline all the insights you uncovered during Localization Discovery and Market Research that apply to that Localization Premium, relating it to some kind of government/regulation factor or cultural factor.

Once this is complete, you analyze all the information you input and complete the column on the far right, “Local Market Hypotheses” which is where you craft your educated guess on how the business will operate differently in the new market, categorized by each of the Localization Premium.

As previously mentioned, it is important that filling out the BMLC be a collaborative exercise that involves multiple stakeholders across functions.

NOTE: Don't miss out on the next episode! If you want to continue learning about global expansion strategies and dive deeper into the course material, simply click here to access Module 6, Episode 8 of the Global Growth Master Class.