Read the full script of Module 5, Episode 6 of the Global Growth Master Class below. Want to get certified on global expansion? Simply click here to access the complete course today.

Let’s recap what we covered in this module.

We discussed a new way to approach evaluating market readiness.

We also detailed the mistakes that companies often make and a new scope for evaluating new markets, namely around the crucial step of in-market Localization Discovery. We also investigated how top companies look at market evaluation and selection through our case studies of Spotify, Google, and Evernote.

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Now you understand that you have conducted an acceptable Market Readiness evaluation process and are ready to move to the next step when you have validated the research you did at HQ with the insights you gathered from Localization Discovery, have selected a market (or a few markets) to target, and have an idea of how you will need to localize your business for the market(s).

In the module we helped you answer the following questions:

• What are things I definitely shouldn’t do when evaluating and selecting new international markets? 

• What are things I should absolutely do when evaluating and selecting new international markets?

• What should I do in-market to evaluate a potential new market?

   

To apply the concepts from this module we suggest that you go through 3 quick exercises related to the market readiness process:

1. Create your list of criteria, including custom criteria that involves cultural considerations, to evaluate international markets by.

2. Develop a detailed list of stakeholders to speak with during in-person localization discovery to ensure you are getting well-rounded perspectives to evaluate market opportunities.

3. Create a Do’s and Don’ts checklist, to keep track of whether you are falling into any of the pitfalls (what NOT to do’s) outlined in this module, and ensure you are doing each of the what to do, items we discussed. 

If you have any questions or need any help navigating the Market Readiness process including completing the 3 exercises we just outlined or conducting a thorough Localization Discovery exercise, please reach out to us and schedule a free consultation call.

Assuming that you have a list of target markets and understand them, through the localization discovery process, leading you to have a priority market in your sights, you are probably wondering, how do I approach entering the market and adapting my business to succeed there? The next module will show you have, by introducing you to probably the most important tool in the Global Class.

Consider the following questions and outline your answers:

• What custom criteria, beyond typical market metrics, should we evaluate new markets by?

• What markets can we target that will help us develop our localization muscles before targeting large markets that require extensive changes to our models?

• Are we letting the familiarity bias, personal biases, organic growth, leadership team preferences, or outsourced insights take precedence over insights we have directly discovered in-market when evaluating market readiness and deciding on new markets?

 
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 1 of the Global Growth Master Class.