Value proposition: What is the strategy to enter and expand in a new Growth Market?
When considering to enter a new market or region, a company needs to assess the attractiveness of new Growth Markets, identify the right customers and evaluate what products or services to take to market at the correct price
Market potential - Key considerations:
- Does the market offer enough value and volume for investments to pay off?
- What is the opportunity, size and growth rate of the particular sector?
- What is the competitive landscape for the product/service?
- What are the major trends in the sector and how are they evolving?
Customer segmentation - Key considerations:
- Should Growth Markets be segmented by income, geography, culture and need?
- Where do these target consumers live and what is their spending power?
- How do target consumers prefer to purchase and how does this change across channels?
Product/Service and pricing - Key considerations:
- Can target consumer segment be optimally addressed with existing product/service suite?
- How can you be locally competitive and address customer preferences and regulations?
- What is the pricing threshold for your target consumers?
- What is the most appropriate positioning for your product to attract target consumers?