Expanding into a new market is not an easy endeavour for any company, regardless of the size. It requires financial and human resources that need to be justified. In addition to that, any new market or product takes away from your existing focus which, on its own, is incredibly important.
The process I describe here is how I have approached product positioning for new markets at my current job. Whether it’s expanding products or testing new distribution channels in the UK or launching in China, both the business and sales teams can truly benefit from involving the product and marketing team from the start. Because asking the right questions, coming up with hypotheses, and testing ideas is what we do every day. We spend the time to understand our customers.
Because asking the right questions, coming up with hypotheses, and testing ideas is what product and marketing does every day.
I have divided the process into three main steps; developing a hypothesis, conducting extensive researching, and making hard decisions.
