Market Expansion Strategy
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Our client, a growing start-up in the outdoor industry, has designed and launched a new type of outdoor product that disrupts the market, creating new adventure opportunities.
After successfully launching their product in the UK and raising money through VC investment and crowdfunding, the team wanted support to build a strategy for expanding into new markets. This is where Exevion were asked to help.
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Exevion worked with the client in three stages to identify, prioritise and action on countries for future market entry.
Stage 1: Global Market Assessment – high-level global market assessment to identify the largest outdoor markets. The research was conducted across a number of key global markets. Countries were compared across various categories, for example, outdoor market size, a country's outdoor recreation habits, and geographic opportunity for using the product.
Stage 2: In-Depth Analysis and Prioritisation – conducted an in-depth analysis of key countries and prioritised them for market entry. To do this, the countries were compared across different quantitative and qualitative measures to fully understand the size of the opportunity and the product market fit for the client’s current and future product range.
Stage 3: Market Entry Approach – the final stage detailed the approach the client should take for market entry into each target country. This included detailed and actionable next steps made up of short-term initiatives like running partner events with local retailers and influencers to longer-term strategic plans.
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We produced a list of actionable next steps for each country, which the client could work through over the coming 12 months. The aim of these was to give the team tangible actions as well as provide starting points of inspiration for longer-term business development. This was accompanied by in-depth research, which the client’s team can use as a reference for future planning.
The work we completed helps the client with market expansion in several different ways:
Reduces the risk and cost by helping them launch their products into markets where there is the highest opportunity for growth;
Prioritises countries and next steps, letting the client focus their effort on actions with the highest impact;
Reduced ambiguity with clear next steps, which means the team can concentrate on all of the other challenges that spring up while running the business.
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Effective market expansion is driven by a clear understanding of product fit for targeted markets. Businesses looking to expand into new markets should identify and prioritise their efforts to focus on the greatest opportunities.
We look forward to seeing the client’s business grow as they continue to innovate in the thriving outdoor product industry.
