Among the many pitfalls a Business Initiative must avoid to reach the golden land of success, there is one that is, in our experience, consistently under-estimated: the choice of markets to deploy.
However, falling into that trap can prove deadly for your initiative:
A recent illustration has occurred to us in Asia, when advising a Petcare market leader as regards their Business acceleration in the region. Japan and China were primary targets for the company. And they intended to increase market share by setting-up D2C distribution and direct home delivery. Great idea. But in Japan only, actually. Today, in the distribution and customer expectations chinese paradigm, not using the powerful marketplaces, such as Alibaba and its counterparts, is quite risky in terms of success and investment efficiency.
This strong cultural difference in Business approaches is a critical element that has to be assessed when conducting a Market Choice. Because identifying such gaps will let you take the right decision when deploying your initiatives.
Another great example of that need for an anticipated, factual Market Choice takes place in Latin America, where a pharmaceutical sector leader intended to deploy a solution to vaccinate people inside companies. They actually started the deployment, only being stopped in their track when realizing they missed a crucial point in the region: the associations. In countries such as Colombia, you cannot organize company vaccination events without partnering with the associations. Building that partnership afterwards costed them months of delay in their deployment and a hit in their communication brand image.
They could have identified that legal peculiarity during a proper Market Choice, easily taking it into account in the deployment roadmap.
Definitely not alone, from a central point of view. To be relevant and allow you to highlight the benefits and constraints of Markets regarding your initiative, you have to build an assessment with:
Gathering those ingredients, you obtain a relevant assessment model to identify upon facts the best markets to deploy first (the most benefits, the least constraints).
You still have one challenge to cope with: getting the answers, quick and consolidated.
You probably have made the experience of asking your markets to fulfil a monstrous Excel sheet, fighting to get answers, struggling to consolidate and analyze them to finally realize markets insights are quite subjective and hardly comparable. Did we miss something in that nightmare?
This is where a dedicated platform comes in handy. Proposing a user-friendly interface, accessible from any internet browser, will help convince the Markets to answer. With its structure and quotation helpers, you ensure an easy consolidation of objective, comparable answers. And finally, you give vision to everybody, on-the-fly, helping you to build trust and momentum for your future deployments.