I hear a lot: "my brand is already sold in x,y,z number of markets".
Yes but usually, only 20% of those markets do well.
Understand what works in a new market before embarking on the next one. Here's a 4 steps process to keep in mind:
Entering a new market whilst not having cracked the current one can become a very dangerous game where you will lose money and energy.
Course correction is easier on a couple of markets than on 10+.
If you are starting a new brand, you have limited people and monetary resources.
The 4 macro steps I recommend:
- understand what works in the home market
- understand what learnings you can bring to the next market
- spend time exploring what works and what doesn't in that one
- select the next market with similarities to what works on the above
Don't go to the following step if you have not cracked the previous one
Just because other brands are selling there, it doesn't mean you should.
1 case sold in 1 bar is better than 1 bottle sold in 6 bars.
Think small to think big.