How to Choose Your Next Market
Years ago, I found myself in a bit of a dilemma: should I refresh my Italian or my Portuguese? Having studied in Italy and worked in Brazil, I loved both languages and started weighing the pros and cons.
Portuguese is great for business as Portuguese companies are excellent to work with, but the differences between Brazilian Portuguese and European Portuguese can be tricky. Italian is a beautiful language, perfect for vacations and ordering in restaurants, and I couldn’t think of any downsides!
This back-and-forth dragged on for so long and made me waste so much time. Finally, I chose Italian. And you know what? It wasn’t until I committed to Italian that I started studying and dedicating enough time to make progress.
The same thing often happens with businesses trying to decide which new market to enter. They know they want to grow, but they can't decide: China, Germany, USA, or somewhere else? Often, when checking in a few months later, they still haven’t made a move.
Are you stuck in this same position?
Here are a few key factors to consider when choosing a new market:
How to balance the opportunity with the investment cost and ease of entry
Your readiness to enter the new market you’re considering
Whether you will pave the road or ride the wave, and how that choice impacts your strategy and team
Selecting the right market is a multifaceted decision. Sometimes, the hardest part is simply making the choice. Once you do, you’ll have the clarity and focus to make it work!
This summer, I developed and tested a new “Market Selection Workshop” with a dozen companies. While it’s still too early to measure their progress, one thing is certain: 100% made a decision within four weeks, and they’re now fully committed to their new market.
Are you ready to stop weighing your options and start moving forward? Let’s talk!
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