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GROWTH

Market Expansion

UNDERSTAND

U

Conduct Interviews & Review Data

NAVIGATE

N

Map the Field

IMPLEMENT

I

Unlock Growth

TRACK

T

Track Progress

YIELD

Iterate & Evolve

Y

Using the UNITY framework, let's explore a specific scenario that may keep you up at night...

Scenario

You want to expand by targeting new markets or become the dominate player in your current market. This expansion may involve geographical expansion, reaching new demographics, or tapping into untapped industries and the path to achieve these things isn't quite clear.

01

Conduct Interviews & Review Data

  • Conduct thorough market research to identify potential new markets or segments. 

  • Analyze market size, growth potential, competition, and demand. 

  • Profile potential customers within the target markets or segments. Understand their demographics, behaviors, preferences, and pain points. 

  • Assess the competitive landscape in the identified markets. Understand key competitors, their strategies, and market gaps. 

  • Evaluate regulatory requirements and compliance considerations specific to the target markets or industries. 

  • Assess the product and service offerings to include a whitespace analysis against current clients and the market.

02

Map the Field

  • Define clear objectives for market expansion, including revenue targets, market penetration goals, and timeline expectations. 

  • Develop a market entry strategy that outlines how the business will enter and establish a presence in the new markets or segments. 

  • Develop marketing and positioning strategies tailored to the new markets or segments. Determine the most effective channels and messaging. 

  • Plan sales and distribution channels specific to the expansion, considering partnerships, channels, and logistics. 

  • Identify potential risks associated with market expansion and develop risk mitigation strategies.

03

Unlock Growth

  • Execute the market entry strategy, which may involve establishing a physical presence, launching marketing campaigns, or initiating partnerships. 

  • Deploy necessary adaptations to products or services based on the target market's requirements and preferences. 

  • Launch marketing campaigns in the new markets or segments, tailored to the identified demographics and positioning. 

  • Establish sales and distribution channels as planned, ensuring alignment with the market entry strategy. 

  • Ensure compliance with regulatory requirements and navigate any legal or compliance challenges.

04

Track Progress

  • Define key performance indicators (KPIs) for market expansion, such as revenue growth in the new markets, customer acquisition rates, and market share. 

  • Continuously collect data on KPIs, sales performance, customer feedback, and market dynamics in the new markets. 

  • Monitor and analyze competitive developments and market trends in the expanded markets.

05

Iterate & Evolve

  • Analyze collected data and feedback to evaluate the success of market expansion efforts and identify areas for improvement. 

  • Develop an improvement plan based on data analysis, customer feedback, and market dynamics. Determine refinements to the expansion strategy. 

  • Conduct regular working sessions to ensure consistent progress without the need for full-scale change. 

  • Foster a culture of continuous expansion and growth within the organization, seeking new opportunities and markets for ongoing revenue growth.

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