What factors need to be considered if you want to launch your product in a new market?

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What factors need to be considered if you want to launch your product in a new market?

Asked at Uber over a year ago

3.2k views

& 1 other company

Asked at

& 1 other company

3.2k views

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nehagupta · Answer 1 · 2021-07-11T15:02:12+0000

Scope:
1. Would like to first understand the basic functionality of the product? Is it like a product feature of Facebook currently present in on market like US for example Facebook watch parties and now being considered for being launched in India? Can i take this assumption ? yes
2. Who are the current users of this product?
3. What problem does it solve for the user?
4. Any competitors of the product?
5. Any reason why was this feature initially launched only in one market?
6. Have we already decided on a new market or do I need to think of factors to narrow down on a specific market as well?
Goal:
1. Next I want to understand what is the purpose of this launch into new market - have we observed jump in engagement on facebook in US due to watch parties and thus considering launching in other markets to gain similar type of engagement jump their as well?
Factors to consider while narrowing on a new market for launch:-
1. Buyers:-Sizable target market segment :-
  1. Understanding of the users who are currently using the product in other markets- age,gender, education, interests, relationship between users who are participants of the watch parties, type of devices - mobile or desktop, type of network wifi or mobile data., type of videos watched together --> this will help in determining if we have sizable population in the potential new markets which are being explored.
  2. Sizable demand - Based on market research, are target consumers interested in the value proposition which we plan to provide.
  3. Test the interest via market surveys in the potential markets.
2. Any barriers to entry/threat to new entrants:
  1. Right infra available in the target market required to support the product usage
  2. Stickiness of existing platforms very high thus effort to switch the customer to another product is difficult.
  3. Market regulations - Ensure anything in the product is not in conflict with the country regulations to ensure smooth launch otherwise necessary tweaks would have to be taken care off.
3. Competitors -
  1. Are there many competitors and do our product offer some competitive advantage which other products currently present in the location don't have?
  2. Target market growing or stagnant?
4. Suppliers:
  1. Sizable suppliers?
5. how easy is it for customers to switch to alternatives
Once market is decided then I would divide the activities for launch into 3 buckets:
1. Pre launch
  1. Partnerships that can help in driving product awareness and adoption
  2. Marketing - deciding on inbound and outbound marketing activities for creating a buzz about the upcoming product. A PR can also be done on all the relavant platforms announcing the date of launch to the market.
  3. Pricing - Do we want to offer on discount ... what kind of model are we considering for pricing
  4. KPIs for measuring whether the launch was able to meet the decided goal
  5. Launch date
  6. Customer support rampup
1. During launch
  1. Distribution/partners:
  2. Marketing activities
  3. PR
2. Post launch
  1. Measuring success based on KPIs decided pre launch
  2. Based on KPIs and discussion with all stakeholders aligning on what went right and what went wrong.

Prateek Srivastava · Answer 2 · 2024-10-03T14:16:55+0000

We begin by asking clarifying questions:

What is the product we are talking about?
Who are the consumers of this product? Or what is the TG?
What is the geography we operate in?
What is the goal of entering the new market? How does it align with organizational goal?
Do we have an idea on the competition in the new market?

Some key assumptions:

We are talking of a digital product.
Most relevant regulatory clearances have been taken care of.

The scope here is to launch a product in new market. The goal in the short term would be to spread awareness and in the long run would be to grow market share in new market.

To accomplish the goal at hand, here are the things we need to consider:

User groups & needs of the new market.
Competition to the product we are launching.
Pricing point for the product in new market.
Any key partnerships that need to be explored for product launch in the new market.

Key metrics to be tracked - #downloads, #signups -> awareness stage. Long term -> Increase in monetization.

Steps to be kept in mind during pre,during, & post launch phases:

Pre
- Explore partnerships
- Idenitify pricing points.
During
- Launch - Branding & Awareness
Post
- Check the progress with respect to metrics identified and course correct as needed.

In sum, we start by asking clarifying questions and state key assumptions. Next, we identify the scope and goal of the problem statement at hand. Thirdly, we identify the key steps to be taken and list down the pre, during, & post launch activities to be done to accomplish the goal at hand.

neetu jain · Answer 3 · 2020-09-06T01:28:01+0000

Clarify :- existing product or new product?

Clarify:- why we chose the new market

1) is the product a good fit for this market ?

2) which use segment will this product cater to .. or should we target?

3) what GTM channels will work for these segments?

4) competitors?which are the competitors in that market? draft a competing strategy

5) rules/regulations/compliance etc

6) how much this use segment will be willing to pay ?

7) what promotions can help activations/acquisitions? how to position the product

8) how does the supply side situation work in the new market?

9) how will users in the new market consumer the product (same user journey or different?) and track up to referrals (5 Es of customer journey)

10) how much ROI can we get from this market .. what should be our game? users/revenue?

11) potential partnerships, collaborations

12) branding strategy .. key value communication/USP

13) test the market

14) customize the solution for better results of the new market