“Looking for New Global Markets?

Bigger Isn’t Always Better”

by Nataly Kelly
It can be appealing to just focus on the major markets, but that method doesn’t justify for
several key factors. In this article, the author shares a three-part framework to aid any
company, develop a targeted expansion strategy. Precisely, for each potential market,
businesses should determine the MARACA framework which consists of three metrics that
company should consider while evaluating.
The three metrics are market availability (The size of the market comparative to other
markets, the number of possible customers and the projected revenue potential.), real-time
analytics (How your company is presently performing in a certain market, relative to your
uppermost markets.), and customer addressability (How difficult it will be to report the
precise needs of this market. Understanding the fit between your present offerings and a
possible new market will give you an idea of how much investment it would take to attain
product-market fit in diverse places.). By balancing each of these three considerations and
cautiously considering each market opportunity one at a time, you can make a well-versed
decision and move forward into these new markets with confidence and assurance. To
implement this agenda, we allocated each possible market a score for each of the three
components, on a scale of one to ten. 10-10-10 score would mean a perfect market, but a
perfect score is exceedingly rare. The core value of the MARACA framework is that it pushes
you to look carefully at how you would perform in each market, one at a time, at the micro
level. It helps you to comprehend your company’s weaknesses and opportunities in each
native market. This analysis gives you what you must to better control your global growth;
you can decrease investment in low potential markets and emphasis on capitalizing in
countries that are probable to propose faster traction.
There is no standard answer when it comes to worldwide growth. The refinement of your
firm, the market you’re in and your firm’s planned direction will help to form your expansion
into new markets. These change over time so your firm should be dynamic.