Business Strategy Questions: Distributors
As a distributor, you may be facing tough questions while deciding whether to enter a new market. We pulled together a list of quick questions that may help you discover the information you need to make an informed decision within your company:
- Is there existing demand for the product in the new market? Is your team willing to adapt the product to a local market?
- What other similar products have expanded to this market, and what lessons could you learn from their experience? Did they succeed, fail, or run into major obstacles?
- Are the customers in the new market tangibly different than your current market? Is their purchasing process or behavior substantially different?
- Are there social concerns with your product that may not exist in other geographies? Have you considered local cultural impact to the perception of your product?
- Will you need a local partner to launch the product in a new country or geography? If so, do you know which candidates to consider?
Expanding to a new market will raise questions that you never had to answer while operating in your home market – and connecting with advisors in those new markets is one of the best ways to learn about the space, answer your toughest questions, and be better prepared for this important decision.