Countries Where Your Brand Can Make a Difference

Countries Where Your Brand Can Make a Difference

December 3, 2020
Blog
Retail & E-Commerce

As the world continues to navigate the challenges brought on by the global pandemic, brands have an opportunity to make a meaningful impact in ways they may not have initially considered.

The pandemic has introduced financial, mental, and physical challenges for consumers, shifting their sentiments and behaviors. In response, brand leaders are rethinking how their products and global strategies can provide value—not only commercially but also socially—helping individuals and communities thrive. This creates a win-win opportunity for brands and consumers alike.

Evolving Opportunities in Digital and Physical Goods

Key categories thriving in both digital and physical retail spaces include:

• Food and Beverage
• Household Goods
• Apparel
• Fitness
• Entertainment

To explore these opportunities globally, brands can identify and evaluate emerging markets where their value propositions align with changing consumer needs.

Evaluating the Global Whitespace Opportunity Map

To uncover promising new markets, brands can use a structured, data-driven approach we call the Global Whitespace Opportunity Map. Start with two fundamental steps:

1. Challenge Assumptions: Set aside preconceived notions about where your brand "should" expand and approach new markets with an open mind.
2. Conduct Research: Investigate regions and countries to evaluate consumer sentiment, the fit of your value proposition, and global customer acquisition factors.

To streamline evaluation, we use a six-factor framework, color-coding markets based on their potential for meaningful engagement. Here’s what we assess:

1. Financial Management

Efficient financial management is critical. It includes ensuring a frictionless checkout process for local consumers, managing currency exchanges, and repatriating funds effectively. Understanding the nuances of financial systems in target markets can accelerate entry and provide a competitive advantage in pricing and profitability.

2. Customer Acquisition Costs

One of the most important metrics to test is the cost of acquiring new customers in international markets. Through an eight-week data-driven testing program across multiple countries, brands can establish a baseline for cost-effective channels and strategies to attract target customer segments.

3. Logistics

For brands dealing with physical goods, assessing cross-border delivery options and third-party logistics (3PL) providers is essential. Misinterpreted agreements or poor logistics planning can lead to operational challenges and customer dissatisfaction. Clear, detailed logistics strategies can set a solid foundation for success.

4. Customer Care

Listening to local customers early in the process is a key indicator of successful global expansion. The customer journey often changes when addressing international markets, requiring adaptations in language, tone, and touchpoints to create a seamless and positive experience.

5. Value Proposition Alignment

The value proposition of a product or service may differ significantly from one market to another. Brands should evaluate everything from pricing and returns policies to the unique benefits of their offerings. Often, surprising insights emerge, highlighting opportunities to adjust and better resonate with local consumers.

6. Global Variables

Political climates, consumer sentiment within specific categories, currency fluctuations, and other macroeconomic variables can greatly influence success in a given market. By understanding and evaluating these factors, brands can more accurately predict and mitigate risks associated with new market entries.

Building Lasting Relationships with Global Consumers

By leveraging this structured approach and analyzing the six factors above, brands can develop meaningful relationships with new consumer bases. These insights not only enhance short-term market entry strategies but also create sustainable, long-term value for both the brand and its customers.

Start exploring how your brand can make a difference globally today. With the right strategy, your brand can thrive in new markets while contributing positively to communities around the world.

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