You can analyze the potential market with the SEMrush Market Explorer tool . This way you can understand whether there is enough demand for you in the region and whether it is worth exploring these options further. Without lengthy and expensive market research, you can get relevant results with this tool.
To get started, you can use your domain or choose one of your potential competitors who are italy mobile number example already present in your target market. Don't forget to choose a target country.
SEMrush's Market Explorer traffic trends
The first thing to pay attention to is the market traffic from the previous year. If the traffic decreases, this indicates that the market may be less interesting for business. If the market traffic is growing, this may be a good option for investment and development of your company.
Consider the peculiarities of the local market
By conducting your initial market assessment, you will have already noticed certain relevant details of your chosen market. Now it is time to take a closer look at the peculiarities, so that you do not face unpleasant surprises in the future.
1. Examine the economic situation
Carefully evaluate the state of the economy in your chosen region to see if it is a good fit.
Starbucks has gained many overseas markets but has been unable to replicate this success in Australia.
First, it began to enter the market without fully understanding its potential customers. Starbucks began promoting coffee as a product , but for Australians, going to a coffee shop was a social experience, more than just another “fast food” place. Furthermore, the company did not understand Australians’ coffee preferences: Starbucks coffee was simply too sweet for their taste.
Secondly, the economic situation played a crucial role in slowing Starbucks' expansion in Australia. As a result of the global recession in 2008, the company was forced to close two-thirds of its stores in the country, as the purchasing power of potential customers in the new market had been affected.
Starbucks had enough financial resources to stay afloat, but not all brands can survive in such a situation.