After the PESTEL analysis, it’s time to move on to market segmentation analysis. How can segmentation support your internationalization process?
Market segmentation is crucial for understanding the needs of target customers and identifying market opportunities. In its execution, it requires correctly identifying segmentation criteria such as demographics, needs, interests, psychographic or behavioral data.
With the gathered information, it is possible to identify the customer profile, including their industry size in which they operate. Effective segmentation ensures that you reach the “right” customers. After the traditional SWOT analysis (the next task!), you can add the desired differentiation.
Ultimate goal: achieve a sufficiently strong market positioning that allows you to create a unique value proposition in the market you are going to compete in.
Want to learn more? Register for our webinar on the internationalization opportunities you can achieve with WebSummit 2023.