How can trend forecasting help you expand your business into international markets?

1 Why trend forecasting matters for international expansion

Expanding your business into a new market can be risky and costly, so it's important to understand the cultural, social, economic, and legal factors that affect your target customers and competitors. Trend forecasting can help reduce the uncertainty and complexity of entering a new market by providing insights and scenarios based on data and analysis. It can help you identify emerging needs, preferences, and behaviors of potential customers, spot new opportunities in the market, adapt your marketing strategies to the local context and culture, and monitor changes in the market to stay relevant and competitive.

2 How to do trend forecasting for international expansion

Trend forecasting for international expansion requires a systematic and creative approach that combines research, analysis, synthesis, and visualization. To do trend forecasting for international expansion, you should first define your objective and scope. This includes identifying your goal for expanding into a new market, target segment, industry, or region, as well as your time horizon and budget. Then, collect and analyze data from various sources such as market reports, customer surveys, social media, expert interviews, competitor analysis, etc. to identify patterns and signals of change in the market. Synthesize and visualize the trends using frameworks or models such as a PESTEL analysis or a trend map. Next, generate and evaluate scenarios of how the market might evolve in the future and how your offer might fit in. Finally, develop an action plan for entering and expanding in the new market and monitor the results of your actions.

3 Tips and tools for trend forecasting for international expansion

Trend forecasting for international expansion can be a challenging and time-consuming task, but by following a systematic and creative approach, it can be done effectively and efficiently. Use multiple sources and perspectives to collect and validate your data, such as secondary research, primary research, observation, ethnography, etc. Seek input and feedback from different stakeholders like customers, experts, partners, and employees. Don't limit yourself to the obvious or familiar trends and scenarios; explore the unexpected, emerging, and disruptive trends that might affect your market. Treat trend forecasting as a dynamic process that requires constant revision and refinement based on new data, feedback, and changes in the market. Utilize online tools and platforms like Trend Hunter, WGSN, TrendWatching, or Future Today Institute to access trends insights. By taking these steps you can gain valuable insights that can guide your decisions and actions when expanding your business into international markets.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?