VALIDATION OF THE INTERNATIONALISATION OF A COMPANY

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The internationalisation of your company is also full of hypotheses that you must validate before going abroad.

How should a company wishing to internationalise validate hypotheses?

When a company wishes to go international, it is important to validate assumptions carefully and rigorously to ensure that the proposed solution will be successful in the new target market. Below are some steps that can help a company validate its assumptions prior to internationalisation:

• Market research: it is important to conduct thorough research of the target market to understand customer needs and wants, competition, regulations and market trends. This will help the company identify key assumptions that need to be validated.
• Selection of a test group: Once the key hypotheses have been identified, it is important to select a test group that represents the target market. The test group should be representative of the target market and have similar usage habits and needs as the potential customers.
• Experimental design: the experiment should be carefully designed to validate the key hypotheses. It is important to define the measures of success in advance and ensure that they are objective and measurable.
• Execution of the experiment: the experiment must be executed in a rigorous and careful manner to ensure that the results are accurate and meaningful. It is important to follow the experimental design and ensure that all success criteria are met.
• Analysis of the results: Once the results have been collected, it is important to analyse them carefully to determine whether the key assumptions have been met. If the hypotheses have not been met, it is important to review the proposed solution and make adjustments before internationalisation.

In a nutshell, Hypothesis validation is a critical process that must be carried out with care and rigour prior to the internationalisation of a company. Market research, careful selection of a test group, rigorous design of the experiment, careful execution of the experiment and careful analysis of the results are key steps in hypothesis validation.

Hypotheses to be validated by a company wishing to internationalise

When a company wishes to go international, it must validate a number of assumptions to ensure that its proposed solution will be successful in the target market.

Some of the key hypotheses to be validated include:

• Market assumptions: the company must validate whether there is demand in the target market for the solution it offers. This involves researching the needs and wants of customers in the target market and assessing whether the proposed solution is relevant and attractive to them.
• Competition hypothesis: the company must validate whether there are competitors in the target market offering similar solutions and assess their competitive advantage. This involves researching competitors' solutions, assessing their strengths and weaknesses, and determining how the proposed solution can be differentiated.
• Hypothetical regulations and legal requirements: the company must validate whether there are regulations and legal requirements in the target market that affect the proposed solution. This involves researching local laws and regulations and determining whether the proposed solution complies with legal requirements.
• Infrastructure hypothesis: the company must validate whether the infrastructure required to deliver the proposed solution is available in the target market. This involves investigating the availability and quality of the necessary resources, such as internet access, logistics and supply chain.
• Culture hypothesis: the company must validate whether the proposed solution is culturally relevant and acceptable in the target market. This involves investigating cultural differences and assessing how the proposed solution fits in with local cultural norms and values.

By validating these assumptions, a company can ensure that its proposed solution will be successful in the target market and reduce the risks associated with internationalisation.

Tools for validating hypotheses in a company wishing to internationalise

There are several tools that a company wishing to internationalise can use to validate its assumptions and reduce the risks associated with expanding into new markets. Some of these tools include:

• Market research: the company can conduct market research in the target market to assess customer demand, needs and wants, competition and legal regulations and requirements.
• Proofs of concept: the company can create prototypes or simplified versions of its solution and test them in the target market to assess customer response.
• Data analysis: the company can use data analytics to assess trends and patterns in the target market and to measure the performance of the proposed solution.
• A/B testing: the company can use A/B testing to compare different versions of its solution and evaluate which is more effective in the target market.
• Field studies: the company can send research teams to the target market to obtain first-hand information on customer needs and wants, competition and other key factors.

In a nutshell, By using these tools, a company wishing to internationalise can validate its assumptions and reduce the risks associated with expanding into new markets.