Zach Selch walks through six to eight metrics for evaluating international markets for healthcare products: population size, birth rates, per-capita GDP, obesity prevalence, childhood malnutrition, and access to sanitation. These numbers let you quickly decide which countries are worth pursuing.
Chapters
When I'm looking at new markets, or looking at markets in general, there are a couple of key indicators that I like to keep track of. And those include, when I look at markets, new markets, or markets in general, there are a couple of key indicators I like to keep track of. And they give me a very basic concept of the market. Okay, so size of the population. Okay, how many millions of people in the population? How many kids are born every year? What the per capita GDP is. Okay, there's a huge difference between between what people are going to buy with $25,000 or $27,000 per capita GDP or $3,000 per capita GDP. I like to take a look at the rates of obesity and the rates of childhood malnutrition. Countries that have 25%, 30%, 35% obesity, you know they're going to have lifestyle diseases. Countries that have 12% obesity or 10% or 8% obesity, but then also have, say, 12% or 15% or 18% malnutrition, they have a totally different set of worries they have to be worried about. I like to keep track of how much, how many, what percentage of the population has access to sanitation and clean water, right? Because there are places where 50% of the population can't get to a toilet, and that's going to impact their healthcare purchasing needs as a country as a whole. Okay, so these are the type of numbers I like to keep track of, and they're going to help me understand what products that market might be interested in, what products that part— product that country probably isn't going to be interested in. Okay, especially when I'm, when I'm I'm dealing with healthcare. That's my field. And for you, whatever you're dealing with, you can probably pull up 6 or 8 economic indicators like that that are going to really help you understand what you need to know when you're looking at a new market. Because I'm looking at 50, 60, 80 countries at any given time and wondering if they're worth my while to go into or not, or where I should put more efforts, etc. And by keeping track of these economic indicators, I can tell if a market really isn't worth my time. Remember, When you're ready to grow your international sales, reach out to us. We can help.
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