When you’re looking at expanding into new countries, getting the market opportunity analysis right at the start can make or break your success. In episode 28 of International Expansion Explained I spoke with my friend Rubby Golo, Founder and CEO of Global Trade Consult in Ghana. She’s the perfect person to talk to about this topic because not only does she advise international companies coming into Ghana and other African markets, she also has decades of experience on both sides of the trade table.
Rubby is one of those people who balances serious expertise with a real passion for helping businesses and communities grow. She works with organisations who want to trade with or invest in Ghana, and she’s also deeply involved in supporting women and young people to discover and develop their entrepreneurial talents.
Table of Contents
Rubby’s Background and Early Career
Rubby didn’t just fall into international trade. Her career started in the UK’s Department for Business and Trade, where she spent nearly twenty years helping British companies expand into Ghana. That role meant a lot of training, trade shows, and conferences — both in the UK and abroad — and over time she built up an impressive network and deep knowledge of how cross-border trade really works in practice.
It was during those years that she realised she wanted to one day run her own consultancy. She even tells the story of how she dreamt the name Global Trade before the company existed, registered it early to make sure no one else could take it, and then formally launched Global Trade Consult in 2017 when the time was right.
One point Rubby emphasises, and I couldn’t agree more, is the importance of having a proper exit plan when moving from corporate life to running your own business. That plan isn’t just financial — it’s also psychological. You’re shifting from a structured job into building something yourself, and it’s a massive change in how you work and think. Speaking as someone who also made that leap, I can confirm it’s not easy, but with a plan in place it’s far more manageable.
Understanding the Complexities of Entering New International Markets
When companies are planning to expand abroad, it’s often the “big” things that spring to mind — import duties, taxes, or product registration, and believe me, those are not to be underestimated. But as Rubby pointed out in our conversation, the challenges of entering a new market are often much more subtle, and that’s where businesses can get tripped up.
Culture is one of the first hurdles. Every country has its own way of doing things, and if you don’t understand those unwritten rules, you risk offending people without even realising it. Rubby gave the example from Ghana where it’s considered a taboo to greet someone or hand them an item with your left hand. That might seem like a small thing, but if you don’t know it, you can make the wrong impression right from the start.
Language is another major factor. Rubby told the story of a Ghanaian company that was doing well locally and decided to expand into Côte d’Ivoire. The problem? All their packaging and marketing was in English, while Côte d’Ivoire is a French-speaking country. Without adapting their materials, there was simply no way they were going to gain traction. They had to go back and do their homework before re-launching properly.
These examples highlight why businesses can’t just assume what works at home will work elsewhere. Even something as simple as colour choice in branding can make or break your reception in a new country. What’s lucky and positive in one place might signal danger or be religiously sensitive in another. These cultural nuances matter, and skipping over them is a fast track to frustration.
Metrics and Tools for Market Opportunity Analysis
So how do you actually measure if a new market is worth entering? That’s where a proper market potential assessment comes in. Numbers alone won’t give you the whole picture, but they’re a vital starting point.
Rubby explained that one of her go-to resources is the International Trade Centre (ITC) website. It’s packed with trade flows, tariffs, market access conditions and sector breakdowns. You can look up specific HS codes, see which countries are importing those products, and compare year-on-year growth. For a company still at the “where do we start?” stage, this data can show you whether there’s an established market or if you’d be trying to create demand from scratch.
But it doesn’t stop at secondary data. Rubby stressed that if you really want to understand a market, you need to combine quantitative metrics with qualitative insights. That means moving beyond spreadsheets and talking to people on the ground. Surveys, structured interviews, and even informal conversations with potential customers can uncover issues you’d never spot from afar. For instance, what people say they buy doesn’t always match what they actually buy — and only fieldwork will reveal the difference.
She also recommends pilot testing. Running a small-scale product trial lets you see how customers react in reality. Do they like the packaging? Are they willing to pay the price point you’ve set? Do they use the product in the way you expect? Those reactions become part of your analysis just as much as import figures or GDP per capita.
Another key element is competitor benchmarking. It’s not enough to know that there’s demand — you also need to know who’s already serving it. A SWOT analysis against local and international competitors helps you identify gaps in the market and decide where you can differentiate. Sometimes the opportunity is in a niche segment that larger competitors are overlooking, but you won’t see that unless you’ve done the comparison.
And of course, a good analysis should flag potential risks. Rubby mentioned regulatory hurdles, hidden costs like excise duties, and even the time it takes to clear goods at customs. Building these factors into your evaluation means fewer nasty surprises later.
To put it simply: a thorough market opportunity analysis is not just about crunching numbers, but about blending hard data with human insight. The figures tell you if a market looks promising, but the conversations and pilot projects tell you how to make it work.
Regulatory, Cultural, and Operational Challenges
Beyond culture and language, there are plenty of practical obstacles companies overlook. Regulations on food, drugs, health and safety, or environmental impact can all be make-or-break issues. Add in taxes like VAT, customs duties or withholding taxes, and you’ve got a lot of complexity to navigate.
Rubby’s advice here is straightforward: talk to the relevant government agencies early on, and don’t be afraid to bring in experts who know the rules. There’s really no excuse for falling foul of regulations or not paying fees or taxes that you owe, because the information is usually out there if you look for it. Yes, you might have to pay for professional advice, but this will only cost a fraction of making an expensive mistake and entering the wrong market or getting fined for breaking a law you knew nothing about.
On the consumer side, businesses need to think carefully about what local customers actually want. Something as basic as climate can change demand completely. I gave the example during our chat of baby skincare: in Northern Europe parents worry about dry skin & chapped lips in winter, but in humid Singapore that’s far less relevant. The priorities are totally different. You might think in that case that sunscreen would be a top seller in Asian markets, but that would be wrong as there isn’t a culture of letting babies play in the direct sun because it’s simply too hot. they tend to be covered up and/ or inside.
Even product imagery can be a stumbling block. For instance, breastfeeding pictures are acceptable in some countries, but strictly not in others. These are the small but critical details you need to check when you evaluate market potential before rolling out a product that the market doesn’t need.
Assessing Product Viability
So what’s the best way to judge whether your product stands a chance in a new market? Rubby suggests three main steps:
- Get consumer feedback. Pilot projects or focus groups let you hear directly from the people who’ll buy (or reject) your product.
- Analyse the competition. Who’s already in the market? Where are the gaps? A solid SWOT analysis helps you understand how you can differentiate.
- Check compliance. Local regulations can block a product before it even gets to the shelf, so don’t cut corners here.
The bottom line is: ask more questions upfront than you think you need to. It’s far cheaper to discover a problem early than three months into a launch when you’ve already invested heavily.
You have to go a really long way, to deliver me a valid reason why you are entering a market that you haven’t visited to see what the real situation on the ground is, same goes for visiting the potential partners that you propose to work with. (If you want to work with me as a distributor, I’m going to want to see both your office and your warehouse before I entrust any of my brands to you!).
Successes, Failures, and Lessons Learned
Rubby shared two memorable case studies with me.
The first was a success story: Lancaster University setting up in Ghana. By carefully studying the market, they realised that whilst many students wanted a British degree relocating to the UK wasn’t often a practical option. The answer was a campus in Accra, offering local students access to UK education without leaving home. That blend of insight and practical problem-solving has made the project a long-term success.
On the flip side, Virgin Atlantic’s attempt to run flights to Ghana ran into trouble. A combination of operational challenges, fuel costs and not being able to secure the right Heathrow landing slots meant they eventually pulled out. It’s a reminder that even big names can fail if the conditions aren’t right — but also that markets change. Virgin has just returned, which shows that lessons learned can set the stage for future attempts.
Key Takeaways for Businesses
From our discussion, a few themes really stood out:
- Do your research. A solid market opportunity analysis should always be the first step.
- Respect cultural differences. Small details can carry big weight.
- Test before you scale. Pilots and focus groups save time, money, and reputation.
- Build local networks. Agents, distributors, and consultants bring insights you can’t get from spreadsheets alone.
- Make sure to visit yourself!
Some Final Thoughts from Rubby
If Rubby could go back and give advice to her younger self, she says she would have taken languages more seriously — French and Chinese in particular. Languages really open doors in international business, and that’s advice I’d echo to anyone thinking about a global career.
She also highlights how today’s tools — from social media to AI analytics — make international trade easier than when she first started. (I certainly don’t miss preparing letter of credit documents with a typewriter in my first export role!) But even with better tools, the fundamentals don’t change: success comes from research, preparation, and respect for the local market.
Rubby and her team at Global Trade Consult help with everything from market research to matchmaking with local distributors, organising trade delegations and product launches in Ghana. If Africa is on your expansion radar, she’s definitely someone worth connecting with. You can reach out to Rubby here:
- LinkedIn: https://www.linkedin.com/in/rgolo/
- Website: http://www.globaltradeconsult.com.gh
In summary: taking the time to do a thorough market opportunity analysis, combined with cultural awareness and local partnerships, dramatically increases your chances of success. Whether you’re launching cosmetics, food, education services or flights, the principles remain the same: research first, prepare a strategy, respect the market, and be willing to adapt.
You can watch the full discussion with Rubby here (please like and subscribe as that would help my channel reach more people):
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Kathryn firmly believes that business is done between people, and therefore places her focus on building strong relationships that form a solid foundation for doing business.
When she's not travelling around the world, Kathryn enjoys playing clarinet in her town's wind orchestra or sharing her love of the outdoors with her Scout group.
