Expanding your business geographically into new markets can be a promising way to grow impact. There are enormous opportunities such as gaining new customers and broadening your product or service range. But such expansion can also be risky and bring many unexpected pitfalls. Do not get frustrated by trial and errors, it is a great learning opportunity.
When expanding to Germany, for example, many people, especially those from countries close to Germany assume that it is so close and similar, that they can just adopt the same marketing strategy.
Though, there are many things to consider: Guidelines, rules and regulations, and not only that. You also need to be very patient in Germany as it takes much longer to gain the customer’s trust. This you get build by getting an understanding of your target groups.
Once you have managed to proof trustworthiness and quality to the customer, you will be rewarded with a long time loyalty. So first, get to know the market , your competitors and your potential customers. This will make it possible to have an approximation of what to expect in terms of sales forecasts. To do so, it is necessary to conduct proper research about the market that you want to enter and do an in-depth analysis. Deciding about the right entry strategy comes next. The decision of partnering up with local agencies, distributors or strategic alliances. And evenly important: executing and monitoring your project!
Also, don’t forget how important it is to choose the right location, if needed for your business, and to decide on the team that will carry out your plannings. Will you hire new people or outsource your current staff? When the time has come and you have finally entered the new market, it is essential to assess your previous attainment and above all, engage with your new customers. Track and manage every aspect of your contact and show them that you value the relationship. In addition to that, let them know about the updates and news on your social media platform. This can be used as a perfect marketing tool to reach current and potential customers.
Entering a new market can be difficult, but if we take the example of Germany: they might be not the easiest to convince, but they do value a product of high quality and authentic engagement. Are you on or about to take the challenge?
If you want to know more about expanding to Germany, we organize a free event in Amsterdam and address all the ins and outs about entering the German market on the 27th of September.