The last market entry mistake is a trap that companies frequently fall into: this is the 'illusion' of being able to generate substantial new foreign income (attractive pricing and strong currency) based on only utilising home resources and costs (usually lower cost and weaker currency). This mistaken belief in the ability to create 'gold' from very little investment is surprisingly common and usually results in failure.
One of the most common hopes that I hear expressed is 'we just need a PO to get going'. Companies that are looking for their first sale or contract to generate enough revenue to sustain expansion into a new country are more often than not doomed to fail.
A surprising, but not uncommon, market entry fail is when companies expand to a new territory and are not clear about what they are trying to achieve, nor have an approach that defines tactical objectives and a clear estimate of the costs of the exercise. It's an approach which is entirely, 'Let's start and see".
Following on from my previous post, the second typical fail I frequently see in international expansion across many business sectors is what we call "Trying to be All Things To All People". Generally this is an error that happens when companies have not taken the required time to study the foreign market they are looking to enter and they have no focus.
I recently returned from participating in the Catalyst Seminar Speaking Tour in India. My slot was on how to drive commercial success when entering a foreign market. Working with companies from all over the world, of differing sizes and from different sectors, we see recurring themes in international expansion that cut across these including common issues, typical mistakes, as well as formulas for success. Here, I'm going to share five major mistakes that we encounter time and time again which can put a company's foreign market entry at risk and typically lead to failure and financial loss.
As the UK economy continues to outperform other EU markets, many international brands are choosing the UK as a launch platform to enter Europe. However with such diverse cultures and tastes, aesthetic preferences, languages, and legal disclosures, how can a brand successfully steer through the landmine of product packaging and deliver not only a legally compliant product, but also one that appeals to the consumers of the UK and rest of EU? To help get you started, here are 7 tips for making sure your product packaging is fit for UK market entry.
Preparation is essential when expanding to a new market - it will make the difference between success or failure. However, the success of your market entry plan will also be dependent on the right lead person in the new market. Do they possess the right 'soft skills' to execute your plan and develop your business? Three essential 'soft skills' are considered here for selecting the right person to lead your market entry.
With the UK growing faster than any other economy in Europe, and household spending rapidly on the increase, many European manufacturers are eyeing up Britain as a lucrative export market and vital source of sales growth. On top of this, a strengthening Pound (GBP) against the Euro (EUR) means that products being exported from the Eurozone into the UK are becoming considerably cheaper than their US and UK competitors. So how do you establish a robust and attractive pricing strategy for your products in the UK? Here are our top 5 tips.
This is the second of two articles providing guidance on UK visa options for non-EU nationals looking to establish their businesses in the UK. This article gives an overview of applying for the Tier 1 (Entrepreneur) Visa.
When expanding your business internationally and moving into a new country or territory for the first time, it is vital to consider whether your brand translates well into the new market. Cultural differences, a symbol, colour or strapline that works well in your home country may have very different meanings in another and may even cause a market entry fail. Using well known brands as examples we consider 10 key factors that caused problems because some aspect of their brand did not translate.