One question I often get asked is whether 2022 is still a viable option for business expansion? When expanding into Europe, make sure that your business is ready. If proper planning and preparation is taken, your expansion has a much greater chance of success. I also intend to share with you some of the lessons we’ve learnt along the way, over the last two years. COVID-19 surprised us, as did it surprise everyone, and quite frankly, it felt like the world stopped for a second.
To help you grow your business whilst expanding into the European market, you’re going to want to consider these 3 key factors that will help guide you:
- Product Fundamental Remains
- Adapt your Customer Bases’ Demographics
- Take Advantage of Hybrid Trade Shows
Product Fundamental Remains
When launching your product in Europe, you still need to use the same basic tools which lie at the core of your business. To give you an idea, here are some fundamentals that you should follow:
- Keep your intellectual property safe
- Observe and Comply with European Standards
- Compare your products and / or services to those of international and European competitors
For the last few years, nothing major has changed when it comes to products in European markets. However, one concern we have seen highlighted is the shortage of raw materials that is occurring. Knowing such valuable information will allow for the right person to grasp this opportunity with both hands and become a new and reliable source and supply of raw materials in the market. The market, whether it be the Australian market, the US market, the European market or the global market, is all about supply and demand. It is up to you to see where that opportunity lies and fulfill the demands of the market, this is where true success lies.
Another pointer we should mention, is how you might make your produce and / or service sustainable, or as close to sustainable as possible. The European Union Green Deal and its package seek to cut greenhouse gas emissions by 55%. With this knowledge, your business should try to act in a sustainable manner as it moves into the European market.
In order to thrive in 2022, you will need to take into consideration both supply, as well as sustainability.
Adapt your Customers’ Range of Industries
If the pandemic has taught us anything, it has taught us not to put all our eggs in one basket. We should not just rely on one sort of business, but have a diverse portfolio we can look to.
We see different markets and differing industries having been affected in different ways, as one would expect. The automotive industry has suffered significantly in the European market, whereas the overall healthcare market has suffered to a lesser extend. To future-proof your business, it is wise to have a wide base of target industries. I.e. spread yourself amongst industries where possible as to limit the effects of a certain industry.
I also suggest to my clients to maintain direct contact with their end-user, even if they are using distributors. Why you may ask? Well, with a range of problems associated with the supply chain, rising costs and freight costs, certain distributors are vulnerable.
Another thing we’ve learnt from this pandemic is how to be more flexible within our business. Keeping an online sales process plays an important role in success during your European expansion.
COVID-19 and the move to a larger virtual expansion is a huge positive when it comes to your considered branch into the European market. You will not always be able to meet with your clients and / or consumers face to face, but with online meetings and webinars now becoming the norm, you will still be able to get in touch and stay in touch with your market. You may want to consider implementing online and remote customer support, training, and onboarding for new clients.
Take Advantage of Hybrid Trade Shows
As people have slowly started to forget about COVID-19, some trade shows and congresses have started conducting a face-to-face set up again. And whilst this is great and you need to ensure you are good to go for these, you also need to plan for the odd occasion where a digital congress goes underway. Being prepared for these situations and present for a digital congress and event will allow for your business to reach a wider audience if you otherwise had not been prepared and ready. Attending allows you to expand your connection not only to customers but also to different distributors.
In 2022, everyone will be extremely hyper-connected, and Europe will not be an exception. Digital marketing will always be King and continue to be as effective as ever and constantly growing in strength. Europe has made a significant shift towards going online. We see social media campaigns doing well for themselves as they optimise their lead generation and market capacity. It will be of help to you and your business to know what you receive from these digital conferences, as well as how GDP is used in this.
We now provide you with the chance to gradually apply our strategy and help build your business. It is important to remember this is a long-term project that will need an investment from your side. It will need a significant amount of time, money, and resources. If you are well-prepared, the European market offers a promising future and might be a secure one for your company.
If you want to know more about how to effectively market your business in the European market, get your FREE copy of “The 4 Steps to Generate Your First Million Euros in Sales” book here: https://www.exportia.com.au/export-business-europe/
You can also create an initial Export Readiness Diagnostic in 20 minutes here: http://diagnostic.exportia.com.au/7pillar/ It will give you a report summarising whether your business is ready or not, and includes a personalised to-do list for your next step.
Once you have your report, contact me to schedule a 45-minute debriefing session and we can take it from there.
