We have reached the last point in the COURAGE model - the encouraging conclusion. Because even though it may seem like a big mouthful to enter the European market, it can be worth it all - both financially, professionally and personally. You just have to dare to take the right steps along the way.
No matter what your motive is for you as an American company to enter the European market strategically, you are facing an exciting journey - especially when you have the courage to do it right from the start.
Whatever your reason for breaking into the European market is, it is possible for you to get an extremely lucrative business. Whether your adventure is about moving on with your next entrepreneurial adventure, creating risk diversification and becoming even more interesting for the new generation of employees, or that you are a growth company that has utilized all its potential in the American market and is now looking for new growth markets. Or something completely different.
But it requires going for it with the right approach. Once you master the COURAGE model, you are well on your way.
During my time in international business, I have helped more than 150 Danish companies to break through in the US. And no – it doesn’t go well every single time.
Typically it goes wrong when:
- As an export manager, you do not have the full support of the top management - if it is not strategically anchored and you are the only "banner bearer" in the organization, it will often go wrong.
- You sleep with the wrong people - you partner up with partners who have different intentions than you and deprive you of "freedom to operate" and prevent you from reaching your full potential.
Fortunately, it has also gone well for many. For example, I get proud and happy when I walk around the hip “Westside Provisions District” in Atlanta and come across Maileg's characteristic rabbits in the Seed Factory - a design store with everything for children. And when I walk around the local Dillard’s Department store in Denver and see the Danish brand North 56’4 on the shelves. And when two Danish companies such as Bang & Olufsen and Alu Parts collaborate to deliver sound and neat aluminum frames for a large apartment complex in Miami - As you can hear, there are many successful examples.
Typically it goes well when:
- You ensure that you are relevant to your customers and understand the cultural difference.
- You find the right partners and limit the American WHAT culture.
- You have the courage to take systematic action, evaluate yourself and take responsibility for your process - and through your credibility and passion gain the trust of your stakeholders.
There is potential. You must understand to cut off to be successful. You need to find your niche and really become a 100-meter champion and get a European mindset as soon as possible - and I can help you with that. We will return to that shortly.
The name of the COURAGE model is, of course, a pun on the word courage, because I know it takes courage to break through in Europe. You have to put your most talented people, your most dangerous warriors on the task - and when you succeed, you will find that it is extremely rewarding: both personally, professionally and not least financially.
Familiarize yourself with European culture and get to know your end-user.
Europe is big - dive into a smaller area; even the niche has potential in Europe.
Be humble when it comes to culture - and confident when it comes to your product.
Have your 5-year plan ready so that your product is priced correctly and invest in your A-team.
Be available. Always. Motivate your customer service - good service is important.
Networking is your key to meeting customers, colleagues, retailers and politicians. Invest in the network and never burn your bridges
The European market has such great potential. Where do we start?
I can guide you through the whole process of establishing your company in the European market and begin to understand the culture and way of thinking.
After working with international trade for more than 35 years, I have built up a large network, I have hands-on experience with sales in both the USA and Europe.
Contact me for a non-committal talk about how I can help your business with your next strategic step in the European market.
I'm a big fan of networking, so do not hesitate to connect with me on LinkedIn.
This was the final point of the COURAGE model. I hope you have enjoyed the series of blog posts. If you want to learn more about the COURAGE model, you can buy my book on Amazon or download the free workbook to test your business concept. Do you have the courage to get started?
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Charlotte Nytoft / Oct 19th, 2021
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