When you want to grow your business across Europe, you can accelerate your overall long-term growth by first focusing on some core markets.
Though the European Union is one single market with 450 million people, 27 member states with 24 different languages still organize parts of their regional economies, thus reflecting diverse backgrounds and expectations.
Where do you even begin to manage this complexity?
“How do you eat an elephant? One bite at a time.” – Desmond Tutu
Our approach at LaKlas is to help you determine and execute the ideal path to ROI for your business development investments. This article looks into the necessary steps for implementing your expansion plans across Europe:
- Determine the top locations you have the best shot at becoming the local beacon
- Identify where the best referenceable customers in your industry are
- Soft launch and start selling: test your go-to-market plan and start generating revenue at the same time
- Decide where to expand, based on your results and the local business climate
- Localize and invest in building your brand awareness and presence in these new regions
First, Consider Market Size and Ease of Reach
Market size is a big issue here. Localizing your marketing, sales operations, or product comes at a cost that you must recover as quickly as possible. Which markets will most likely generate revenue speedily and sustainably as part of your go-to-market plan? What does the purchasing power of consumers look like? And last but not least, how easy will it be for your business to reach enough interested business customers in your target market?
Sail to Where Your Brand Can Become a Local Beacon
A beacon lights the way to provide guidance and the right entry point to the harbor. Like sailors avoid rocks in a storm, beacons shine to provide the necessary direction to help boats avoid being crushed/damaged by avoidable or unforeseeable events. Becoming a local beacon for your customers means giving them orientation and guidance. You will become the reference for your local industry, i.e., the go-to brand that anyone in need of guidance and direction will refer to. We will help you become this beacon.
Before You Start Sailing, Pick Your Top 3 Destinations
So, which European countries have the best market potential? Some countries may host competency clusters and customers perfectly suited for your industry.
Not sure where to begin? Follow the checklist below:
Learning By Doing – The Best Time To Start Selling And Making Money Is Now
You won’t learn much until you start talking to local customers. Soft-launch and start selling in your three top markets. Conversations with your ideal customers are the only way to learn how your brand is perceived locally. Given all the glorious diversity (and complexity) within Europe, learning how to position your product before going all-in will help you to manage risk and utilize resources efficiently. You may have to pivot and slightly adapt your course to local expectations and the competitive landscape. Once you have traction, double down on your investment.
Start Networking
It will be crucial that you talk to the right people within your ideal customer profile organizations. Enter and engage with the right influential networks. Attend the appropriate online and local industry events and be able to discuss your product in their local language. LaKlas helps you get your foot in the doors of critical decision-makers so that you can make a local impact. We have built long-lasting, confidential local relationships from which our customers can reap the benefits.
Expansion in Core Markets, Letting Results Speak for Themselves
It is easier to rely on local networking power, competence, and a network of partners who can pave the way for you to install your brand permanently in the countries you plan to enter.
Business development is multidimensional. Once you see the long-term potential based on market traction, consider building a local structure with your long-term strategy in mind. For this reason, we work with some of the finest local external accountants and lawyers who can assist you in setting up and navigating:
- The best possible legal structure for your local presence
- Optimization of your global tax schemes
- Helping you understand the local tax regulations
- Tax declarations (including the European VAT tax reverse charge)
- Local employment laws that can be tricky
- Other various European regulations
Go Local with Your Sales and Marketing Strategy
While building your referenceable customer base by engaging in direct outreach, we recommend developing an inbound strategy to help you build and maintain local relationships with key stakeholders. Get involved with local media, podcasts, trade associations, industry events and tradeshows, and your audience of potential customers.
Attaining critical accounts from the onset demonstrates industry recognizable social proof.
Local social proof works like a gas pedal with the ability to accelerate a new market launch. Make the sales process easier and more efficient to build up momentum and attract new customers at scale.
Europe offers a huge opportunity for B2B tech products and services. Navigating the complexity within requires taking a test-and-learn approach to gauge the appetite within each country.
Go and grow where you can become a local beacon, and let us contribute to your local success.
