{"id":10273,"date":"2022-02-16T10:55:19","date_gmt":"2022-02-16T10:55:19","guid":{"rendered":"http:\/\/TheNextWeb=1380135"},"modified":"2022-02-16T10:55:19","modified_gmt":"2022-02-16T10:55:19","slug":"6-ways-companies-screw-up-their-global-expansion","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=10273","title":{"rendered":"6 ways companies screw up their global expansion"},"content":{"rendered":"\n

Global domination, headquarters in exotic locations around the world, exciting business trips, and client meetings at sushi bars in Tokyo or paella in Madrid. Growing your startup<\/a>internationally has plenty of benefits and earns you the title of Global CEO \u2014 but getting there is no easy feat.<\/p>\n

When your home market is locked in and you start looking further afield for your next target, it can be easy to think you have your playbook setup already. However, once the reality of having to select the RIGHT market, hire local talent, and face cultural nuances hits home, it\u2019s easy to feel overwhelmed. This is a particular challenge for European startup founder<\/a>s who want to make it big.<\/p>\n

Gernot Schwendtner, co-founder of weGrow International explained:<\/p>\n

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In Europe, international expansion is key to growth. US-based companies have a larger market to develop in without the headaches of expansion, so what we see is that EU startups need to go international earlier, in order to gain comparable traction.<\/p>\n<\/blockquote>\n

At weGrow International, we\u2019ve worked with more than 1,000 founders on 200+ expansion projects. We support startups and scaleups in their international expansion, not only on strategy; we roll up our sleeves and get our hands dirty. That\u2019s why we\u2019ve combined brainpower with TNW to identify the pitfalls most common to an international expansion, regardless of the destination. Adam Warren, senior program manager at TNW says:<\/p>\n

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TNW has helped startups relocate to Asia, the US, the Middle East, and across Europe. The usual line up of strong preparation, research, and the right timing are good signals for startups, but not always enough.<\/p>\n

Often the ones who really flourish are the companies who come with their own strong, sometimes quirky goals like working with local experts to adapt their technologies, or tuning into key national trends that will see their presence take hold rapidly. If you find that unique hook that gets you excited, it\u2019s a very good sign.<\/p>\n<\/blockquote>\n

International expansion can be your key to growth, but the path to world domination is long and winding. There are many roads to success, but failures tend to have a lot in common.<\/p>\n

We\u2019ve seen plenty of creative ways to fuck up your international expansion, but for the most part they fall into 6 common categories:<\/p>\n

*Company names have been changed for anonymity<\/em><\/p>\n

1. You don\u2019t choose the right target market<\/h2>\n

This is KEY. Your product won\u2019t sell in a market where there is no demand. While that may seem obvious, there are plenty of ways to make a mistake.<\/p>\n

A Scandinavian company providing warm, catered lunches for offices was looking for a new market. The Netherlands seemed a natural fit for expansion, with a dense population and offices often located in secluded parks. Except. The Dutch don\u2019t eat warm lunches.<\/em> Which they didn\u2019t find out until after the expansion began.<\/p>\n

The moral of the story? Pick your destination wisely<\/strong>, and develop a validation strategy<\/strong> to ensure your assumptions are correct.<\/p>\n

2. You don\u2019t know your market\u2019s nuances<\/h2>\n

There are actually quite a few ways to get this wrong. Danish company X had a completely flat hierarchy, meaning interns get an equal vote alongside founders. But, in Germany, it\u2019s a very different story. Decision-makers want to hear from their equals. So when the company sent interns to sell to German CEOs, they weren\u2019t taken seriously and it was a flop.<\/p>\n

Moral of the story: know how to gain the trust<\/strong> of decision-makers, and be ready to meet them on their terms<\/strong>.<\/p>\n

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<\/i><\/a>Image source: iStock by Getty Images<\/a><\/figcaption>