It’s often the smallest of things that make the difference between whether a business is a success or failure.
And, nowhere is this more true than when a business enters a new and overseas market.
Too often do firms assume that they can just replicate and implement their existing business and operating model in a new market and they will be successful. But, doing so ignores the, sometimes subtle, differences that exist between markets…… language (obviously), history, habits, geography, market maturity and cultural preferences etc.
Here’s some examples of the differences that exist between European markets in the online retail space:
These examples seek to illustrate the range of differences that can exist between markets and how much companies may have to adapt their payment, delivery, returns, credit control and cash management systems if they are to deliver a market beating customer experience.
Simply cutting and pasting your existing operating model into a new market is not enough and could end up alienating many potential customers and posing a risk to your brand.
This post was originally published on my Forbes.com column here.
Thanks to Rona Proudfoot for the image.