How to adapt business to be succesfull in the EU
The EU single market is a huge market of potential customers and suppliers for UK retailers. The further action plan illustrates how a UK retailer needs to adapt its business to be successful in a different EU country. Useful tools where to find information about market conditions are Enterprise Europe Network, Action Single Market and UK Trade and Investment.
An action plan:
• The structure of industry and competition. One of the possible solutions is to employe people from the local market as they are more related to the national culture, language, traditions and habits what could be difficult to spot from the UK. Secondly, even English is the world’s first language, the knowledge of the national language would beneficial as public authorities, business partners, investors and customers could preffer to communicate in it and it could help to avoid confusion or misunderstanding. Essential part of being successful is to deliver the goods on time. Therefore based on the research of the new market, retailer needs to find the best distribution channels - road, rail, air-freight. Furthermore, statistics of corruption, organised crime, and economic growth cannot be ignored.
• Demand for the product or service. It is necessary to understand potential customers’ needs and purchasing decisions as the sales methods, target customers and benefits in each country are different.
• Acclimatisation- how the product or service needs to be adapted. Currently the euro is a national currency for 17 of the 28 EU member states, therefore UK retailer needs to consider benefits and possible drawbacks of pricing goods in euros, including exchange rate.
• A market strategy. Retailer needs to be aware that business etiquette can be different from the British standards. Understanding the market and its requirements, planning, researching market opportunities and building relationships are essential in order to be successful.
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