Above a photo of a game of Risk I took during a long weekend in French Nancy. City of Art Deco and the beautiful Stanislas Square. In Risk after a long battle there only is one winner, in business there are several possibilities, from zero winners to everyone a winner.
When a company goes international there are many unknown hurdles to take before a company can become succesful. Here are 5 common risks and issues to be aware of.
Design issues
In a new market they may not like your design. Design in the broad sense: webdesign, product design package design, colors, etc.
For Europeans it may be interesting to know that Americans use different dashboards to look at information, so European design does not always work at the other side of the ocean. Good to have someone local.
Existing competition
There may be existing competition with an established client base and/ or more attractive pricing and product offering. It is important to know who your competitors are and what they offer. Then you can adjust your strategy accordingly.
Legal aspects
Law is often different in new markets, even within Europe. European privacy, advertisement regulation, product specifications, safety regulations, etc. Ask a local to find out where the risks may be.
Language and culture
Not being able to make the right communication connection with new markets is a big issue. Not understanding the consumer, not being able to obtain trust from partners, not taking the time the way they take time in new markets are all reasons for not being succesful.
Distribution channel and partners
Many companies start a commercial relationship with the first company that sends them an email and end up with the wrong partner that is not able to reach the full market potential. Do your research and enter a market with knowledge about it's characteristics and potential and confidence to develop it.
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