4 KEY ADVICES TO DEVELOP YOUR BUSINESS IN GERMANY
Yves Rommel, Managing Partner of Victanis Advisory Services in Munich, Germany is sharing his advice on developing your business in Germany. As a Management Consulting company with expertise in Business Development and M&A in Europe, Victanis helps entrepreneurs, mid-size companies and private equity funds with adapting investment strategies and accompanies them throughout their business development
Here are the 4 points that you should reflect on before setting up your business in Germany:
First thing is to be aware of the German culture. Do not rush to this country before truly understanding how different the German do business. In comparison with the US or UK, it normally take more time for return on investment to turn positive. In Germany, time for entering the ecosystem is the biggest investment an entrepreneur has to make.
The German is more interested in the functionalities of the products (or services) offered, far than the marketing hype. Therefore, the offerings should be communicated based on facts and functions instead of appearance and emotion.
Propose Evolutionary Innovations Instead Of Disruptive Ones
The German is rather reluctant towards disruptive innovations, especially ones from abroad. Steadily-developed products are generally more valued than breakthroughs, as opposed to French consumers for example. The underlying reason lies in conception that a new product (or service) needs time to gain trust . This is particularly true for products of high value.
Get To Know The German Ecosystem
Last but not least, before setting foot in Germany, it is compulsory to know the ecosystem in detail (competitors, potential partners, professional fairs, etc.), thus maximizing your reach to targeted customers.