Live locally, think globally. That is how we help our clients with their foreign market entry.
Entering a foreign market can be a daunting experience.
Namely, the way you do business at home might be completely different than how they do it abroad. In our experience, we need to take into consideration more market entry elements and factors when doing business abroad than when doing it in our own country.
So, any market you want to enter has its own rules and quirks. What is valid in all markets is that they are influenced by the culture, history and other background factors of that country/nation. Furthermore, markets are influenced by political, economic, administrative, and other social determinants.
When trying to get to know a country’s or nation’s style of doing business it is of a great importance to reflect on that country’s culture. The cultural patterns of a certain nation usually have very old historical roots and, thus, can’t be understood without the study of history.
Some of the most influential research done on national culture has been conducted by Geert Hofstede. He identified systematic differences among countries. His basic cultural dimensions that are work-related are individualism-collectivism, power distance, uncertainty avoidance, and masculinity-femininity.
So, we take these 5 well-known dimensions of national culture into consideration when preparing market entry and negotiation strategy.
We have specialized for SEE part of Europe or Balkan Peninsula, the region where we have our offices and most of our clients.
In our opinion, cultural differences still play an important role when choosing a market entry strategy. South-eastern Europe is no exception to this rule.
The relationships between countries and nations change over the time. Different countries, when compared, have their similarities and differences. These depend on their trading bonds, history, culture, values, physical geographical distance, as well as other factors.
So, bigger discrepancies in business styles and market characteristics are a limitation.
The Old Continent is removing the borders with the purpose to unite the countries. Ideally, the cultural differences will most probably lose their limiting influence over time. However, it needs to pass quite some time before that truly happens.
We believe that in the farther future the best business practices will somehow prevail over regional/national styles of doing business. In other words, we think this will result in one universal style due to general and more common set of business rules.
Until then, we are here for you to help facilitate your foreign market entry. We understand how the market of South-east Europe breathes and functions, so if you need consulting service regarding this interesting market – don’t hesitate to contact us.
Over the years, we have specialized in the know-how of entering foreign markets, especially in Slovenia, Serbia and Croatia, secondary also in Bosnia and Herzegovina, Montenegro and Macedonia.
What we do is, we develop strategies which take into account all important factors. We take care of the adaptation of your service or products to meet the needs of the new market and marketing. Our process of developing a market-entry strategy involves a thorough analysis of the existing competitors and potential customers.
Moreover, we inform you and educate you on all trade barriers, localized knowledge, local price elasticity, competition, export subsidies and other specific market limitations.
The word “negotiation” is rooted in the Latin negotium, meaning “not leisure” and what is not leisure is business. In Old French, “negociacion” meant “dealing with people. Both definitions, though archaic, are right on the mark because of the fact that all dealings between people (whether social or business) constitute negotiation.
In our globalizing world, we find that it is important to understand other cultures to take the most out of the international relations.
We base our negotiation and mediation skills on four basic principles:
Although different approaches to negotiation across Southeast Europe exist, the change is constant. We understand these negotiation styles and the changes, so we can help you with your business negotiations in Serbia, Slovenia, Croatia and other ex-Yugoslavia countries.
The western approach to negotiation and doing business is centered on problem-solving and linear communication.
South-eastern Europe is somewhere between East and West. In our opinion, business norms in this region show balance between Eastern and Southern values. And the local traditions express equilibrium between regional and national approaches. So, in short, the negotiation practices continue their global evolution.
However, Southeastern European countries have firm mental programs that cannot be changed easily. We, however, understand them. So, we can help our clients avoid the wrong market entry decisions.
In this region, the policy: “Think globally, act locally” should be changed to: “Think locally, act globally”.
We analyze, strategize, implement and measure. And then we do it all over again.
We make informed decisions about our client’s market entry projects. In other words, we analyze all influential factors. Specifically, we take into consideration the history, culture, values, as well as political, administrative and other antecedents of market entry.
Firstly, we analyze and then we make a plan.
In our experience, the key to a successful market entry strategy is knowing the target market as well as you can. We understand the SEE landscape because we constantly work, operate, analyze and research that market.
Planning foreign market entry without knowledge and experience is very difficult and prone to mistakes.
Planning is the first and most important function of effective market entry. As a market entry supporter, we have the experience and knowledge to create the most effective strategy that maximized the results.
A market entry strategy without the execution is a hallucination.
The next step is to implement the market entry plan we constructed with our clients. The cost-benefit ratio is our primary objective. Our negotiation skills with the new market players provide our clients with optimal deals.
We respond to requests immediately, so we’ll get back to you super fast to set up a time to chat.