Yves Rommel, Managing Partner of Victanis Advisory Services in Munich, Germany, has agreed to meet Beeleev to tip you on the German market. Victanis Advisory Services is a Management Consulting company based in Munich and London. Victanis is specialized in Business Development and M&A in Europe. Victanis advises entrepreneurs, mid-size companies and private equity funds with adapted investment strategies and accompanies them throughout their business development. His advice to set up a business in Germany.
4 advices to set up a business in Germany
1 - Be Patient
First thing you should know before reaching out to German customers, is to be aware of the German culture. In order to set up a business in Germany, an entrepreneur must be patient. Indeed, unlike in the USA or UK, the return on investment can take longer to materialize; in fact in Germany, time for entering the ecosystem is the biggest investment an entrepreneur has to make.
2 - Be Precise
Foreigners should know that Germans are interested in the functionalities of the products (or services) they are offered, far more so than in the marketing made around the product (or service). Therefore the communication around the product (or the service) has to be fact-based and more technical than “emotional" and appealing.
3 - Propose Evolutionary Innovations Rather Than Disruptive Ones
As a matter of facts, Germans are rather reluctant towards disruptive innovations - especially coming from abroad ... they like products evolving stepwise more than breakthroughs – as opposed to French consumers for example. The underlying reason is rooted in their expectations that a new product (or service) has to earn its trust. This is particularly true for products which need to be of high quality and work flawlessly.
4 - Get To Know The German Ecosystem
Yves concluded in saying that the most important feature when establishing your business in Germany is to know the ecosystem in detail (competitors, potential partners, professional fairs, etc.), so that in the end you may reach as many customers as possible!