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5 Things You Must Know Before You Sell to Europe

SANDERSON IT Software & Services 5 THINGS YOU MUST KNOW BEFORE YOU SELL TO EUROPE Yet another channel: How to conquer the English channel as part of your multi-channel sales strategy No man is an island, but how different can things really be over on the continent? After all, it's only 21 miles away - or should we say 34 kilometres? Well, perhaps there are more day-to-day differences than we thought.. here are our 5 key areas for consideration to help you crack Europe. 01. MONEY MATTERS - WATCH YOUR CURRENCY PROCESSING How many currencies are there in Europe? Not one, not two, but 12. 12 Wherever you sell in Europe, your customers will want to pay in local currency. Handling multiple currencies can be complicated, and potentially expensive. CURRENCIES How currency costs can drain your profits: + Upgrading your systems to handle multiple currencies. Exchange rates moving against you between taking the order and making delivery. Exchange rates can move up to 10% in just a few days. Time spent by your staff processing currency transactions. 02. SUCCESSFUL SELLING DEMANDS MASTERING YOUR MARKET THERE'S NO SUBSTITUTE FOR THOROUGH MARKET RESEARCH. There are 733 million consumers in Europe. You need to find out: ? Who your products appeal to. ? What marketing messages will reach them. ? How you'll handle customer service in a different culture. Under 250 employees? You could get help from the government's Export Marketing Research Scheme. 03. LOCAL BUY-IN MEANS BUYING LOCALLY To get customers on your side, you need to understand their culture. Hiring locals, or even buying into local businesses, speeds up the transition from outsider to insider. Prior to its German launch, Marks & Spencer hired 17 German managers. From them they learned that high quality customer service would offer M&S competitive advantage in a market where they were unknown. M&S 68.6% Use local knowledge to avoid getting stung by too many local taxes. In Italy, the tax man could take as much as 68.6% of your profits. Or you could use Amazon/eBay integration to get a foothold overseas without encountering problems in translation. 04. TIDY PROFITS COME THROUGH NEAT PAPERWORK Successful selling in Europe means getting all your documentation ducks in a row. Different local rules will apply to: %. Tax (income, business, VAT) Registering and running a business Planning rules Import and export Hiring and firing of staff Each EU country has its own VAT rate, and standard rates in the EU range between 15 and 25 percent. 05. DON'T GET LOST IN TRANSLATION The quality of your communication can make or break your European ambitions. Take care to communicate clearly. If someone complains about your advertising: In the UK, you may get a warning. In Germany, you may be hit with a large fine. In Belgium, you may have to pay to publish a correction. Successfully translating your business from the UK into mainland Europe is a challenge, but done right, it can deliver huge rewards. Source: WARNING! ACHTUNG! ATTENZIONE! Think about currency and exchange rates - don't let currency costs 01 drain your profits. Master your market - what appeals at home might not have the 02 same effect in a different culture Get local - no one knows the place better than the people who live 03 there, and this should be used to your advantage! Get your paperwork in order - make sure you're aware of local tax 04 rules. Communicate clearly - get the right message across in your 05 advertising. And don't just go straight to Google translate.. Download the free SANDERSON eBay and Amazon Integration: Your Route to Success eGuide now: eBay and Amazon integration: your route to success Download Now!

5 Things You Must Know Before You Sell to Europe

shared by Sanderson on Nov 22
Yet another channel: how to conquer the English channel as part of your multi-channel sales strategy. No man is an island, but how different can things really be over on the continent? After all, ...


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