Our company has been analyzing European markets since 2020. We help our partners and customers find regions with maximum ROI and achieve great results with less investment in marketing.
We made a slight note of the 6 steps that are necessary for businesses to enter European markets.
Step 1. Conduct the study of the EU markets.
Study the overall economic landscape of the European Union, including key macroeconomic indicators, such as the size of the market, the number of companies in your segment, business profitability, size and trends of your product/service consumption, investment, etc. You can get most of the data from open sources and you do not need to pay for them. We at Panoptic Insights use to obtain these data sources such as Eurostat, European Bank for Reconstruction and Development and others.
Determine the markets that can be the most attractive to your product by studying their size, structure and dynamics. Use tools such as PEST analysis to explore political, economic, social and technological factors that can affect the market. SWOT analysis can also be carried out to analyze your strengths and weaknesses, as well as the capabilities and threats in the market.
Study market features, such as legal requirements, tax laws and requirements for product certification. This information can be obtained through the official websites of government bodies and associations in each country of the European Union (in the first paragraph of the first step, I mentioned some sources of data that you could use).
Step 2. Determine the target audience
Take care of information about the demographic characteristics of your customers. Use cohort analysis for segmentation - working with small audiences, your marketing activity will be as effective as possible.
Collect data on consumers in the European Union markets: on the network, you will find out sources of data on demographic characteristics, behavioural factors, needs and habits of consumption. Use market research and data from marketing research agencies such as Nielsen and Euromonitor. My company, Panoptic Insights also collects and analyzes this data.
Determine the potential size of your target audience in the European Union market using the statistics indicated above and such indicators as sales in your industry, competition, etc. Use the competition developed by our analysts.
Step 3. Develop a marketing strategy
Determine the marketing channels that will be used to attract the target audience. In the first stage, use the maximum communication channels with potential customers: advertising on social networks, search marketing, email marketing, participation in exhibitions, etc. Use market research data and competitor analysis to determine your target audience's most effective marketing channels.
Develop a content strategy that will attract your target audience and promote your product. It can be creating a blog, publishing a video on YouTube, writing articles for magazines in your industry, etc. Use market research data to determine which content is most in demand by your target audience.
Develop a pricing strategy, taking into account the competitive environment and the expectations of your target audience. Use market research data and analysis of competitors to determine the most effective pricing strategies for your product in the European Union market.
Step 4. Create a business plan
Create a business plan that will contain market research, a marketing strategy and a financial plan for your business. Use tools such as Business Canvas and SWOT analysis. Synchronize with the business plan in the process of implementing the project.
Step 5. Register a company in the European Union
Determine which country in the European Union you want to register your business, taking into account legal requirements and tax laws (as well as other indicators described in the first part of our article). Some countries may be more attractive to registering a business. Use the official websites of government bodies to obtain information on business registration.
Register your business in the chosen country of the European Union, following legal requirements and tax laws. As a rule, in addition to registering the company, you will also have to start receiving tax numbers, opening bank accounts, etc.
Step 6. Launch your product in the EU market*
After you have completed all previous steps, start sales of your product in the EU markets. Use the developed marketing strategy that you have in a business plan. Do not forget to monitor competitors and analyze the market to make changes to your strategy, if necessary.
* In some cases, you can change the fifth and sixth steps. This can be done in situations where your product is not necessary to certify for sale in the European Union. Find out from our consultant you can check sales now. Sign up for a short meeting at which we will discuss with you the possibility of receiving customers for your business in the near future.