From engineering, to tires, to pharmaceuticals, to food, beverage and more, U.S. businesses are saying “hallo” to German expansion.
With the largest economy in Europe, high productivity and a skilled labor force, and as the fourth largest economy in terms of the U.S. exchange rate, Germany remains a promising market for U.S. foreign expansion.
The New York-based digital media site refinery29.com recently launched in Germany, bringing locally-focused woman’s fashion and lifestyle content to the country.
"We just want to get the nuances of each market right and make sure that we're launching something that actually feels like it connects with the audience there," said Refinery29 co-CEO Philippe von Borries.
That’s a good plan for any company considering expansion to foreign markets: Know the country, know its people.
Germany is friendly to non-native business expansion, but it is important to know the ropes. Walmart’s exit from Germany after struggling for many years had business pundits opining that German culture was just not a fit for the retail giant. It would be too simplistic to say that Walmart had to move on because Germans were uncomfortable with their retail workers smiling at them all the time (this was cited in many post-mortem articles on the pull out) but culture does play a role in global expansion success or failure.
And if this leaves you asking “if behemoth Walmart couldn’t do it, how can we?” - know that many U.S.-based companies of all sizes are seeing success in Germany as well as in many other global markets such as India, China, South Korea, and more.
At the GetGlobal 2016 conference and expo in LA this October, you will connect with foreign market experts, build relationships, and get the knowledge about foreign economies and cultures that will help you in your foreign market pursuits. Begleiten Sie uns! (that’s Join us!).