Europe has always had a remarkable evolution in terms of business development and innovation.
Although COVID-19 had temporarily paused this upward trend, experts are still positive about the European market, projecting growth levels higher than the US (regaining pre-pandemic momentum in 2022).
Europe’s diverse regions offer a wide network of cultures and languages, making it a continent full of opportunities for startups to set up their company or do business.
Why is Europe a harbor of success for startups?
An easy question to answer. Europe offers an incredible base for successful startups because:
- It gives startups the opportunity to access the EU single market without any import or export restrictions.
- It allows startups to hire highly skilled labor across many different languages.
- Startups can operate in a single currency.
These opportunities give startups the perfect environment to foster growth.
Remember that your startup is now doing business on a continent where there are 24 official languages. You’re speaking directly to your customers in their native language. Adopting a multi-market approach will be easier than ever.
Isn’t this a unique chance to become a unicorn?
Volant: a successful startup in 11 markets
Volant is a startup founded in 2020, based in the North of Europe.
Once they noticed the great demand for their products, they added nine languages to their e-commerce site, covering most of the European prospects. Within weeks, they were present in 11 European markets, increasing international revenue by 39% in a single month.
Do you want to know what their strategy was? Check out our Volant case study: launching in 11 markets.
Launches this size require careful planning and thought-through strategy to avoid mistakes.
Market research: the first window to european success
Market research is the basis of knowledge with which startups can start their European entry strategy. A few important points to consider include:
Payment methods across the EU
A single market doesn’t mean a single payment method. Different countries (and cities) have radically different cultures, which can extend to preferred payment methods too. For example:
- In Germany, the national preference is digital wallets.
- In France and Netherlands, bank cards are ideal.
These details – and research – are crucial to understanding your customer and deliver great service to them.
Languages across the EU
Unfortunately, startups often make the mistake of assuming that the EU market as a whole is fluent in English. Even though English is, in fact, the most widely spoken language in the EU, there are projections of that changing soon – driven mostly as a result of Brexit, according to a survey by CSA Research.
Then, if you want to succeed in Europe, remember to:
- Adapt your marketing strategy according to each and every new market.
- Offer content in your market’s native language.
- Go beyond translation: personalize and localize your copy to connect with your new customers.
Market research – not to mention knowing your audience’s demographics – can give your precious answers to grow your success.
If you’re still in doubt about what you need to pay attention to and what advantages Europe provides, don’t hesitate to look deeper into this subject. After all, Europe is a window of success for startups!