After a relaxing (but expensive!) weekend in Geneva and Zurich, Switzerland, we returned to Munich late Sunday night. The weekend left us refreshed and prepared for a work week (mostly) dedicated to preparing our slide deck and developing our market entry recommendation “story” for the client.
Monday was a national holiday in Germany, so we decided to redirect our focus from contacting more distributors, department store buyers and industry-specific organization (Chamber of Commerce and Industry, US Consulate, etc.) experts, to honing in on a clear direction for our strategic recommendation.
Side Note: As a team, we would suggest creating a similar “inflection point” for consulting-based projects; pick a time to cease the research phase of the project so that you can focus on delivering a solid recommendation/slide deck to the client. At a certain point, there are definitely diminishing returns gained from more (aka excessive)research and/or outreach. With that said, collectively choose that point carefully and thoughtfully and make sure you cover your bases!
On Tuesday, the import manager from the Chamber of Commerce and Industry unfortunately had to cancel our meeting; however, we were able to chat over the phone later in the week. His recommendations and advice were very similar to those of our previous contacts in Germany: securing a meeting with a distributor or department store buyer without visiting a large trade show, marketing your product prior to said trade show without having contacts in the intended city of entry with proven sales data in hand or a full assortment of product to show in the (unlikely) event of meeting with an interested buyer, is incredibly difficult in Munich, let alone Germany.
However, despite this less-than-encouraging feedback, we have at least received this same consistent market entry message from our in-country meetings and conversations. We believe that our market research, competitive shopping and meetings thus far have nonetheless adequately prepared us to deliver a quality, valuable recommendation to RG Barry.
(Another) Side Note: Make sure you do your homework beforehand! Spending time in Columbus and the first week in Munich researching the market, industry and potential meeting partners put us in a favorable position to deliver value to the client even without executing exactly what we hoped to achieve. Although we still plan on recommending a specific tiered market entry strategy, remember that it is completely okay to give the client an honest “do not enter/do not do it” recommendation. Initially, they may be disappointed, but, in the long run, they will be very happy that they did not waste time and money on an unprofitable or impenetrable market.
We are excited to review our first slide deck “draft” as a team on Friday and will adjust as necessary before our presentation next week. We have a lot left to accomplish, but are looking forward to a fun weekend in Prague until Sunday night!
GAP Germany Team