Problem:
An online e-commerce technology startup from Asia struggled to expand its business in the European market due to differences between the two markets.
Solution:
We advised the CEO to conduct a market assessment, technology assessment, and current customer assessment to identify the problem. We found that the marketing material was focused solely on the Asian market, and the sales team worked remotely instead of locally, which did not work in Europe. Additionally, customers in Asia were served directly, but this approach did not work in Europe where companies prefer to work with preferred suppliers (advertising and media agencies). We identified the need for strategic partnerships and a different type of commercial team (strategic alliance managers) and tailored the pricing model to the preferred suppliers (advertising and media agencies) channel.
Outcome:
Our intervention resulted in the selection of preferred suppliers (advertising and media agencies) and partnerships with them. We leveraged the online e-commerce technology startup's existing clients in Asia, such as McDonald's, Unilever, and L'Oreal, to become clients in Europe through the preferred suppliers (advertising and media agencies) we partnered with. This approach resulted in 80% of all Asian clients becoming clients in Europe.