The temptation for many companies entering new markets is to simply recycle their existing communication or marketing techniques and materials. Cultural awareness and sensitivity were key factors considered when introducing a US-based banking software developer to the financial services industry in the UK and Europe.
At a launch event organised for credit risk experts in the UK and Europe, an economics expert provided an overview of changing market conditions and how these would impact consumer lending in the medium to long term. Third party endorsement for the company’s software and service was achieved through case studies and success stories presented by some of its partners and clients. A popular feature at the event was the visual demonstration of the company’s new automated lending solution.
The one-day inaugural conference provided an ideal opportunity to make personal contact and establish relationships with key risk managers and decision makers.
The sales director was able to arrange crucial meetings before, during and after the conference – also with people who were not able to attend on the day. These led to a number of very positive business opportunities.
By employing local people and adapting their marketing and communications to the UK and European markets, the company displayed cultural sensitivity – a simple but crucial strategy for a new entrant to successfully break into new markets and establishing relationships with industry media.