Best Practices are not Enough
When expanding to a new country, it is tempting to watch how successful companies have done it and copy their approach. Experiences from other companies can generate great insights, but trying to do the same thing will likely not lead to success.
Reasons why Best Practices are overrated
A best practice in one circumstance can be bad for others. Best practices have limitations because
- Every industry, market, and target audience is different
- The conditions are never 100 % the same
- Even if you compare yourself to very similar businesses, the environment evolves
- Many companies have probably tried the same thing and failed (with less media attention)
- Your talents, resources, and best timing are different
- The company you are watching might have been lucky
Best practices can be a great source of inspiration, but the danger is in relying too heavily on them as a guide for your strategy.
When the Magic Happens
Listen to other companies and learn from their successes and failures; it will help you to understand the market. But do not stop there. Successful businesses combine market understanding, a strategic framework, and innovation… That’s when the magic happens!