I’ve worked and lived in both the UK and the US. There are more similarities than differences between Brits and Americans, but understanding the nuances helps.  It’s also interesting hearing how foreigners perceive themselves abroad.  An ex American colleague of mine with whom I worked in a large UK financial services institution (US shareholder) recently shared some opinions with me as an Amercian abroad (in England).  Below are some of his thoughts.
“Brits are generally more polite, like to avoid confrontation, and are more formal in discussions.  Americans need to understand this and be careful about being too direct, too casual, or too pushy.  Everyone wants to get the deal done, and lots of deals are consummated, but it’s important to be aware of each other’s cultural mannerisms and preferences.

Being on time is more of an American preoccupation; people in the UK understand that others get delayed.  Brits enjoy a cup of coffee, a beer or glass of wine when meeting, while Americans tend to stick to tighter time frames in offices with bad coffee served in plastic cups. Anyone watching Mad Men, the HBO series on an ad agency in ‘50s America would be well deceived in thinking Americans drink and smoke in the office. Those days are long gone and in fact, some companies outlaw alcohol on company premises.

Brits are more formal in many ways; in dress, in negotiations, in evaluating a proposition.

Americans are more apt to dress in business casual and to “shoot from the hip” in presenting their opinions and decisions.

There is equal entrepreneurship, but it seems like Americans are more likely to just start doing and Brits are more likely to analyze and plan.  Neither is better; sometimes those who act first stumble more quickly, whereas a well thought out business plan has less chance to fail.

Brits are very articulate; they know how to put sentences and thoughts together.  It appears to me that the British educational system puts emphasis on the spoken and written word, and on how to communicate clearly.  Americans, on the other hand, are on occasion not as likely to present their ideas cogently.

If I could do anything over again from my years of working in the UK, I would spend more time getting to know colleagues and business associates socially.  There are tremendous opportunities for Americans to slow down and better understand the people with whom they are doing business.  And I’d learn the art of taking a proper holiday!  In America a typical vacation is five business days (spent with the Blackberry on the beach), whereas my British friends travel for several weeks and come back much more relaxed”.

Of course, any of us who’ve either worked abroad or work with American and English colleagues will have our own views, shaped by the people we’ve met and successes we’ve had.  It would be great to hear your stories and opinions here – your top tips for cultural dos and don’ts of doing business in the UK and the US.  Feel free to share here.

Let’s look at 7 mistakes in international market research that are keeping many businesses from developing their international markets to their full potential.

#1: You Don’t Research Your Own Client And Prospect Data Base Thoroughly

If you already have a few international clients spread out over the world you are should take advantage of this.  Your own data base on international clients is the most useful resource you have because it is the most relevant one to your own business.

Remember to dig through this thoroughly.  Look for any trends or trigger events concerning the sales you have already made that could help you develop effective strategies today.

#2: You Don’t Identify Where Your Competitors Are Overseas

It is a big mistake not to spend some time researching your competitor’s international penetration history and current international targets.  This information can give you a wealth of information for your own international markets.

Remember to spend time observing what your competitors are doing abroad.

#3: You Don’t Research Industry Data Well Enough

Many unpleasant international blunders can be avoided with a little in-depth industry research.  Although this research is usually easy to find online, your particular industry might need some feedback from the relevant local advisers, the key is to know when to ask for help.

Remember to research the differences in industry standards and regulations on the foreign countries you are looking at and to get the right advice your business need.

#4: You Don’t Listen To What’s In The Press

Staying current on topics related to your international business development can help you avoid errors and it can also help you open doors. You need to stay up-to-date on what’s happening in your industry, the country and the area of the world you are interested in, in order to have the right conversations.

Remember to keep an eye on what is published in your own country and also in both the country and the region of the world you are focusing on.

#5: You Don’t Do Local SEO Research

Localized web research can provide you with some useful insights into local markets. This will give you a better idea of who your real competitors are in these countries.

Remember to check out the most popular local search engines and do keyword research in those countries.

#6: You Don’t Go Beyond Online Research

Online research is great, but it can only take you so far. You need to get information from good local sources too.

Remember to make contacts within your local foreign markets.  Instead of spending most of your time with online research, as soon as you have identified the names of the players and possible trends, reverse this trend and spend more time networking with the right players in your local target market.

#7: You Don’t Talk To People In Your International Markets

Business is carried out between people all over the world.  If there is one thing you should do, it is to pick up the phone and connect with people.  You might need to call and reach out to different people continually for several weeks or a few months.  You might need to improve your cross-cultural communication skills to get more out of these calls. But reaching out and connecting with local people will always help you to develop your business internationally.

Remember the value of speaking to the right people in your international markets.

Spend Time On International Market Research

When looking at the 7 mistakes above, it is obvious that the biggest mistake of all is not spending enough time on international market research.  This is why it is a good idea to allocate time every day to combine international networking with international market research activities.  All you need is to include this into your daily routines. It usually only takes a couple of months before most businesses get a very good idea of what they need to do next and how to go about doing it.

Do you want to get international clients?  What are you doing about it?
What other mistakes do you think people make in researching which markets to develop?