Going after new markets often requires bold moves. Japanese computer game titan Nintendo is stretching out — yet again — in an effort to win new customers after unveiling its newest console, the Nintendo Switch.
“Nintendo, in contrast [to its rivals], has been more concerned with giving gamers novel ways of playing games, rather than creating the most immersive experiences possible,” The New York Times stated last week. While competitors offer high-end consoles to their hardcore base, Nintendo tends to try new things (remember the Wii?), attracting new gamers along the way.
Trying new things is a big part of any company’s move into a new market. And that often takes a lot of guts, especially when it means jettisoning tried-and-true technology while jumping into a completely new geography.
Everything changes in the green field
“You’ve got to be ready for a radical change in consumer behavior,” Hans van Wuyckhuyse told a panel at the SAP Digital Insurance Innovation Summit near San Francisco this month. “You have to rethink the way you enter those markets.”
And van Wuyckhuyse would know; he’s learned tough lessons during green field investment as regional director of business development for Asia at Belgium’s largest insurer, Ageas. A key trick to building operations in a foreign country from scratch is ditching legacy systems.
Moving forward, Aegeas sought a new system with which it could:
- Create a digital platform for a fast entry into new markets
- Generate all the new products it would need — on its own
- Build engaging customer journeys
- Combine all of the services that it didn’t yet know it would have to combine
- Do so in networks that hadn’t yet emerged
“We looked for an integrated solution where we would lay that digital backbone on which we can keep mobility and — not only create agility at the time that we start the company — but also keep that agility going forward,” van Wuyckhuyse said. “We have the flexibility to change at different times when necessary, and to grow with what is happening in the technology space.”Comments