In the last few years, Eastern Europe has become a particularly favorable region for foreign investors. In this free e-book, we explore this region’s market conditions, its business culture, and how to communicate with local audiences. If you’re looking for a guide for doing business in Eastern Europe, this is it. Download it for free by filling the form below.
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Eastern Europe is a large and promising region. Home to the largest country on earth (the Russian Federation), the fastest-growing e-commerce market (the Czech Republic), and the only European nation that didn’t experience a crisis after the 2008 crash (Poland), among other thriving nations. With growing GDPs, internationally competitive industries, and increasing incentives for foreign investment, this region is worth considering as a potential new market.
In the last few decades, technology has made international expansion far easier than it used to be. In fact, depending on your industry, you may not even need to have offices in your target country. But this doesn’t mean that expanding doesn’t require an investment. Regardless of your budget, proper resource allocation is impossible without market knowledge.
An expansion strategy should always be built on information. From formal market data to a sense of cross-cultural understanding. Be aware that Eastern Europe is a diverse region. So, strategizing as if it were a monolith will limit you immensely. The best approach to expansion is one that’s precisely targeted. But, to target a specific country, you need to learn as much as you can about it and the region it’s in.
Among other factors, you’ll want your target market to have:
Expansion is built on partnerships. You’ll need cross-cultural and legal assistance, as well as partnering up with local market leaders that can support your growth. Whether your product is digital or physical, you may want to meet with potential distributors. A local communication agency could help you connect with local audiences. And a reseller can help you integrate into your customers’ every day buying experiences. To conduct productive meetings with these potential partners, you’ll need to learn about etiquette and business culture.
Our Doing Business in Eastern Europe e-book is a short but comprehensive guide to this region. In it, our cross-cultural experts share data-driven insight into culture, market conditions, and marketing trends. Get it for free by filling the form.