Doing Business in Eastern Europe: An Introductory Guide

Doing Business in Eastern Europe: An Introductory Guide

The Ultimate Guide to Doing Business in Eastern Europe

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:

  • A regulatory framework that’s amiable to your initiative.
  • Incentives for foreign investment.
  • Good infrastructural and technological conditions.
  • A clear market gap you can fulfill.
  • Business leaders you can ally with.
  • As much cultural common ground as possible.

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.

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In this ebook, you will find:

  • Key economic factors about Eastern Europe
  • Insight into Eastern European business culture
  • Business etiquette & meeting tips
  • What's the greatest challenge your digital product may face
  • Popular digital marketing channels
  • How to engage young Eastern European audiences
  • Linguistic and cultural preferences

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