Owing a business? Want to sell your products internationally? Wish to get into the Russian market? Well, it only takes proper research and a great plan to make sure your exporting and international expansion efforts pay off. After so much of thinking, if you finally have decided to take your business into the Russian market, you’re decision is right but you have to prepare a strategy for getting the desired business results.
Despite simplification of the Russian trade policy structures, there is still a substantial amount of risk involved if you want to export or set up business operations in this country. To minimize that risk, you need a structured and strategic approach to international growth in order to make sure that your limited resources produce maximum sales results. Follow these 3 essential steps given below for taking your business into Russian market successfully!
Step 1 – See What’s Having in Your Hand
The first step of getting into the Russian market is to look on your business. Get the answer of some questions like how prepared are you for this next phase of your business growth?
- Your Products and Services: What will make your products and services different from the others in this competitive foreign market? Are you ready and able to adapt them to the requirements and desires of customers in your target markets?
- Your Team: Do you have adequate people in the departments including human resources, sales and marketing? What additional workforces will your need?
- Your Leadership: Are the owners and senior managers of your business all on board? Are you ready to get the outside expertise you need to support management?
- Your Finances: Does your business have sufficient capital to make a long-term commitment to your export capabilities or other foreign expansion projects?
Step 2 – Find the Best Markets for Your Business
Now it’s time for researching a potential market in Russia. Screen them objectivity both for risk factors and opportunities. How easy can it be to do business in a given foreign market? Find the answer of it by investigating every aspect of exporting goods into Russian market and looking for the risks involved in doing the business in that country.
You need to do research work on whether there is growing demand of your product in the selected Russian market and a base of potential clients with the interest and money to buy. Once you have distilled your options to a shortlist of potential markets in Russia, the last is to make a final call in line with your company’s situation. For this, you need to get through the business contacts for learning about the local rules, competition and distribution channels. The best way to do this is attending trade shows that take place around the world. You can attend a trade event in Russia so that you can understand the business scenario of the country.
Step 3 – Plan and Execute
By this stage, with your Russian market entry strategy, you have to execute your plan of attack. In your market entry strategy, you should clearly define your business objectives. Your business plan should spell out the following information:
- A budget outlining how much capital you’ll need to finance your business project.
- The Russian markets within the regions you are targeting.
- The business risks and opportunities you foresee in the Russian market.
- You must have the knowledge of your competitors would be in the market.
- You must know the ways in which you may have to adapt or customize your offering including labelling, packaging and promotion while keeping the consumer tastes, regulatory requirements of the country and cultural preferences in the mind.
- A method for taking into product adaptation & costs of exporting into account.
- A method for determining pricing and exchange rate.
- You must be constant on the objectives of your business and time frame to accomplish them.
Read more to access import export record of Russia visit at http://www.exportgenius.in/export-import-trade-data/russia-import.php
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