A foreign brand will be successful in Russia if the company is able to correctly approach this specificity
of the market.
The Russian market, in contrast to Western markets, is fast, where it is possible to establish large-scale
projects in a short time. But this was typical of the era 10 years ago. Now the last gap is not so much
noticeable. But fears of risk and lack of understanding of the intricacies of the market prevent a global
brand from achieving success in Russia. And here it is important to consider the following points.
1) It is necessary to understand the laws and requirements of the market, the local specifics of the Russian
market, entering here. In most cases, it will not be possible to simply transfer an international strategy
without adapting processes. Also, all internal business tools must be adapted to local requirements.
Depending on the product, business or product line, the Russian market requires more control than
developed markets.
2) Russian legislation, which, in the opinion of international companies operating in the Russian market,
changes too often. In addition, there is an inconsistency of legislation with the prevailing conditions and
selective application of laws. Any constant changes in regulation negatively affect the investment
attractiveness of Russia.
3) The specifics of the business environment and the risks of corruption in interaction between business
and government. Before entering the Russian market, a foreign brand needs to conduct market analytics
and think over the adaptation of the product or service itself to country specifics. This will help to avoid
mistakes typical for beginners.
4) Use market analytics before starting local communications with media and entering the market.
Analytics and market research costs are investments in the speed of adaptation in the market. Analytical
research is best done with local market leaders or local agencies. When choosing countries and regions,
you need to study the competitive environment. If there are already products or services in the selected
market, then this means that the demand and the competitive environment in the country or region have
already been formed. If there is no competition at all, it is rather bad. In this case, funding and effort will
have to be spent on creating a market, and not just on promoting the product.
5) It is necessary to consider personnel characteristics and behavioral features of employees, their ethics
and the rules of the relationship between the employer and colleagues adopted in the business
community;
6) Run and grow international business is impossible without business administration, incl. accounting
and HR administration that will be better managed by a local team of specialists
7) Attracting a local partner (agent, consultant, etc.) is an important step in the process of entering the
local market, who will represent the interests of the brand and the company in the local business
community, promote your project, establish contacts with potential partners, the media, local influencers.
In addition, it will be possible to use the existing contacts of the consultant.
