We have already talked about what makes the Eastern European market such a point of interest for financial investors and business owners in a previous article.
It’s definitely an emerging market that will offer you the opportunity to grow your business and double your investments.
Of course, this all depends on whether or not you are able to adapt to the market and attract an audience.
While there might be plenty of opportunities on this market, you need to find a way to use them to your advantage. Going in without a plan will surely result in failure.
Here are some useful tips to keep in mind when expanding on the Eastern European market:
1. Be prepared to adjust prices if needed
While the economic situation in Eastern European countries is not a bad one, it is important to note that not everybody has a large disposable income. This applies for potential business partners as well, since a lot of their profit goes into running their businesses.
If you notice that people are taking an interest in your products or services, but are not buying anything, then it most likely has to do with the pricing. Try to offer bundle deals and discounts for larger orders. If necessary, lower the prices, but only do so as a last resort.
This might not seem profitable at first, but keep in mind that the Eastern European market will offer you plenty of opportunities to turn larger profits as time goes by.
2. Offer trials if possible
This is generally possible if you work in the software industry. While free trials are pretty standard on other markets as well, there are businesses who simply do not offer them at all.
The Eastern European market consumers generally rely on trust when it comes to doing business with a company. Plus, do not forget that Internet piracy is more rampart in Eastern Europe than in other parts of the world, so refusing to offer free trials might actually cost you more in the long run.
So, in order to earn their trust and respect, be sure to offer them free trials for all your products. It will seem like you are making no money at first, but give it time and plenty of free trial users will soon convert to premium users.
3. It is vital to invest in quality translation services
While English is spoken in most Eastern European countries, it is not generally used in legal and financial documents. Plus, you will need translations that also accommodate the culture aspect, so that you do not offend potential clients.
Also, don’t think that only a certain type of business requires translation services. There are plenty of industries that can benefit from quality translations.
We can help you expand on the Eastern European market
While it is true that more and more investors have taken an interest in the Eastern European market, it is important to note that they have not approached it on their own. They have all made use of quality translation services to get the best results.
This is where we can help you out.
We offer the best translation services there are, since we can handle large volumes of materials in short time-frames thanks to our extended knowledge of CAT tools. Plus, we offer free translation quotes as well – just contact us!