Entrepreneurs will see a lot of lucrative opportunities in the Russian market. In 2012, the country joined the World Trade Organization, which increased its integration into the world economy. Russia is also one of the G8 countries, a group of the eight most industrialized nations in the world.
Plus, being home to over 140 million consumers, it’s evident that Russia is a great location for business. Of this population, a huge chunk—73% to be exact—resides in urban areas. They make up 85% of the country’s purchasing power. All these are promising figures for brands aiming to set up shop in Russia.
However, it remains a difficult market for foreign business to infiltrate. This may partly be caused by cultural differences. Thus, you need to use a different marketing and customer support approach to attract Russian clients and encourage them to stay loyal to your brand.
Keep these trends in mind as you aim to capture the Russian market.
1. Russian customers are after quality.
Study shows that Russian consumers trust brands based on the quality of their products, although they also make impulsive purchases. Those with a modest income look for products with a long life span.
Nevertheless, Russians are also attracted to bargains, although in most cases, price is often just a secondary consideration for them. In addition, they’re also extremely loyal to brands. In fact, most Russians know what they’ll buy before entering a shopping center, singling out their favorite brands and sticking to them for the long haul.
Thus, as a marketing strategy, you must highlight the quality and unique features of your products. Let your target buyers know the processes you’ve carried out to ensure that they get the most value out of their money. Your customer support agents must also be constantly prepared to assist your Russian clients so they can maximize the use of the products they’ve bought.
2. Russians buy products for immediate use.
In most cases, Russian consumers only purchase products they’ll use in the short term. Roughly 25% of them buy items to satisfy an immediate need, and around 50% of them use the products they’ve bought within the same day of purchase.
Considering this, a viable strategy would be to offer smaller package sizes for your products at an affordable price.
3. They want a hassle-free shopping experience.
Unlike most European countries where shopping is seen as a luxurious activity, Russian consumers usually see it as a chore. Around 65% of them think of it as a routine, and only 16% find it an enjoyable experience.
Providing an effortless customer experience through a combination of good marketing and customer support strategies should thus be your main priority. Your agents must be able to give consumers accurate information and help them through any issues that may arise. This can boost customer satisfaction and loyalty.
4. Most Russians shop for their families.
Russia is widely perceived as a conservative nation. It’s not surprising, since they emphasize religious and familial values. This also influences their purchasing habits. For instance, more than half (53%) of Russian buyers, compared with just 45% of consumers around the world, purchase items their family needs. Only one-third or 32% buy only for themselves.
Thus, Russian customers may like products offered in a bundle. Of course, they’d also be more attracted to items that serve a practical purpose. Keeping this in mind can help you develop better products that are suited to your target market’s needs.