Breaking into the Bulgarian Market: Strategies and more
Even though influencer marketing has become one of the most powerful tools in marketing, more is needed to remove the cross-border obstacles a brand might face when advertising abroad. Despite us living in a day and age where communication is overwhelming us, language plays a significant role in it. International language barriers can pose considerable challenges to businesses looking to expand into new markets. Even experienced companies can encounter difficulties with influencers or partners when language differences create miscommunications threatening their business plans abroad.
Communication is one of the most critical aspects of personal and professional relationships. There are bound to be language barriers when doing business with overseas companies. However, those barriers can negatively impact the partnerships and projects at hand. For example, when working with Bulgarian influencers, briefing in a non-native language, price negotiating or simply drafting contracts. More hardships may arise during the actual campaign - when agreeing on posts and schedules, messaging with the creators and checking the compliance of the created materials ( whether they are what you envisaged or resonate with the Bulgarian market).
When it comes down to conducting business, that may be one of the reasons why many brands choose not to. However, this fact shouldn't discourage you from expanding your customer base and conquering the influencer marketing of Bulgaria. It should encourage you even more.
They already had a plan for the campaign's aims and targeted audience. The only thing missing was - How to execute it? And that is our task. We had an elaborate discussion on how they want their brand to be perceived and what are their core values. We treat our customers with respect, and for those reasons, our relationship is based on trust. The same is valid for the influencers. We know what influencers the audience trusts the most. We know their sphere of expertise. We know how to present the product in the light that you imagined. How to post it, and when? How a contract comes into existence according to Bulgarian legislation? Do we need additional documentation? What about taxes?
When using our platform, you do not need a Bulgarian Tax, Copyright and Civil Law crash course; we do it for you. On the one hand, that significantly decreases the time spent on a campaign, but most importantly, we reduce the stress that would have been experienced if you did everything by yourself.
Challenges that a foreign brand may face
Over the last years, the share of the Influencer marketing has grown significantly within the advertising industry, becoming one of the most popular and effective forms of online advertising. The popularity and benefits of leveraging influencers comes with a potential struggle for companies and creates several challenges, especially when trying to advertise in a different country. However, the results that expected benefits, without a doubt, are worth the trouble. This article helps you navigate through cross-border influencer marketing by showing you how to avoid these struggles.
It is no secret that when business is being conducted in a country abroad, there are a couple of things that a brand or company should be mindful of:
- Knowing your tax responsibilities;
- Plotting your marketing strategy in accordance;
- Currency exchange rates;
- Knowing the laws and regulations
- Briefing and communicating with influencers in their native language
In our yearly report about influencer marketing in Bulgaria, we gained even deeper insight into the 'influencer world'. In compliance with our database, we managed to answer questions like:
- What is the audience of the influencers?
- Where are they located?
- What are the influencers posting about?
- In which social media are the influencers active?
- How much does it cost to work with influencers?
And all relevant information that a brand needs to make the most of its influencer campaigns. Furthermore, we have the information required to satisfy every campaign strategy.
In addition to the data gathered for our research, we packed the report with all the Bulgarian market, metrics and data that matter most to you. Think of it as fuel for your next influencer marketing campaign. We are here to help you figure out your goals and expectations and make them a reality.
Further, suppose you need more than this to convince you to leave behind the fear of doing business worldwide. In that case, we have experience working with foreign brands without any representation in Bulgaria. To be even more convincing, a brief overview of a campaign we did in collaboration with YoloBook will be provided.
An overview of the influencer ecosystem in Bulgaria
What are the benefits of working with us?
On the other hand, one of the biggest obstacles is barriers to entry - economics and business terms, which encompasses factors that can prevent or impede newcomers into a market or industry sector and limit competition. These can include high start-up costs, regulatory hurdles, or other obstacles that prevent new competitors from quickly entering a business sector. Although the Bulgarian marketing sector is not as heavily regulated, it still contains a few hardships along the way.
Barriers to entry can also form naturally as the dynamics of an industry take shape. This holds valid for the marketing industry. Brand identity and customer loyalty serve as barriers to entry for potential entrants. Competing with local brands that have already created a name for themselves and ensured customer loyalty could be challenging. That being said, achieving even better results overseas is possible with the right marketing strategy.
Do you want to enter the Bulgarian market and need a reliable partner to do the heavy lifting and implementation? You can rely on us. It can save you valuable time and money while strengthening your business and brand. Here are four more benefits of working with influ.ai that will enable you to reap the rewards:
1. Long-Term Rewards
Hiring a native marketing agency is an investment – and a decision that should be made with long-term goals in mind. From the marketing plan to the influencer briefing with influ.ai, you can be sure that you are working with experts in their field. In many instances, we reduce both the valuable time of your marketers and the stress that comes with working in an unknown environment.
2. Embrace your shortcomings
Having a marketing agency in your back pocket that you can trust can reduce your workload and allow you to focus on what's important to you and your business, as already said. You can use the time you save with us to fill the gaps in your marketing strategies and elevate your brand by bringing your vision to fruition. The whole process can be seen as a source of inspiration as well. Knowledge of different marketing plans worldwide can only help you advance your company.
3.Expand your horizons
Collaborate with talented, creative, innovative minds to develop more imaginative solutions. Our fresh set of eyes can offer new perspectives that your team may have yet to consider. As long as you are open to innovation and want to be one step ahead of the trends or even create them, influ.ai will be an excellent fit for you. The outcome? Better results and return on investments.
4. Gain insight
Take the guesswork out of decision-making. Let us share with you our valuable research about the latest trends, technology, the best practices depending on your field of expertise and the ongoing changes in the industry. Want insights and analytics based on facts and statistics? We are on it, so you can achieve the best results, reach a targeted audience and kick your goals.
We are your guide that delivers Western European quality. Influ.ai has core values that all its employees have practised: honesty, responsibility and commitment to work, discipline, unity and ongoing development. These values are considered the ethics and morality of our company which have been applied continuously. We aim not only to deliver the desired results but also to push boundaries and set new standards.
The Bulgarian market offers a promising opportunity for foreign brands looking to expand into Eastern Europe