Creating a product is undoubtedly a creative endeavor, but it’s also a serious responsibility. It’s not enough to simply design and release a useful item; ensuring that it reaches the end consumer and is genuinely needed is essential. This is also the role of a Product Owner – to be directly involved in product development and subsequently make the product market-ready.
“The Asian, American, and European markets play a huge role in international trade and are so vital that success for a brand without reaching them is nearly unthinkable,” says Ukrainian businessman, CEO, and Product Owner of Sky-Trade, Alex Shaurei. With over 15 years in product development and marketing, Alex has gained extensive experience in this field. Drawing on this experience, he has devised several unique management approaches, such as applying open innovation in product creation and building products on a unified platform—a concept he calls a “product family,” which he claims significantly reduces costs.
Alex Shaurei received additional product development training at MIT, though he primarily relies on his intuition and team synergy. In our discussion with this expert, we explored how to enter different markets, the risks involved, and key areas to consider.
Alex Shaurei
Alex, tell us about your experience in launching products in the international markets. How do these regions differ?
First, it’s essential to understand that each market has unique characteristics and requires a carefully crafted strategy. In the U.S., for example, the market is mature and highly competitive, where product innovation is particularly valued. American consumers prioritize quality, ease of use, quick access to products, and a company’s commitment to continuous improvement. Here, user data analysis is crucial to swiftly adapt to customer expectations.
The Asian market, in contrast, is geared toward scale and adaptability. In countries like China and India, flexibility, local adaptation, and affordability are key. The market is incredibly diverse, and cultural nuances play a substantial role. Many companies partner with local firms to quickly adapt products and avoid missteps with regional preferences.
The European market is heavily regulated and structured in terms of legal standards. European customers are focused on brand values and environmental and social responsibility, so demonstrating a commitment to sustainability and transparency is essential for companies entering this market.
You mentioned that innovation is key in the U.S. market. How do you implement open innovation, and what advantages does it offer?
Open innovation enables our company to bring in external ideas and technological solutions, which accelerates product development. We actively collaborate with partners, startups, and universities to develop unique solutions that would be difficult or costly to create independently. This approach has many benefits, such as allowing faster testing of ideas, creating prototypes, and involving experts from various fields, ultimately strengthening our expertise.
In the long term, open innovation helps us build a reputation as an industry leader, which is particularly important in the U.S. and European markets. Americans appreciate breakthrough ideas, while Europeans value responsible innovation. This combined approach boosts customer loyalty and makes our products more competitive.
What strategies do you use to develop product families for different markets?
Product families allow us to create solutions for various market segments while maintaining brand consistency. Preferences differ significantly across countries, so we design product lines that can be easily adapted.
For instance, the same product might have different versions depending on regional market demands: an affordable version with unique local features for Asia, or a high-quality eco-line for Europe that adheres to sustainable manufacturing standards.
We also consider regional differences in sales channels. In the U.S. and Europe, people often shop online, while in parts of Asia, many prefer in-store shopping. Therefore, our marketing and distribution strategies vary accordingly. Striking a balance between a global brand identity and local needs ensures that product families are an effective tool for business scaling.
What are the main benefits of a thoughtful approach to international market entry and open innovation?
Open innovation brings fresh ideas and keeps our products at the forefront of the competition, while a systematic approach to developing product families builds brand recognition and trust. Together, these factors enhance customer loyalty, allow us to navigate competitive landscapes effectively, and strengthen our position on the global stage.
What challenges do you face when adapting products for each market?
The biggest challenge is precise localization for each region. Localization isn’t just translation; it’s adapting to local preferences and cultural nuances. In many Asian countries, for instance, language and visual elements need to be tailored to local tastes. In Europe, where consumers are very quality-conscious and value transparency, strict standards and eco-responsibility requirements must be met.
To address these challenges, we analyze consumer preferences, work with local experts, and conduct testing at every stage of development. We conduct market research and focus groups to determine how to best localize our products and use feedback to make prompt adjustments when needed.
What regional trends are shaping your product entry strategies?
In the U.S., we see a growing demand for products that integrate with smart home systems and offer personalized solutions. Here, people expect products to fit seamlessly into their daily lives and solve specific problems. In response, we design products that integrate smoothly with popular ecosystems.
Asian consumers appreciate products that are budget-friendly yet innovative. This requires cost-effective approaches and innovations that make high-quality, affordable versions feasible. In Europe, customers seek more than just a product – they look for a company that aligns with their values. We consider this by creating sustainable, durable products that meet stringent standards and help customers minimize their environmental impact.
How do you design and test products for multiple markets?
We always start with a thorough analysis of each market’s needs and characteristics. We evaluate the market, test concepts with potential users, and run focus groups. Then, the product goes through a pilot phase, where we closely monitor feedback to make any necessary adjustments before full release. Additionally, we design products modularly, making it easier to tailor a single version for different markets. For example, a feature popular with users in Asia can be added to that version, while for Europe, it’s easy to replace it with an eco-friendly or energy-efficient alternative. This approach optimizes costs and allows us to meet customer needs across regions.
