The emerging market opportunity is potentially huge especially when it comes to technology and fintech. Here are some areas that you need to consider when forming a marketing strategy to market to the emerging markets such as in India, China or Singapore.
Knowledge and Data (On Your Customers and The Market)
My advice would be to stay in the loop with current trends patterns and developments in the market you are interested in. You can get data insight from certain companies which provide you with reports which helps you to make better marketing decisions. You can get access to data about peoples buying habits, what people like and what people want for example. You can also get access to indepth research data that can give you insight that can guide you to make more informed decisions regarding your marketing strategy. You could work with a market research company to do market research for you or you could do this in-house. Does the level of corruption in an area effect your marketing plan? Is this something you need to consider? Do you need the statistics on this? Is this relevant to you?
Some of The Other Things You May Wish to Find Out Include;
- Where do your target customers live?
- Where will they live in the future?
- Which age segment offers the most opportunities?
- What are the opportunities and challenges that could come up?
- Is your target audience growing or changing somehow ?
- Are consumers easily accessible for both direct sales and marketing and promotional activities?
- Would a local partnership / vendor / collaboration help to facilitate market entry?
There is also market analysis software you can use where you can put in specific data that is quantitative or qualitative data and it helps you to put these into graphs and find trends. This sort of information is valuable when you’re planning a marketing strategy in the emerging markets. You could just ask an adviser to tell you what the trends are who specialise in this.
Technology – Advancements and The Impact On Your Marketing Plan
You need to make use of the new technology that is available to help you to market in the emerging market sectors. More people than ever and specifically those under the age of 35 in emerging markets are now using their mobile phones as consumers and they are transacting more than ever online. This needs to be a consideration in your marketing strategy. The fintech and payments industry is believed that this will grow very quickly in the emerging markets over the next five years. Changes and advancements in banking and virtual electronic payments may also affect marketing plan. Does this information affect your marketing plan? Is your marketing going to be mainly digital, is your service or product aimed at under 35s and if so you need to bear in mind this target audience and how they see adverts and what their buying habits are.
Partnerships and Collaboration
Partnerships and collaborations with those in the current emerging market area and those with expertise in emerging markets would be good to have involved when you are forming a marketing strategy. Would a local partnership help you with your marketing strategy and yourselves for example? Are you going to get vendor to help you to sell your products. Are you going to have experts to give you guidance in the emerging market areas you’re targeting? These are all things to think about and consider. Some people would argue that a strategic partnership can positive as it can help to reduce risks and give you access to local knowledge. Partnerships can also improve the supply chain. I think more than ever marketing strategy needs to think about the overall business the overall supply chain people landscape. I think marketing plans and strategies have much more responsibility now in the overall success of the business and they need to think about all of these things in greater depth. Those in senior marketing roles should also collaborate with other people in the business to establish potential opportunities and challenges and ideally these need to be communicated openly and early on.
Gaining expertise from those who fully understand the specific emerging market area also helps you to plan ahead in terms of potential risks, compliance and security issues that can arise as a result of a branding and marketing strategy. Know what the law and regulations are in the market you are entering. This is really important or you can have lots of problems in the future. Many senior people in marketing roles such as the chief marketing officer are now also responsible for ensuring the marketing planning and execution is compliant. Some companies fail to do their due diligence and then pay the price in poor sales, legal issues, unforeseen complications and costs. Don’t let this happen to you. It’s also worth saying that your company needs to be able to adapt fast to unforeseen circumstances that may arise in being able to be agile is important. Having someone as head of marketing that is open to embrace change and adapt fast is also really important in the emerging markets.
You need people in your team, or external advisers who understand the language that your consumers speak. What do they value, what is their culture? All of these factors need to be considered when you are forming a marketing plan in the emerging markets area. Consider the people you have managing in different areas, the languages they speak and who is best suited where. If two people are having a conversation and one of them doesn’t understand the other person this is a huge problem because not only does it affect rapport if things have been misunderstood and this can affect the business. I would also consider having your documents translated into different languages where this is needed and adds value.
If you consider these factors you have more chance of winning in the emerging markets of your choice.
About the Author:
Faye Eldridge is the founder and director of The Fyami Marketing group limited, a curious b2b lead generation agency in London, that offers bespoke marketing and lead generation plans. She has a Master’s degree and is currently partaking in doctorate business research relating to the CMO and CTO collaboration.