You may have heard the term “disruption” thrown around quite a bit over the past few years. From the rise of digital startups to mass-market retail brands embracing new technology, the world seems to be constantly teetering on the edge of upheaval.
And emerging markets are just one example of this trend. Whether it’s due to rapid urbanisation, cheap access to technology or some other factor, emerging markets have become a hotbed for innovation. With more than half of the world’s population living in these areas as well as a rapidly growing middle class and rapidly expanding industries, these areas provide fertile ground for disruptive brands looking for ways to establish a brand.
With that in mind, trying to establish a brand in an emerging market entails different things than operating in a developed market. For one thing, you must think beyond your local market and see yourself as part of an interconnected global ecosystem.
You also need to consider what your brand will actually look like when operating in that area—something that you may not even be able to answer yet if you’re just starting out with your business venture. If you want to establish a brand in an emerging market, read on…
Considerations to establish a brand
It is difficult to establish a brand. Things become more challenging when you attempt to do the same in a well-established industry. It is particularly true in the case of new markets. Therefore, you can assume that new markets are hard to conquer. It is tough to establish your brand in an emerging market.
To succeed, you must find efficient strategies. You must also be aware that establishing a brand in an emerging market can be daunting.
I. Identify the Consumer Base
The consumer base of an emerging market is particularly significant. For example, India and China provide significant opportunities. It is critical to concentrate on your market when you want to be successful. It is critical to identify the consumer base.
Although big brands dominate certain parts of the economy, they do not always dominate the entire market. Therefore, if you are intent on being successful, it is critical that your brand emphasises a certain section of the economy.
You maintain your consumer’s attention on what you create. It also safeguards quality standards for your products. This enables you to market your services rapidly to your target market.
II. Value Justification
Emerging markets are sceptical of world-renowned brands due to the fact that these brands compete against local products that they developed. Simply put, to conquer this cynicism, you must conduct some brand upliftment.
To put it simply, you must convince your clients that your products provide “value justification.”
By educating them about the importance of your offerings, you will gain their recognition. They will realize that your products provide value, pleasure, and fulfillment in their lives. It is something that none of the local brands are providing.
You must tailor your product to the needs of each particular emerging market without altering it too much.
III. Embrace Tradition
There is a big difference between an established market and an emerging market. The latter does not use advanced or sophisticated technology. So, do not rely on technological marketing tactics and instead embrace tradition, opting for guerilla tactics and good old-fashioned word-of-mouth.
According to experts who studied China’s expanding economy, sixty percent of people purchase goods recommended by their friends. This explains your situation. To target the market properly in an emerging economy, you must focus on the people there. Consider how to build a market-friendly marketing strategy.
IV. Communication is Key
How are you going to notify individuals of your items without talking to them? Besides that, you must keep a firm connection with brand ambassadors. Without them, your company can’t stand up. Whether you are speaking with brand representatives or your audience, you must invest in messaging methods to succeed in your venture.
Providing information about your products is a necessary part of brand building. Without communication, how will you inform people about your products? You also need to maintain stable relationships with brand ambassadors to maintain your company. Regardless of whether you’re communicating with consumers, brand ambassadors, or your employees, you must invest in communication methods to improve your venture.
V. Recognising Your Competitors
There is no such thing as a monopoly in today’s world. Competition is ever-present, thanks to technological advancement. Even your strategies are unbeatable, there are still some competitors in the market. The necessity of recognising your competitors is imperative.
There are always competitors in the market. Because technology has made the world so accessible, monopolies no longer exist. You may be very good at what you do, and your strategies may be unbeatable, but you must be cautious not to underestimate the importance of identifying your competitors.
Brands that have been around for a long time may still be dominant in certain markets. You will have a difficult time introducing your brand to the public. So, think about developing a product that is unique and desirable. Studying your competition is vital to understanding what consumers need in an emerging market, no matter your perceived level of understanding.
When expanding into new markets, businesses often focus on identifying the independent variables that can be controlled within a company and that lead to success.
These include things like product quality, marketing strategy, brand visibility, and so on. However, operating in these emerging markets is not something companies can control.
It means that a certain business must operate in those specific locations and adapt to local needs as much as possible.
For example, operating in emerging markets means adapting one’s business model to the culture of that specific location. This is where starting a new brand comes in handy: it gives entrepreneurs a chance to test concepts outside of their core competencies and establish a new operating entity with its own identity before starting a full-scale expansion into new locations.
Emerging markets are difficult to break into, but they are not impossible to do. To succeed in your undertaking, you must work hard. You must thoroughly research all aspects of the market, looking at the results of your market research.
What you find out from your research will assist you in developing your strategy. If the policies you implement are compelling, nothing can stop you from succeeding.
The plans discussed in this article are ideal for accessing an emerging market. You may use all of your current resources to implement them. By applying these shrewd plans, you will be surprised by the results.