Increasing sluggishness in the western markets is driving their key players to try their luck elsewhere. Emerging markets and places with maximum volatility in business conditions are on the prime radar for these organizations. Emerging markets are the places in the world that are striving to make their mark through their developing economies and strengthening infrastructure. In order to survive in the hard and ‘under construction’ conditions of these countries, companies need the additional help from market research companies. Launching your products and services in emerging regions without performing detailed study about them could turn out to be a huge mistake. There are several easy steps that a business owner can learn to understand the basic requirements of their potential customers from the emerging areas.
Easy Steps to Survive in Emerging Markets with Market Research
Experts and researchers who have already spent large amount of time in establishing their niche market in emerging markets claim that it is not a complete cakewalk. Hunkering down in the bad times is not an option for these regions, which makes businesses to think before launching their projects there. Whether you are an international business giant or a local startup vying to make it big, emerging markets will come clear in front of you with some simple market research practices. Along with the conventional tools and techniques, experts also need to understand the basic characteristics and operations in that particular region. Emerging market in different regions act differently, making things interesting.
Understand Market: Always keep a check on local news, regional politics, laws, business regulations, practices and norms for your types of products and companies. Along with these innate aspects, you also need to make sure that the chosen emerging market is suitable for the types of products that you want to sell in the region. Understanding cultural and religious feelings of the customers also gets crucial here. Spending some time studying these trends will help you come up with a strong marketing strategy.
Customer is the King: No matter how much time you spend in researching the market, it is all useless if you fail to understand the basic requirements of the potential target customers. When it comes to emerging markets, learning about the cultural differences, communication channels, social norms, beliefs and restrictions becomes crucial. It will give you the exact idea of the things that will ‘really’ make a buzz in that region and drive innovation within your organization for a unique product or service.
Customer Engagement: One of the best sources of learning about all the aforementioned facts about the potential customers is through engaging them into conversations. You need to drive communication channels amongst the researchers, business development teams and your potential customers. Make use of market research tools like print adverts, television, internet, mobiles and radio. It will also lend you cues about business remodeling.
Obstacles are Normal: If you are an established business you do not need a guide about staying strong during the testing periods. The path of establishing a new business is filled with obstacles, especially when you are introducing your products to a new industry. Unpredictable elements are a common occurrence in emerging markets, which will create stoppage in your streak. Maintaining patience in such situations is essential here.
Emerging markets do not directly mean Brazil, Russia, India, China and South Africa (BRICS). Hence, look for better business opportunities in the markets apart from the BRICS countries. Market research in the emerging markets is a challenging task, which becomes easy with spending enough time in the right direction.