Here are a few guidelines to get you started if your company is looking to make changes to its marketing strategy for emerging markets.
First, you should define what type of emerging market your company is going after. It may be a completely new country that you will need to create a new strategy for, or it could be a new set of buyers in an already established market. This would require tweaking your strategy to better fit their specific needs.
Next, you should establish the need for your industry in that emerging market and whether or not it will reach the level of success that is ideal. Consider the strategy that would be used and if it is within the desired budget.
The locals in emerging countries know the market better than anyone because they are producing the tools that we are using. As a company, you need to recognize the local services and adapt your marketing strategy to what that country is using and wants.
Once the emerging market that you want to enter is established, focus in on a more specific target market and find ways to specifically reach them. What may work in one market and with one group won’t necessarily work in another.
As a company, you must be willing to adjust quickly and constantly to compete with local businesses in the emerging market. Price is a huge factor in new markets, so keep that in mind when going head to head against local competitors.
Although price is important, customizing the user’s experience is also important when altering a marketing strategy. Offer quality and a unique experience that will grab their attention and eventually put your product in their evoked set.
Most of the population in emerging markets is young and experienced with social media. However, the type of social media used will vary from country to country so it is important to know what the leading platform is and include it within your strategy.
Your company needs to decide the reasoning for entering an emerging market in the first place. Whether you are trying to gain new customers or just stay a few steps ahead of the competition, it is important to measure the success or failures that may occur. Keeping track of analytics will help make better business decisions in the future.
Your strategy will change over time depending on the position of the product and the success in this emerging market. These suggestions can help your company create a successful marketing strategy for the targeted emerging market and create more opportunities for the future.