Succeeding in developing markets has been challenging for companies across industries, but those that adapt their business model for developing markets could thrive and witness significant improvements in the long term. At the same time, there’s no denying the enduring appeal and profit potential of markets in developed economies. But to increase revenues and build a more extensive customer base, companies must tap into the potential of developing markets. According to our market research experts, companies must adopt a research-backed approach to make this transition and adapt their business models to cater to the dynamic market needs. In this article, our experts weigh in on a few research-backed strategies to help businesses looking to tap into developing markets.
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Identify developing markets with maximum potential
While researching, it’s essential to look beyond BRICS and consider the full array of developing markets globally. This will help businesses to gain a holistic view of developing markets and build suitable go-to-market plans.
Conduct in-depth research to understand your market
Developing markets are different in every aspect. Hence the local laws, sourcing requirements, culture, and the market landscape, in general, will impact your business. With an in-depth understanding of these markets, you will not just exceed your goals but even succeed in giving your brand a new upgrade.
Discover consumer needs and realign offerings
Breaking into new markets is crucial for business success, but it’s not easy to analyze customer needs in these markets. Leveraging market research has helped businesses to discover unique ways to tailor their products and address end-user requirements.
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Benefits of Expanding into Developing Markets
Leading market players invest heavily in developing and launching new products in developing markets due to several benefits. As a result, consumers in these markets are bombarded with a wide array of choices and new product options. Going to market in developing markets can be highly rewarding for companies that take the time to analyze customer needs and tailor their offerings. Emerging markets usually presents opportunities for new businesses to enter new segments and explore their potential.
The main driver of companies doing business in developing markets is the benefit associated with a first-mover advantage. If a company can successfully establish its presence in an emerging market, it can become a well-established brand a few years down the line. This is crucial, especially for businesses looking to establish themselves and build local partnerships.
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Demand for new products
Emerging markets are often the choice for businesses looking to launch new products since the demand for new products is much higher than in developed markets. Businesses that successfully tap into this opportunity and target the right customer groups can achieve significant short and long-term benefits.
Access to capital
Untapped capital is brought to light with the emergence of new economies. Access to new capital drives many businesses to take on the risks of doing business in developing markets. Capitalizing on this opportunity can help companies expand their business operations and drive domestic growth. Emerging market capital can also breathe new life into companies that have maxed out the potential for new capital domestically.
Emerging economies act as a buffer
Businesses without a global footprint are more likely to suffer when the local economy takes a hit. A significant benefit of expanding into emerging markets is that your company will be insulated from market fluctuations due to a well-established, global presence.
Infiniti Research has collaborated with Fortune 500 companies to help ensure they end up on the winning side by incorporating strategies that reflect the industry’s new realities- Request more info to learn more about our research engagements.