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Forging Alliances In Emerging Economies

– Contributed content –

River taxi in Peru

(A. Kotok)

26 Feb. 2020. The term ‘emerging economies’ has been on every economist’s lips for about two decades. As the world has grown in terms of business, technology, and geopolitical relations, so has the middle-class. Now, finally, after so many years we’re watching the birth of developed economies. The main three to watch out for this decade will be Brazil, China, and India. China has been a very strong economy but overall, it’s remained in a low-skill cheap-labor market zone.

Nonetheless, this will be the decade you will see a race between all three, to see who can become the first economy to shrug off the term of ‘emerging’. If you want to plant your flag, increase sales dramatically and win a whole new generation of young customers, you must forge alliances with these economies.

Making diplomatic contact

Because all emerging economies are vying for international companies to come and set up a sub-headquarter in their capital cities, you should make diplomatic contact as soon as you can. Capital cities will also host the government of the nation, therefore making the right contacts will hastily increase your awareness. Try to speak with the ambassador of the said nation in your country and make a meeting with the home ambassador.

If you can’t meet them face to face to explain your intentions of expanding into their territory, you should send an official email message as the CEO. Ask them to ring you on your personal phone number or respond back to the email. It’s important you set up an in-person meeting to have your questions answered regarding rules, regulations and generally how you stand to be accepted and treated if you were to expand.

Understand your/their challenges

One thing is for certain, if you’re going to expand into an emerging market, you will need to accept the fact that their challenges are yours too. A lack of infrastructure is bad for their nation and it’s bad for business. Too many rules and regulations that stifle innovation and kill competition is bad for their people and bad for your business. It’s vital that you actually go and see the challenges the governments face with your own eyes.

If you sign up to the Prem Rawat educational programs, you will get a firsthand experience of what kinds of issues local communities face. You’ll meet your future customers face to face and you will be able to pinpoint who your key demographic really are. Inherently, by comprehending the challenges, you will know how to adjust your business, products, and services to match this new market.

Know your domestic rivals

Chances are you will be rivaled with a domestic company which customers are already familiar with. Despite offering better quality and or features, competitive pricing is going to be your biggest concern. The issue is, a lot of modern companies don’t adjust their product range for a market where the poorer class is larger than the middle-class. Study the domestic rivals and see what kind of changes you can make, to coincide with their needs.

Entering into an emerging market is not as difficult as it once was. Plant your flag as soon as you can as this decade will be the one that the major emerging economies use to become fully developed markets.

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