South Asia's Markets within Markets
Ever wondered what makes the South Asian market so unique?
South Asia, a geographical location and a home to many amazing things, but there is one thing in particular that these countries have, and that is "Markets within Markets."
Emerging as an increasingly integrated and vibrant economic region, it also provides a lot of opportunities for growth and development. But one cannot simply plan to enter it in a single shot and call it a‘GOAL.'
Region = Countries = Culture = Market = Markets
Its MARKETS within the big giant MARKET which makes it unique
Each country in South Asia has its own unique challenge and each one has a different set of opportunities along with an emerging and growing economy. Despite the geographic proximity of the countries in the region, they are all different. Therfore, each one should be entered with a separate strategy.
Strategy to enter into an Indian market may not be the same as Nepal, Bangladesh, SriLanka or Maldives and vice-versa. Some of them may be process driven while the others can have major political impacts.
But one thing holds true that no where there will be a single window system to accelerate things. That's the reason we term this as the most " complex market."
Moreover, for a larger country like India, having a single strategy which can work across the entire country is again not relevant. Due to the diverse cultural setup " India itself has to be treated like multiple smaller markets " the only advantage being that multiple business setup efforts are not required.
In order to determine which countries and/or market segments make the most sense for the company to enter this region, one needs a complete analysis of all the markets in-line to the goals and expectations.
Then only the “ RIGHT ONE “ to hit can be targeted first.
FIVE things to STRIVE
Remember , Sometimes the HARDEST and the RIGHT thing are the same !
Target where demand is strong, and supply is weak
Analyse your targeted market and its markets
Know your competitors in each market
Choose the path of effective collaboration
Freeze the business model but with flexible operations