Do you think it is time for your business to enter the ‘hot’ market of South Asia?
Profitability and growth are important and necessary for companies to survive and remain attractive to investors and analysts. Growth is an important factor for long-term survival and each organisation goes through this cycle.
Being in the most promising market of South Asia is what every aspiring organisation would dream of. No doubt, that expansion to this diverse markets is a critical component of the overall growth strategy, but it is also one of the most sought-after consumer markets for global businesses.
Relationship development and nurturing trust with key stakeholders in South Asia takes time and effort. Building contacts, fostering strategic partnerships or closing deals does require an in-market presence. Having strong network adds credibility to the company’s outreach activities and can lead to a quicker response time.
No major business decision is without its hurdles, and South Asian expansion comes with its own unique set.
Language and Cultural differences
Compliance & Regulatory issues
Longer gestation period
Local competitors
Best practices to overcome the hurdles
TIME IT RIGHT : Is this the right time? Well, if your think that the time has come to face this diverse region , follow the key rules for this market :
Partner Partner Partner
When we say this, we mean it. Having local partners to take your product/service to the next level is the first & foremost best practice to be followed. Trust your partner for a win-win situation. Always consider finding a strategic partner for your business, one who is aware of all the ongoing & past trends of the industry segment. The day would not be far when you would say, ‘My partner is my mentor.’
My Money = My Time
It's time you should stop thinking about this internationally acclaimed notion. While we definitely respect the value of your time you have put in inventing your product/service, this South Asian market is very different culturally. Here people do not do transactions based on the time but they transact based on the relationship, trustand measurable success.
Think Culture not Language
While it is important to understand the context of the language, it is not necessary that translations can solve and resolve the purpose. Be ready to mould yourself into the local culture of the region and understand how they want it.
Revenue:Reinvest+Restrategise
One time revenue generation is not everything you had dreamt of, Right? Be fully prepared to reinvest the revenue into the market in better and improved way. Restrategise and be always prepared to change the direction of your action whenever required.
Control your Emotions
Yes, you heard it right, control your emotions, the NEGATIVE ones! Entering this giant market is not an easy task. It is a long term plan for you and your partner both. While your partner might have local presence but it takes time for the product/service to be conceived and accepted in this tricky & diverse market. You and your team should be ready to face this challenge with positivity.
Patience is the Buzzword
Patience is the key that connects efforts to success. It is not only required in achieving results, but also in dealing with adverse situations. South Asian market is huge and one cannot expect results overnight. Evaluating and adopting the best method for approach, is the key. The "ready, fire, aim" syndrome will not yield results in this diverse market. All good things take time to HAPPEN.