While Emerging markets can be an excellent arena for trying out product innovations far from competitors’ prying eyes, they represent a much greater opportunity in viewing these markets not as one vast lab but as unique environments filled with poorly addressed opportunities that could be creatively addressed with an innovative business model.
Creating new business models, addressing the whole ecosystem that surrounds your offering and helping your customers adapt to their clients, will give your company a more enduring competitive advantage.
Adaptability doesn’t only apply to products or services. Every aspect of the value chain is impacted from production, marketing to sales and sales support. You have to keep an open mind when dealing with emerging markets. Rules might need to change. They might have requirements that don’t exist when addressing developed countries (risk mitigation instruments, financing, agency, obligation to set business in country,..). Business is definitely not conducted in the same manner and sometimes it takes time and a lot of effort to get things moving when addressing foreign customers.
Successful companies move fast when the right opportunity has been identified. Emerging markets are known for their application specificities. Early movers have a distinct advantage on capturing the customer mindshare and creating novel and useful experience. Participating in emerging markets on the long run requires organizations to build the capability to achieve a great innovation mindset.
In the last decade, Emerging markets have been representing great opportunities for telecom and technology vendors. 2014 is no exception. Only leaders and companies, who adapt to a changing environment and are willing to learn nuances within markets, will withstand the test of time. Would you?
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