Tips for Global Brands to Win in India
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India is a country that helps new businesses to flourish. Many global brands have chosen this country because of its location, conducive environment and the market is perfect for the launch of new products or to start a new business. If any global brand wants to win and create a space in this country, they surely have to keep in mind these seven major factors.
1) Is there a market for your product?
You need to study, check, think and try if your products the way they are sold elsewhere are fitting into the Indian market. It can be design, taste, the way it feels, wrong or funny product names, price and many other factors becoming the reason not to succeed. Be always aware that at the end the market is always right, consumers can`t be blamed for your brand's failure.
Research is crucial here and your willingness to adapt is vital. You may need to tune your products to the Indian consumer needs. But at the same time don't lose your uniqueness which your brand must have achieved in other countries. Evaluate and decide between short-term growths while being in line with your products with the existing market or decide to create your own market. Also, plan longer time duration to establish the same.
3) Know Your Competitor
Market knowledge and product knowledge is compulsory. The emerging market of India is going to provide you unique opportunities and great challenges as well. Looking at the western world where markets are settled players are safe but usually unable to create countable growth rates.
In India, your potential for growth has almost no limitation if you have found the right product reaching a continually growing base of consumers. But on the other hand, you need to watch every market activity very carefully. The circumstances are changing every day as unlimited numbers of new players are emerging your product needs to be a notch higher in quality. Even when you think your brand and products are established, you will still need work in creating new products categories and move in pace with times.
"Success of today does not feed us tomorrow; it only creates the foundation for tomorrow's growth"
4) Create the Right Awareness to Your Potential Consumers?
You need to define your marketing channels. Expect failures and protect your success. Be quick in tuning your tools again and again as your competitor will always keep a watch. Be open to 'Crazy Ideas' and be always 3 steps ahead of today, but at the same time remember the golden rule not to lose your focus on today.
5) The Power of Finance
Based on your research and vision, be ready with your commercials as well. You have to have enough resources to help you develop the company. Have the right kind of investors or keep the finances of the company ready for any future calamity.
6) Message to the Local Country Heads:
Get your funding approved by your headquarter. Inform the board members that new markets may take time to reach countable revenue and profit creation. Be realistic!! Any expectation created during the initial stage may not be fulfilled within the specified time. Many global players failed on that point and were shut down by their headquarters based abroad.
7) Business Model Strategy
Find out if your brand and your product will be allowed to reach directly to the Indian retail market or you need to create a local dealer or franchise network. Be aware that working with your own team and providing an end to end solution may harm your growth rate but will provide you a better hand on monitoring your company especially to assure the quality of your work and most important 'customer satisfaction'. Adopting a dealer or franchise model may allow you a huge growth rate, but you need to find ways to monitor the quality and customer satisfaction which can badly kill your entire brand image if your dealers are not doing it right for various reasons.
A whole gamut from a business model, finance to adaptability will create a win-win situation for your brand not only to sustain in the country but grow multifold. And India is a country of opportunities will help your brand win if your products have quality, style, and give value for money. Then creating a strong brand and capturing the market will be a task one can achieve.