PM Modi’s Fourth Marketing Mantra – REALIZE
Driven by several hundred million young women and men, India’s consumer story is one of the world’s most compelling in present times. While India is the fastest growing major economy in the world today, companies are still struggling to enter this market or to stay afloat here.
My previous posts spoke about how you could not just survive, but also thrive in Indian markets, by taking a leaf out of the Marketing Manual of India’s best marketer, Prime Minister Narendra Modi (read posts here: http://wp.me/p6tQjj-3o, http://wp.me/p6tQjj-49, http://wp.me/p6tQjj-5Y and http://wp.me/p6tQjj-6I ).
As a business owner in the Indian market, you need to stay profitable. To do so, you need to source locally and sell via e-commerce. This is where your competitive advantage lies. Just as you are digesting this rather unsettling fact, here comes another one – in India, more than just profitability, what is more important strategically, is how you REALIZE profitability.
A common mistake many business owners looking to play the Indian market make, is to apply Western business metrics that work best in homogenized settings, to measure marketing effectiveness in a country as diverse & complex as India. As a business owner, do recognize that the Indian market is still an indigenous (swadeshi) market that is extremely cost-conscious, fiercely competitive, one that is dominated by disruptive start-ups, where consumers have low disposable incomes (do not be fooled by rising statistics for this indicator – family & business in India are still notoriously tightfisted when in comes to spending) and are easily adaptable to low cost technology. So how you measure your business’ success in the Indian market is something that requires careful thought.
Yeah, no one said this Indian ride would be easy! But I assure you it is worth it. You can actualize profit through three focussed marketing strategies.
To learn how you can create these focused strategies to actualize business profits in India, reach out to me on my website at http://cobblestonesconsulting.com or leave your coordinates in the comments section below.
How can you incorporate all this in your business plans and actions? Do you have the market knowledge and marketing expertise to handle treacherous Indian market conditions? Can your business gain with the help of professional & trustworthy business advice and/or hands-on tactical help?
Feel free to reach out to me at http://cobblestonesconsulting.com for Market Research & Business Consultancy advice. I’ll be happy to serve you.
Posted on March 23, 2017, in Consumer behaviour, Marketing Consultancy, Marketing Metrics, Marketing strategy and tagged Consumer behaviour, India, Marketing Metrics, marketing strategy, Modi, Profit. Bookmark the permalink. Leave a comment.