How to Sell Effectively to Emerging Markets

How to Sell Effectively to Emerging Markets

glass globe

To stay ahead of the curve in an increasingly competitive marketplace, businesses must search for growth in new places. Emerging markets present many new opportunities for sales growth. However, they also present many challenges. For example, many businesses make the mistake of simply transferring domestic sales strategies to foreign markets, which may result in failure abroad. To effectively sell to emerging markets, sales leaders must start from scratch. After all, industry trends, cultural and consumer preferences, and market infrastructure differ from region to region. Below are four things to consider to successfully break into emerging markets.

Place your “bets” wisely: Spinning a globe blindfolded and placing your finger on a region doesn’t constitute as a “wise bet.” According to Ernst & Young’s “2012 Globalization Index and Survey: “Companies must make ‘big bets‘ on markets they may not have considered before,” in order to capture new opportunities and stay ahead of the competition. Not only does this mean considering rapid-growth markets beyond Brazil, Russia, India, and China (BRIC), but also developed markets. For example, non-BRIC markets such as Mexico, Turkey, South Africa, and Vietnam are alluring locations for global business, according to the report.

Perform extensive market research: Not having a deep understanding of the region you wish to break into will undoubtedly cripple your sales strategy. However, gathering information on consumers and the market can be difficult. In addition to contracting the help of a third-party business database to help lay the ground work for your sales strategy, get a firsthand sense of how the market actually works by visiting the region. This will provide a 360-view of the market, including where it is now and where it’s heading.

Ensure your sales strategy speaks the local language: Don’t assume that because the majority of consumers in the United States are well-informed on things like product specs and price – in large part due to the wealth of information available on the Internet – that consumers in other regions are too. It’s important that your sales strategy “speaks the local language.” In other words, it has to cater to local consumers, addressing their unique needs, pain points, preferences, etc.

Use technology to make better decisions: Changes in the market are bound to occur. Therefore, your business should anticipate and be ready to respond to any shifts in the market. With emerging technologies, such as analytics, mobility, and social networking, companies have unprecedented access to data that can help them make more strategic, intelligent business decisions.

glass globe

To stay ahead of the curve in an increasingly competitive marketplace, businesses must search for growth in new places. Emerging markets present many new opportunities for sales growth. However, they also present many challenges. For example, many businesses make the mistake of simply transferring domestic sales strategies to foreign markets, which may result in failure abroad. To effectively sell to emerging markets, sales leaders must start from scratch. After all, industry trends, cultural and consumer preferences, and market infrastructure differ from region to region. Below are four things to consider to successfully break into emerging markets.

Place your “bets” wisely: Spinning a globe blindfolded and placing your finger on a region doesn’t constitute as a “wise bet.” According to Ernst & Young’s “2012 Globalization Index and Survey: “Companies must make ‘big bets‘ on markets they may not have considered before,” in order to capture new opportunities and stay ahead of the competition. Not only does this mean considering rapid-growth markets beyond Brazil, Russia, India, and China (BRIC), but also developed markets. For example, non-BRIC markets such as Mexico, Turkey, South Africa, and Vietnam are alluring locations for global business, according to the report.

Perform extensive market research: Not having a deep understanding of the region you wish to break into will undoubtedly cripple your sales strategy. However, gathering information on consumers and the market can be difficult. In addition to contracting the help of a third-party business database to help lay the ground work for your sales strategy, get a firsthand sense of how the market actually works by visiting the region. This will provide a 360-view of the market, including where it is now and where it’s heading.

Ensure your sales strategy speaks the local language: Don’t assume that because the majority of consumers in the United States are well-informed on things like product specs and price – in large part due to the wealth of information available on the Internet – that consumers in other regions are too. It’s important that your sales strategy “speaks the local language.” In other words, it has to cater to local consumers, addressing their unique needs, pain points, preferences, etc.

Use technology to make better decisions: Changes in the market are bound to occur. Therefore, your business should anticipate and be ready to respond to any shifts in the market. With emerging technologies, such as analytics, mobility, and social networking, companies have unprecedented access to data that can help them make more strategic, intelligent business decisions.

Home > Learning Center > How to Sell Effectively to Emerging Markets
Live Chat