Marketing is a vast field that's constantly evolving and advancing. Its broad nature and detailed approach make it possible for business owners in different niches and of varying sizes to find an exact approach that can work in their favor to produce results.
Whether you choose to invest in different proxies for multiple account management with Metrow or stalk big names when expanding into this new market, you want to invest in a winning strategy.
But with these marketing strategies that business owners can adjust to suit their business models, the same approach doesn't always apply when assessing audiences and markets. Recently, we've had new markets pop up, such as Pakistan, India, and Indonesia.
If you are looking for your business to appeal to these markets, you need to adapt to their audiences because what works in the West might not work in the East. And since these are new markets, finding the necessary data to conclude a proper execution plan can be challenging.
What Needs to be Done
What are some of the things you can do to adapt you marketing strategy for the Eastern market?
Adapt to All Your Players
When you are looking at markets in the East, these being new markets means that your marketing team has to go the extra mile to acquire as much information about them as possible. This is so your business has a clear and solid understanding of its customer profile and audience.
A good example would be to look at the Muslim community. If you are a business involved in the production, processing, distribution, or preservation of food, then you would have to create a customer profile that includes the religious and cultural norms that prohibit them from eating foods that are not Halaal. It doesn't matter how affordable or desirable the product may be.
This same concept applies to your business and knowing that a clear and well-researched customer profile is needed to have valuable knowledge about your new market. You can still adopt the same rules and gameplay but would need to apply these to a different player.
Aim to Dominate Your Market
Markets such as India, Pakistan, and Indonesia, aren't considered as your first-world countries. This means that these markets are still considered as gradually developing. For this reason, it's essential to understand that these markets are likely to host brands that are far more dominating than others.
You may think that quality would be the largest factor to keep in mind at this point, but this isn't always the case. In markets such as the ones found in the East, offering a quality product that the masses can buy, automatically reduces the product's worth in the buyer's eye. This is primarily the case with their domestic brands as well.
This means that your business must strike a beneficial balance to not price your products too high. Hence, it appeals to a larger audience in the market. And to also not price the product too low to send off the wrong message about its quality.
Aiming to dominate the audience means that your unique brand can strike a balance that can benefit your business and the new market's consumers.
Limit How Far You Use Your Digital Selection Tools
Using algorithms or some sort of online data can be of much use to your business in knowing if your product is appealing enough to the audience and knowing what your audience is interested in. But this gives you little information on who your customer is.
Basing your marketing solely on these findings may work in the beginning in bringing in that initial revenue as the newbie on the block. But it won't always work in the long run. Remember that marketing involves keeping your consumers on their toes to keep them coming back for more.
It means always coming up with fresh concepts that constantly feed into what they need. And knowing what exactly your consumers need means having a clear and solid consumer profile.
Dig Into the Details as Much as You Can
An excellent way to gain some insight into your new markets in the East is to study the trail used by major brands like Coca-Cola that expand into different international markets. You'll find that their approach and engagement to these different markets may differ.
Even though factoring in the market's social values, politics, and religion may help, these factors don't tell your brand what the consumer needs. But taking the time to study existing, tried, and tested strategies by other big names expanding into these new Eastern markets, can give you a good idea of where to start with your unique brand.
Don't Base Everything on Demographics
Demographics include human details like age, gender, race, and income group. But suppose you run a survey in your new market and happen to ask your Eastern audience some questions that also happen to include demographic information.
Emerging markets can be slightly uncomfortable in disclosing actual, complete, or accurate information about this.
In a Nutshell
Your detailed, thorough, and constant research can be of much benefit to your business in achieving that needed balance to create a win-win situation in your new market. Remember to try and get as much details as possible so that you can adjust your marketing strategy for new emerging markets.