McKinsey Quarterly has another great article, this one on ten key points that a company must succeed in to take advantage of emerging markets. This is something to look into because these markets will reach $30 trillion in annual consumption by 2025 (source link).
Here are those ten points (I recommend reading the full article):
- Surgically target urban growth clusters.
- Anticipate moments of explosive growth.
- Devise segmentation strategies for local relevance and global scale.
- Radically redeploy resources for the long term.
- Innovate to deliver value across the price spectrum.
- Build brands that resonate and inspire trust.
- Control the route to market.
- Organize today for the markets of tomorrow.
- Turbocharge the drive for emerging-market talent.
- Lock in the support of key stakeholders.
The authors have expanded on each point in detail, helping companies approach emerging markets and succeed. esyringe has not entered those markets… yet.