Developing Awesome Products for
Emerging Markets
Move over stereotypical professors/trainers with straight faces and serious dispositions and brace yourself to meet an uber cool guru with a passion to mentor entrepreneurs and interests as varied as trekking, reading, travelling, singing and cooking.
IPL Faculty and Founder/Mentor at CARMa Venture Services, Nandini Vaidyanathan has over 20 years corporate experience spanning over multiple MNCs. This globe-trotting TEDx speaker and author is keen to share her knowledge and experiences that she picked up during her long corporate tenure.
IPL Faculty and Founder/Mentor at CARMa Venture Services, Nandini Vaidyanathan has over 20 years corporate experience spanning over multiple MNCs. This globe-trotting TEDx speaker and author is keen to share her knowledge and experiences that she picked up during her long corporate tenure.
Revamp your thinking
The combination of rapid change and heightened competition in emerging markets puts a premium on useful customer insights, even as they become harder to get. Indeed, poor infrastructure, vast distances, and fast-changing customer segments make traditional fact-gathering approaches (such as ethnographic research or even focus groups) expensive and time-consuming. Therefore, top companies don’t pass up any opportunity, however modest, to sharpen their understanding of customer needs.
Foster emerging-market entrepreneurs
The extreme volatility and unconventional business methods in emerging markets require different management skills than are needed in mature, Western markets. For emerging market managers, raging inflation, currency swings, new taxes, continually changing business regulations and interest-rate instability are all part of the normal macroeconomic environment.
Reach the masses
Consumers in big, emerging markets have suffered for many years under closed economies and a limited selection of shoddy goods produced by inefficient, domestic manufacturers. Now, with economic liberalization, freer trade and higher incomes, these consumers are hungry for high-quality products and are prepared to spend
Invest in the right partners
In developed markets, a company may have many capable potential partners. In emerging markets, finding a right partner is a much more strategic endeavour. With restricted choice, partnerships are for the long haul, which means companies must find the right capabilities and partners that share their values.
Traditional approaches to product development are coming under strain as emerging markets start to dominate the global economy. Companies that learn to shake up their thinking and effectively challenge the assumptions about how they design, develop, and manufacture products are more likely to master the extremes of this new competitive landscape.
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