How To Make It in Emerging Markets with Dianna Yau
Do emerging markets worth it?
How to understand if a certain emerging market is ready for your product?
1. Understand the market. If you sell a product for 200$ and the average income in the country is 50$ — bad idea. First of all, Check the physical ability of the customers to buy your service or product.
2. Consumer psychology. Take a look at the market — of you provide a high-tech service in a developing country — make sure that people understand the concept of your product.
3. Take clients’ behavior into consideration. Did they get a chance to work with such product as yours?
4. Infrastructure. Make sure that you do not provide service which can be only paid by card in a country that does not use it at all.
5. And last but not least — is your product ready for the emerging market?
Let’s imagine your product met all the criteria and we know “how” to start a perfect business.
What are the criteria for choosing emerging markets to go to?
If you are a classic startup and everything you want is a revenue — countries like Sudan will not be the main target market for you, check out the top 10 emerging markets, like Indonesia, and choose of it.
If your main goal is a market dominance — check the competition level in your branch in every interesting country. Choose the market where the product you want to offer does not exist, or the quality is not good.
If you go there for users — look at the population firstly. Countries like India, China, Brazil, Indonesia will be perfect for you to start.
We got how and where to start.
What are the main obstacles entrepreneurs in emerging markets face when they start?
If you want to know how to overcome all the difficulties and become successful on the market, and what the number of toppings on the pizza can tell about the market region, check out the first episode and make sure to subscribe!