India has a population of 1.275bn, a growing middle class and will possibly see the largest consumer spending boom the world has ever experienced over the coming twenty years.
So what? Does that necessarily mean that India is the right market for your company and your products? And if it does, which area of a country the size of India should you attack first – you certainly can’t attack it all at once. What will your landed cost price be and how does that compare with local and international competitors?
An overseas market is not like home. Nobody knows you and you don’t know anybody. The problem with new markets is that you simply don’t know what you don’t know – but you can find out. In our experience, most companies who fail in an international market do so because they simply didn’t do the right type of global market research in advance of going into that market and they then fall into all the classic traps:
All of these mistakes are as avoidable as they are predictable – and the right amount of global market research can be undertaken without it costing the earth. The key is to push beyond desk-based research by working with people on the ground who know the international market and understand the local dynamics of the place.