Emerging Markets Business Summer 2017 | Page 66

66 CREATING A MARKET EMB 67 HOW TO CREATE A MARKET–AND SUSTAIN IT. IF ENTERING A NEW MARKET IS A CHALLENGE, creating one is a formidable feat. Venturing where no one has gone before requires courage, conviction and careful planning. Convincing investors and consumers to buy into a new concept is not a task for the faint hearted, nor is being the first to navigate the logistical, regulatory and bureaucratic obstacles that pioneering a new market entail. Yet, challenge is matched in equal measure by exciting opportunity. For those who truly understand the lay of the land and the people who inhabit it, creating a market can satisfy unmet needs or make consumers’ lives a little easier—better, even. And, with satisfied customers comes bountiful scope for growth and success. Here, the heads of two different companies on two different continents share their experiences of creating and sustaining successful businesses in uncharted territory. 10 STEPS TO MARKET CREATION: 1. Identify the opportunities. 2. Explore the models succeeding elsewhere. 3. Offer a real value proposition. 4. Educate consumers and raise awareness. 5. Circumvent obstacles through innovation. 6. Remember, innovation isn’t always high-tech. 7. Factor infrastructure constraints into your strategy. 8. Focus on local capabilities. 9. Partner up. 10. Make your model flexible. EMERGING MARKETS BUSINESS SUMMER 2017 ISSUE NO. 3 EMBreview.org