4 Ways to Achieve New Growth in Swiftly Developing Countries

There is very little doubt that the swiftly developing economies, such as Latin America, China and India, are well on their way to becoming the most important growth markets of the future. Much of this growth is due to the fast development of the Internet and mobile technologies. Here are four ways to tap into this gold mine of a market.

1. Develop new applications for existing products that can be offered to new buyers in new markets.

Perhaps a favorite pair of skinny jeans could be made better or more quickly if you changed the composition of the fabric. Or maybe reconfiguring an existing headlamp might be perfect for improving coal-mining safety in Turkey.

Before you set out to do business in a particular country, ask some basic questions. How do the people there like to spend their time? What are their favorite gadgets? How do they clean their homes or cars? How are their clothes laundered? Do they have pets?

If you can’t travel there, gather information via the Internet to give you answers. There are plenty of available resources.

Also, don’t forget to ask yourself: What other applications is my product or service good for? Take kilim rugs as an example. They don’t have to be used only as rugs. They can also be used effectively in the fabrication of loafers and handbags.

Market coverage can take you from the rug industry into the women’s apparel industry to reach new and appropriate buyers and to broaden the scope of your business activities.

Consider breaking new ground or going beyond the everyday uses of things and you’ll be astonished at the opportunities that arise.

2. Find a niche (sweet spot).

If you are currently selling business to business (B2B), maybe it’s time to consider selling consumer to consumer (C2C). There’s more work involved as you strategize how to handle the fulfillment and payments on each individual order, but getting the process right at the outset will allow you to sell to more than 7 billion people online. Of that staggering number, remember …

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