There is a mindset shift among emerging market SME leaders. We have previously given developed markets a monopoly on quality ideas, products, and services. Emerging market businesses and customers became net importers of all things foreign.
Fast forward to today, where we see greater accessibility and affordability of global innovations and solutions, meaning emerging market business leaders increasingly think globally even as they (initially) act locally to position to serve a growing global market.
Because emerging market leaders can easily access global markets, a growing number of emerging market SMEs now not only create local solutions to local problems, they are developing solutions they can market to the world.
Listen to this emerging market leader speak about how he is equipping an entire generation of globally competitive STEM solutions on the latest Modesta Mahiga 360 Leadership Podcast episode.
If you are an emerging market business leader, research these three areas on how you, too, can start taking your products and services globally:
Transitioning to Solve Global Customer Problems
Leveraging your local expertise and experience, consider how you can pivot your business strategy and operations to solving global customer problems.
Due to international standards, laws, regulations, and even regional trends, you would likely have to change your business development and operations management. Research product development specifications beforehand to gauge the investment required and your business capacity to meet it.
Tailoring Solutions to the Global Market
Research your global customer to tailor your marketing to appeal to their preferences.
Resist the temptation to assume that just because you can create a solution with a global appeal, you can market it to global customers the way you do in your local context. Start with one market in one region, and conduct market research to segment, target, and position your products appropriately. Desk research and remote meetings may do but travel to find out for yourself if you can afford to.
Tapping into the Global Supply Chain
Whether tangible product or service, tap into a supply chain that efficiently and consistently delivers your products and services to your global customers.
Don't be deterred by ambiguities or complexities often plaguing emerging market bureaucracies. If you have found a lucrative market, invest in finding supply chain solutions to reach it. This will require researching local and global supply chain solutions. You will likely be able to tap into existing global supply chains, even if you may have to innovate novel approaches to get your solutions to the global market.
Want to learn more about positioning your business to appeal to global markets? Chat with one of our consultants at www.ModestaMahiga.com.