How do you tackle the challenge of emerging markets? Three common shortfalls.

June 4, 2013

Emerging markets present challenge and opportunity to US companies. The consumers in these emerging markets face their own challenges: urbanization, new aspirations, changing cultures, and new choices.

With all this concentration on emerging markets, US companies can find access to data, market studies, etc., on their target consumers. 

Where we see the most common shortfalls in facing up to these challenges is in our own thinking. For example:

1.  thinking “they” are like us, or at least that emerging market consumers will want just what we want

2.  not really believing that the world has changed and the momentum of growth is coming from elsewhere

3.  not really believing that part of that growth and change is creating competition from those markets

Each is a shortcoming in understanding rather than information.

 

So the challenge is first to understand, and that’s not only about having good data. In fact, that’s not the main task at all. 

Futurists will explore with their clients new ways to think about challenges such as this, helping them understand difference and change at a deeper level.

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