I saw an article on MarketingProfs on how marketing is different in emerging markets, and it really piqued my interest. With the economies of India, China, and Brazil in long-term growth mode, there is a tremendous potential for expanding your business overseas.
Here are some eye-opening stats:
- There are around 6 billion mobile phones in the world.
- Three-quarters of those phones are located in the developing world.
- This year, the number of mobile Internet devices will even outnumber humans.
Wow. I decided to delve deeper to find out how to effectively market in an emerging economy. Here’s what I found:
1. Send SMS texts
Believe it or not, 51% of consumers want to receiving marketing messages via SMS text; if the message is relevant to their location, that figure rises to 65% (MarketingProfs).
2. Share educational content
Consumers prefer educational over “fun” content. Research found that 61% of Brazilian consumers use their phone for news, and 74% of Nigerian consumers use their phone for education (MarketingProfs).
3. Localize messages
According to Contently, there can be vast differences between cultural preferences from one city to another within the same country. Do careful research to understand each local market, and pull in specific cultural and local references.
4. Engage through conversation
Just as in the West, consumers in emerging markets are all over social media. Banner ads will fall flat, while storytelling and starting a conversation will allow you to start building a solid brand (Contently).
5. Encourage word-of-mouth
McKinsey & Company did a study of 20,000 consumers spread over 5 industries and 3 continents, and found that word-of-mouth greatly affects purchase decisions. That’s because there are more first-time buyers, less familiarity with brands, and cultures that emphasize societal validation.
Have you considered expanding into emerging markets? What has your research uncovered about marketing and consumer behavior?
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