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| Design development model |
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| The below illustration depicts the 3 components of a successful business model in emerging markets: |
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Core competency
Your company will find plenty of business opportunities in emerging markets. However, it is essential that you focus on your core competency. At the end of the day, your success will depend on what your company can do the best. Business partners and joint ventures maybe considered later on. Companies such as Kovent can help you in identifying your business area in the targeted market. It will also help you to find out cultural behaviour and silent competitors. |
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External expertise
Spend time with your targeted population in the emerging market. Hire an NGO or a social worker to explain you their social structure and ecosystem. Doing charity and social awareness programs are some of the best ways to get close to the population. Companies like DuPont founded a successful business model while conducting a non-profit educational training. Also, many people in the emerging market rely on political leaders. Getting close to the government may facilitate your business integration. |
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Local resources
Your local resources in an emerging market may have different ways to design a business strategy. Take time to understand the way your team works and thinks. Over confidence on your existing business model may prevent a fruitful managerial and technological transfer. |
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