India is known for its diversity and the rich traditions and culture that it offers to the world at large. However, it’s not easy for any global brand to establish itself in the country as the people have diverse needs and come from different backgrounds which do not necessarily bind or categorize them in one particular order. As a result, it’s necessary for brands to keep certain factors in mind which would allow them to build an environment that is conducive for its survival.
Here are a few factors that they must keep in mind while entering the country or building on it’s sustainability.
Understanding the diversity
India is extremely unique in nature. The country is understood to be one that is a complex market and while many know it, only few are able to understand the sheer magnitude that it incorporates. Focusing on just demographics and financial stability of consumers is not going to assist any brand in building strategies. Religion, behavioral nuances, emerging aspects, saturation levels, social codes and ethos also come as a part and parcel of building a brand in India. Moreover, the environment is more open for brands that establish a relationship with an Indian company and then seek entry in the country as it gives them intel as well as a strong backing for all operational and administrative purposes.
Incorporating Multi or Omni-Channel marketing
Omni-channel marketing coupled with a multi-channel distribution strategy is bound to change the landscape for any global brand in the country. For instance, Unilever executed a brilliant distribution strategy which allowed it to penetrate small villages by adopting a niche strategy. More importantly, devising the business model with which you wish to operate is key to survival. Today, brick & mortar stores do not have as much acclaim as bricks & clicks stores do. In a world where the digital landscape keeps evolving everyday, companies must stay updated & incorporate ways which leave larger room for ease and efficiency for the consumer.
Most importantly, it’s crucial that international companies maintain that the world is a large global village and that imploring on localization will allow the company to maintain its going concern. The best possible example for the same would be McDonalds building a separate Indian menu which has south Indian as well as north Indian variations in its burgers. Companies such as Bata, Colgate, IKEA, Nestle, Volkswagen have all taken efforts to ensure that they imbibe the Indian culture in their branding while building value.
What other success factors do you think are important for global brands to leave an imprint in our country?