Emerging markets will drive 60% of global economic growth in the next decade.
To succeed in these markets, businesses must tailor their sales intelligence strategies to suit the unique nuances of each market. This can be achieved by:
Emerging markets present unique challenges and opportunities for businesses looking to expand their sales efforts. These markets are characterized by swift economic growth, changing customer preferences, and unpredictable business landscapes. To stay ahead in such fiercely competitive settings, having an effective sales intelligence strategy is critical.
However, generic sales intelligence approaches may not yield the desired results in emerging markets. Businesses need to adopt niche sales intelligence strategies that are tailored to the specific nuances of these markets to unlock their full potential.
6 Sales Intelligence Strategies for Emerging Markets
1. Localize your Approach
Localization is a critical factor in sales intelligence strategies for emerging markets. It involves adapting sales processes, messages, and materials to cater to the local market’s unique characteristics. This includes understanding the local culture, language, customs, and business practices.
70% of emerging market consumers prefer to buy from local brands. Localization helps establish trust and credibility with local customers, and it is vital for building strong relationships that can drive sales in emerging markets.
Businesses should invest in market research and understand the nuances of the local market. This includes gaining insights into consumer preferences, purchasing behavior, and competitors’ strategies.
Businesses should also consider hiring local sales talent or partnering with local distributors who deeply understand the market. Local sales teams can provide invaluable insights and help bridge cultural gaps, greatly enhancing sales efforts in emerging markets.
Draup’s Sales Intelligence can help businesses take a deep dive into any location and vertical to understand the ecosystem better and make informed decisions.
2. Harness the Power of Data
Data may not be as readily available or reliable in emerging markets as in mature markets. However, leveraging data is still crucial for sales intelligence strategies. A data-driven approach involves collecting, analyzing, and interpreting data to gain insights that drive sales decisions.
Businesses should invest in data collection methods relevant to the local market. This may include conducting surveys, using market research reports, and leveraging data from local partners or distributors. It is important to validate the data and ensure its accuracy before using it for sales intelligence purposes.
Data analysis should focus on identifying patterns, trends, and opportunities in the local market. This can help businesses understand customer behavior, preferences, and pain points.
Businesses should also analyze competitor data to gain insights into their strategies and market positioning. This information can be used to improve sales messaging or tactics, tailor products or services to local needs, and identify untapped market segments or niches.
Draup analyzes 6M+ data points from over 8,000 data sources, providing businesses with valuable insights to gain a competitive advantage in emerging markets.
3. Build Strong Relationships
Personal relationships and trust play a significant role in business interactions. Building relationships with local customers, partners, and influencers can help businesses gain market insights, credibility, and sales opportunities.
Relationship building requires time and effort and involves understanding and respecting the local culture and customs. This may include networking events, business dinners, and other social activities that allow for informal interactions.
Businesses should also invest in relationship-building activities with local partners, such as joint marketing or collaborations. Partnering with local influencers or opinion leaders can also help amplify the brand’s reach and credibility in the market.
Draup’s buyer intelligence equips sales teams with insights on decision-makers, enabling them to nurture relationships and engage proactively with prospects’ pain points.
4. Be Agile and Adaptable
Emerging markets are known for their dynamic and unpredictable nature. Sales intelligence strategies for these markets should be agile and adaptable to respond to changing market conditions and customer needs. Agility and adaptability involve being quick to identify and respond to emerging trends and opportunities.
Businesses should be open to experimentation and innovation in their sales approaches. This may include testing different sales tactics, messaging, and pricing strategies to identify what resonates with the local market. It also involves using platforms popular in the local market, such as social media or e-commerce, to effectively reach and engage with customers.
Businesses should also monitor market trends, customer feedback, and competitor strategies to identify areas for improvement and adaptation. This may require adjusting sales processes, materials, or product or service offerings based on local market feedback.
Draup’s real-time industry intelligence enables businesses to identify emerging market trends, explore new-age technology use cases, and uncover new potential opportunities. This allows businesses to stay ahead of the curve and maximize sales opportunities in emerging markets.
5. Establish Trust and Credibility
Trust is often the foundation of successful business relationships, and businesses need to prioritize building trust with local customers and partners.
To build trust, businesses should focus on delivering on promises, maintaining consistent quality standards, and providing excellent customer service. This involves building a reliable reputation in the local market through word-of-mouth recommendations, positive customer reviews, and testimonials. It also means being transparent and honest in business dealings, avoiding unethical practices, and showing a genuine commitment to the local market.
In addition, businesses should invest in building credibility through thought leadership and industry expertise. This can significantly enhance the brand’s credibility and influence in the market, leading to increased sales opportunities.
6. Offer Flexible Pricing and Payment Options
Price sensitivity and diverse payment preferences can significantly impact sales success in emerging markets. Businesses must be flexible and adaptable in pricing and payment approaches to cater to local market dynamics.
Understanding the local pricing landscape is essential. This includes considering factors such as local purchasing power, competitor pricing, and customer perceptions of value.
Businesses should be willing to adjust pricing strategies to align with local market conditions while ensuring profitability. Offering discounts, promotions, or flexible payment terms can also be effective strategies to attract customers in emerging markets.
In addition, providing a variety of payment options that are popular and convenient in the local market can greatly enhance sales success. This may include offering cash-on-delivery, installment plans, or partnering with local payment providers or e-wallets.
Draup is a powerful sales intelligence platform that leverages AI and machine learning to provide real-time insights into emerging markets. By analyzing millions of data points, Draup can help businesses identify new opportunities, target the right customers, and make data-driven decisions.