India Entry Consulting Firm
India is a vast economy with significant population assets, and therefore indulging in this market seems like a perfect strategy. However, there is more substance to this country than one can imagine. This country holds:
- A complex market structure
- Numerous unorganized business systems
- Plus, the data is scarce, making it challenging to predict the actual marketing scenario.
Nonetheless, if your target market is India, then we, as your advisory team, will never let the facts mentioned above get to you. With our granular research and rightfully tested facts, your marketing journey in India will be smooth and effortless. Here is some Indian market entry strategy advice based on our marketing experience.
Hunt for the best collaborative company
India is a precious little market hub.
- It withholds within itself a vast population of 1.3 billion people.
- It has lately climbed the ladders of the GDP economy and successfully bagged the seventh spot.
However, this market could be excruciating for new foreign companies due to many factors. The Indian market holds several volumes of different business concepts and technologies. Therefore, any newcomer could find the market environment of this country intimidating.
But let us tell you the right partnership here could help you nudge in the right direction. So, we recommend you pair up with a business abundantly experienced with the Indian market. We believe that:
- This partnership will help you mold your novice marketing instincts into concrete market applications.
- This professional collaboration can help you navigate through the market intricacies of India swiftly and smoothly.
- An experienced partner can provide you with critical insights and expertise in this complex market.
- They can assist you in building professional networks, identifying competitions, clear out investments, and target your prospective clients, all at the same time.
Now you see how an experienced business company stationed in India could help you smoothly drive through this rough market. Therefore, we suggest you wisely choose your business soul mate.
Customize your product by consumer sentiments, requirements, and choices
This country may single out a lot of different labels, but diversity happens to every top label. India is a country where people hold multiple ethnicities, speak different languages, prefer different foods, follow different religions, and profess different cultures.
Thus, introducing a generalized product into a diverse market like India would amount to a giant business anomaly. India could be many things, and diversity is one of them. Diversity and India are synonymous, and thus, we suggest you avoid making any product generalizations in this densely diversified market.
Localized products with a customized approach are the best solution here because:
- Indians have a pluralistic background; everyone here reacts differently to different situations.
- This market is multilingual and diverse in both culture and approach. Therefore, as a company, you can risk launching products that aid one culture and go against the other.
- Consequently, you should choose products that can be aligned with the majority of the Indian population to avoid hitting any religious or ethnic sensitivities.
We hope you are clear with the point we intended to make. All we said was to mold your business models according to your target audience. People in India are sensitive, and one wrong business move can banish your brand for eternity. Hence, we recommend adopting a model strategy, specifically keeping in mind the Indian market; the one that would work here.
Notch down the price levels to connect with the Indian masses
We understand that the very reason for hitting a market like India is profit. However, as a new entrant, if you fail to commit to a low price strategy, your business would be dead even before it begins.
India might be home to some of the most prominent business persons. However, it majorly consists of people with a middle-class background.
- This country is relatively low in the economy and yet tagged within the subsets of developing nations.
- Therefore, there is no denying the fact that India runs low economically.
- Hence, introducing a luxury brand with high price consignments would only mean sidelining the middle class, which forms almost 80% of the entire population.
- The per capita income of Indians ranges from around two thousand dollars. Additionally, a massive chunk of the population comes under BPL (Below Poverty Line).
- Unlike America, the Indian government does not cover necessary facilities like healthcare and education under insurances or drafts. It leads Indians to cut out substantial portions of their income to surpass these basic amenities. After such huge expenditures, people here possess very little money at their disposal to invest in fancy brands.
- It is why the Indian market runs on a low price strategy because people here are spent thriftily.
So, you see how low prices here could bring in enormous opportunities for you. Indian always prefers low price products; the most significant fact any Indian considers during buying is the price. And a lowered price can help your brand target a massive population, drenching your company in profits.
Indian markets root long term benefits, not instant profits
We all know that India is a burning market hub with its enormous population and high potential growth rate. And this factor is what makes this market hub the center of cutthroat business rivalry. Concators have a perfect international business consultant for any kind of business-related needs.
As a burning hub of marketing opportunities, several countries view India as their ideal target, thereby raising competition standards. And the only way we see out of this vicious competitive cycle is by compromising short-term benefits for long periods of profits. Here’s how:
- Indians dig brands with notched down prices and durable products.
- The durability is what attracts Indian consumers; they coined a go-to buying mantra: ‘cheap plus durable.’
- And this is all they ever desire, something that costs them less money and services them for long years.
- However, there are many scenarios where Indians might slide their low priced desire for a moderately priced product, only if it lasts long and performs well.
- One example of such a case would be the arrival of the One Plus brand. We cannot solely say that One Plus costs less, but it justifies for the cost with its multitude of facilities and services.
- Moreover, this brand was new and moderate in price when it arrived. But its fantastic quality and service have what made a brand selling mane in India within five years.
That is what we precisely meant with long term benefits. Now, as a company, one would always strive to remain enshrined in the hearts of Indian customers. So, if you want to set your foot into this complex market, we advise you to let go of your short term goals and focus on the long term benefits.
Brace yourself for a peculiar regulatory framework accompanied by different legal setups
Unlike many other countries, India runs on a single courtship. Both the union and state laws integrate within a single court. Naturally, the legalities here involve numerous hassles and multiple hurdles.
Each legal paper takes several days to successfully pass as it goes down under multiple government blocks and offices. Therefore, we suggest you:
- Take up agreements that are open to alternatives. The legal framework here remains messed up, and courts can take years to respond. The cases here pile up like volumes of a book series, and the court remains in sheer backlogs in terms of cases.
- Agree to formal agreements only if they possess any scope for alternate dispute resolution mechanisms. It is a mechanism where two agreeing parties consent to a structure in case of legal mishaps to avoid prolonged and excruciating court proceedings.
Avoid hitting sensitive issues when it comes to branding and commercials
No other country associates emotions with brands like India does. Indians remain vastly diversified on political and social views, and thus, they never expect a business brand to take a political stance or strike sensitive issues.
Advertising on religious and social matters can be a major faux pas here because Indians are susceptible when it comes to religion or culture. One such faux pas was made by a reputed jeweler brand lately. The ad they featured was in the spirit of religious harmony, but as the concept they picked was sensitive, they received severe backlash. Therefore, we suggest avoiding any branding strategy that strikes sensitive nerves.
Instead, you can go for ads that feature jingles or rhymes. Indians dig the catchy slogans or jingles. The commercialization here is a bit different, but it indeed is entertaining.
We hope these tips were helpful. We tried to outline the best possible Indian market strategies as simple as we could. However, if you are still confused over specific aspects, we suggest you call Concators one of the top fundraising consulting firms at 9555626260 — one of the best India entry advisory companies.