Learn from History; Let’s expand our local and global Influence.Dinkar Rao
India was known as the “golden bird” because of its wealth and prosperity, specifically regarding its resources and trade. The country had abundant natural resources, including precious gems and minerals and a rich cultural heritage. We lost substantial wealth to various invaders, leading to the depletion of the state’s wealth. According to an article published in the Indian Express, which refers to a report by S&P Global, the country will be the fastest-growing major economy over the coming three years. This relatively high growth, it says, will drive India, currently the fifth-largest economy in the world behind the US, China, Germany and Japan, to become the third-largest by 2030. Some analysts, though, expect the country to achieve that mark sooner. Indian MSMEs can turn around our economic scenario and generate massive employment opportunities.
We must consider import substitution a powerful tool for rebuilding India’s economic strength.
The more we work with MSMEs and SMEs, the more we get even more convinced about the magnificent possibilities of Indian enterprises. All we need to do is get future-ready regarding technical, financial and people capabilities.
What do Indian entrepreneurs, especially the ones in the manufacturing business, do in the current times?
- Comprehensive Market Research:
Conduct thorough market research to understand the local dynamics, consumer behaviour, and market trends in different regions of Bharat. Tailor your strategies based on these insights.
- Localization of Products and Services:
Adapt your products or services to cater to the diverse preferences and cultural nuances of the Indian market. This includes product features, packaging, and marketing materials.
- Build Strong Local Partnerships:
Establish strategic partnerships with local businesses, distributors, and retailers. Leverage local partners’ expertise and networks to navigate the market’s complexities.
- Government Compliance and Regulations:
Familiarise yourself with local regulations and compliance requirements. Ensure that your business practices align with the legal framework in Bharat to avoid any regulatory issues.
- Invest in Digital Presence:
Develop a robust online presence, including a user-friendly website optimised for local search engines. Embrace digital marketing strategies to enhance brand visibility and reach a wider audience.
- Understand and Cater to Diverse Consumer Segments:
Recognise the diversity in Bharat and tailor your products, marketing, and customer service to cater to the unique needs of different consumer segments. Consider regional variations in preferences.
- Flexible Pricing Strategies:
Implement flexible pricing strategies that account for the varying economic conditions across the country. Be sensitive to the price points that resonate with the local consumer base.
- Invest in Employee Training:
Provide cultural sensitivity training for your employees, especially those in customer-facing roles. Effective communication and understanding of local customs are crucial for building trust.
- Customer Support Excellence:
Offer exceptional customer support with multilingual capabilities. Ensure your customer service team is well-equipped to address queries and concerns in local languages.
Adapt to Technological Advancements: Stay updated on technological advancements relevant to your industry. Embrace innovative solutions to enhance efficiency, especially in logistics, e-commerce, and customer engagement.
Please look into our Business coaching page for MSMEs and Startups page to learn more about our efforts to enable MSMEs and SMEs:
Also, please watch our video on YouTube Dedicated to MSME enablement: – https://www.youtube.com/watch?v=E4x1vsDvz6o
Remember that success in Bharat’s diverse market requires a combination of adaptability, cultural awareness, and strategic planning. Regularly reassess your strategies based on market feedback and evolving trends to ensure sustained growth.