Recipes That Are a Success in Third World Countries
An essential part of third world marketing tactics is the scaling down of operations to suit the economy of the country being targeted. Prices and packing are also suited to the buying power of the local populace. If this is done correctly, the scope of the market gets vastly increased. To do this requires a lot of attention paid to the needs of the customers and their likely use of the product being marketed.
Quicker decision making is helped by having smaller organizations, as response to market changes and new requirements is better.
Third world countries can be dominated by markets that may be governed by religious beliefs and social norms unique to the country. These may not be easily swayed by the advertizing blitzes that are commonplace in developed countries.
A quality product is more likely to sell and this has to be the point of focus, rather than on concentration of mass production to reduce costs.
Companies should take advantage of low local staff costs and build up teams with effective training. A sales team that is dominated by people familiar with the language and customs of the local region is likely to be far more effective than only with only sophisticated college educated graduates who are from another environment.
Each country is viewed differently and the conditions developed specifically for it, if third world marketing tactics are to be effective.
Applying Third World Success Strategies to Your Own Business
Survey your market and look for what your customers really want. Understand their economic profiles and find out what they are willing to pay for the sort of products that you are selling. Market your product in packing and sizes that customers in your target area will feel comfortable with.
Some communities you are selling products in may be dominated by one particular community or religion and their tastes and preferences must be given high priority in the product you are selling or manufacturing.
Let your product give the customer a product whose quality is assured. Scale down your production levels to customer demand and do not overproduce. Too much production could lead you into distress sales which may completely upset the market you have built up.
See if you can employ more people locally, as this could reduce overhead costs. Even if you are subletting, do so with people from within the same community that comprises your customers. The advertisement by way of word of mouth publicity can do your business a lot of good.
When you do expand to other areas follow all these tactics afresh. You may even have to change your products in a new outlet to suit the new community where you are now established.
Look for economy of scale when you expand operations, but do not do this by standardizing the product, as this may eliminate markets that you have developed and built up. Instead, economize on bulk buying and other operations that are common to products.