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10 Strategic points for Indian startups who wants to make in road to African market

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Information about 10 Strategic points for Indian startups who wants to make in road to...
Business & Mgmt

Published on March 11, 2014

Author: yourstoryin

Source: slideshare.net

Description

ndia and Africa has poised to grow together. Indian companies investing in Africa now will gain access to a larger regional market in Africa. Bilateral trade between India and Africa in 2000 was around $3 billion. Later the trade shot up from $25 billion in 2006-07 to $70 billion in 2012-13. However, the Indian government aspires to touch $200 billion mark before 2020.

Like any other emerging region of the world, Africa offers diverse opportunities alongside a few bottlenecks, for trade and investments. Here is the slide of 10 strategies Indian companies will need to adopt 10 common imperatives identified by studying successful and unsuccessful MNC businesses in Africa.
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Identify priority sectors and countries quickly and set up strong business organisations there. PRIORITISE EARLY Source:McKinsey

Understand local nuances and adapt business models accordingly. Africa is one continent with 55 different countries, each with its own culture, customs and behaviours. GO GRANULAR

Customise approach based on continuous learning. There are no fixed answers to succeed in Africa; hence, companies should be ready for initial disappointments and tune their business model accordingly. EXPECT TO ITERATE

Understand and control the route to market for success in such a fragmented geography. This is a challenge which Indian companies have mastered on the home turf, and must now face in a geographically larger context. CHOOSE DISTRIBUTION CHANNELS CAREFULLY

Source:McKinsey In Africa, brands are considered to be the clinchers in making purchase decisions. Hence, brand building, especially in the consumer goods sector, is critical. BUILD BRANDS AGGRESSIVELY

Source:McKinsey Innovate to meet the entire range of needs as the landscape is still open for brands and whole categories. In the consumer goods sector, Indian companies can meet this challenge with their wide product ranges. DELIVER VALUE ACROSS PRICE SEGMENTS

Business in Africa cannot be built quarter-to-quarter–com- panies must be willing to invest for the long term, spend effort on setting up the business’ roots in the country, and only then achieve success. Source:McKinsey THINK LONG TERM

This is necessary to get local insights, benefit from regulatory know-how and develop relationships. The ultimate aim must be to become the insider. Source:McKinsey INVOLVE LOCALS & INSIDERS AS PARTNERS

Source:McKinsey Governments in most African nations play an important role in business development, and partnering with them is crucial to creating opportunities. PARTNER WITH LOCAL GOVERNMENTS

Source:McKinsey Given the relative lack of local talent, developing talent will play a critical part in scaling up any business, and must be invested in proactively INVEST IN BUILDING LOCAL TALENT

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