The coming Annual Meeting of the New Champions will once again bring together multinational companies and global growth companies from around the world, to discuss the latest trends of global economy and emerging markets. As an entrepreneur from China, I am looking forward to meeting with other participants to learn from each other, and would like to share my thoughts on how to achieve success in emerging markets.
Whilst the entire world has set their eyes on emerging markets, an increasing number of multinational companies swarm into such markets, but they will soon find out that more challenges and risks may exist out there other than opportunities. If they do not have effective methods and behavior that satisfy the needs of local markets, and can not melt into local communities, environments and cultures, they can not achieve success in emerging markets. So what are the key elements to achieve success in emerging markets?
The first and also the most important element is innovation. Successful innovation in emerging markets is dependent on an accurate understanding of local demands. In such markets that are in a special development stage, demands vary greatly from other markets. Only with an in-depth understanding of such local demands, innovation could be turned into real competitive strength.
The second is efficient cost control. Most consumers in emerging markets desire and prefer products with cost effectiveness and innovative functionalities. Therefore, how to find the most optimal balance between innovation and cost is one of the most significant elements, which is also an essential capability to gain customers and achieve sustainable growth in emerging markets.
The third one is delivery speed. Companies from across the world join in the competition in these high-growth emerging markets, where rapid changes and new opportunities are constantly emerging, speed is one of the most important factors to stand out from the fierce competition.
The last element is win-win partnerships with competent local companies to build strong competitive advantages to quickly adapt to the local market, and become part of the local business ecosystem. Sustainable growth could only be made possible with comprehensive integration into the local market.
Editors Note:
Dr. Liu Jiren Chairman & CEO of Neusoft Corporation is a member of the Global Growth Companies at the World Economic Forum
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hello,
it’s my first topic here
i hope to be happy with you
thank you