Local Markets Can Do Wonders
It is every businessman’s dream to see their organisation go on the international front. But amid such desires, we sometimes undermine the value and worth of running a business as part of the local market.
Believe it or not, local markets can be a blessing in disguise for you – let us show you how it can transform your business:
The Advantage Of Being A Part Of The Culture.
The biggest advantage of operating in the local market is that you yourself are a product of the society – this means you know the people’s common language, their lifestyle, their norms and values that they share in society. All these factors contribute to knowing the psychology of a customer, which will help you understand what sort of a product he/she wants.
Operating in local markets also helps in developing good relations with the stakeholders in a business. Stakeholders are all those individuals who might be affected by your business activities; this includes direct personalities involved in your business such as suppliers, employees, customers, etc. They can help in expanding your business within a local market – and then beyond.
Consumer’s Perception Can Be Influenced.
An intellectual entrepreneur is someone who is always trying to figure out ways to influence a consumer’s mind towards buying their company’s product. And sometimes, playing the local ‘tag’ is a smart way marketers use to encourage consumers in promoting local goods and prioritising them over those of multinational businesses.
A change in trend has seen people now judging the quality of products through their pricing. If local businesses use this strategy and set prices identical to those set by multinational businesses, then by using the ‘local’ tag formula, they can grow exponentially and be major competitors in the market. You can find a great example in Karachi, Pakistan by the name “Burger O’clock”. This burger joint has successfully influenced the locals by setting prices similar to international food chains like Hardee’s or McDonald’s and has been a major competitor for these franchises.
There is another option – just manufacture superior quality products. This way you can sway the consumers’ minds into believing that you don’t need to pay huge sums to get a quality product. A lot of local businesses are using this method and are manufacturing cheap but quality products and have found this way substantially useful to grow their roots in the market.
In order for a local business to create a USP (Unique Selling Point) for itself in terms of service, it can also make use of’ Loyalty programs‘ which helps in measuring the loyalty of the customers, providing them with an incentive to keep coming back for more.
Experience Is Important Before Taking On The Global Market
In the start, it is necessary for your business to find a place that can act as a shelter and help it grow consequently. The local community acts perfectly as your first business abode. The exponents and resources available in your area will aid in your business expansion as well as enhance your performance as a businessman.
It’s always important for an aspiring entrepreneur to respect and value their local community because that is what will help them grow their business to new heights.