Updated: May 15, 2019
India has become a global favorite for many companies across the world over the years. The Indian market offers a plethora of opportunities in terms of creating new market segments. There are a few things that must be looked at before taking the plunge. Let's take a look at these one by one.
Effective ways to enter the Indian market
Finding a suitable partner: A local partner and the right one can provide assistance in understanding the Indian market. The partner can also provide guidance and important market insights on regulations, competitions, and other important issues. The right partner can also familiarize you with the reach to target potential clients.
Exploring various market options: Exploring your options in a new market is a must! This should also include forming joint ventures and subsidiary associations with a company based in India.
Getting the price strategy right: A new entrant entering the Indian market should get the pricing strategy right specifically if it is aimed at local and middle-income populations.
Enter the Indian market for long-term growth: India is a huge market with a population of 1.3 billion and also includes 400 million middle-class consumers. India is not a place for businesses to make quick money. Hence, the entrant should enter the Indian market for long-term growth.
Adapting your product to meet Indian preferences: You may need to adapt your product to meet Indian preferences and needs. If you also adjust to cultural preferences, tastes and local regulations then it will increase your chances of success.
Some of the other factors to consider for market entry in India are as follows:
Obtaining compulsory licenses and approvals
Proper documentation and understanding of the Indian import procedures which are key concerns for first-time exports to India
Taking into consideration the large informal sector into your planning
Approaching the market consistently.
The Indian Government has given a go-ahead to eight highway projects that will require an investment of Rs 10 k crore (Rs 10,000 crore).
Good Relations India is a market entry and joint venture channel of many large global companies to India. We have helped companies raise investment when needed and played a strategic role in positioning them appropriately.
We help assess the market size and segment for new entrants in terms of competitors positioning, demand and growth opportunities. Contact us to get a quote