India is one of the fastest growing economies, spending billions on Infastructure, and is the world's second most popular market. It has an unrivaled youth demographic with 65% of it's population 35 or under. Half of the countries population of 1.25 billion people is under 25 years of age.This portrays India as a dynamic and diverse country. India's young generation will be making a change to the country and we can help turn India into a global exporting hub.It is a country that simply cannot be ignored!
It is easy for one to be put off by bad news, such as the expression of poverty and regalutory hurdles, however, a business can successfuly navigate this market if having done the right research. A successful strategic plan with long term planning is the starting point for any company, within this you can apply and adapt to the complexity and diversity of the indian market. It is a market which requires a lot of patience and long-term strategy to be successful.
Top 5 Tips before expanding into the Indian Marketplace
1. Spend time in India- India is 16 times the size of the UK! There are different languages and ways of operaating. Take time to get to know the country. Look at the competition and what the customer preferences are
2. Be flexible- Pricing, scale, get the price point right. Look for middle managers to help grow the business. Look at what the expertise are and apply them.
3. Pick the right partner- It's not easy, and people don't always get it right. Don't rush into anything! Understand the culture and drives that you're considering to partner with. Network a lot to get to know people. You need sensible business people who know about India. India is a complex large market, having the right partner to be able to represent your company and implement your strategy is key.
4. Hire good staff in India- When you hire good staff, trust them to run a business. They know what works best in India.
5. Take objective advice from people who have done it- take any opportunity to network and get in contact with people who have already set up businesses in India or know people who have. These are key players into the industry.
For further advice and contacts for on the Indian marketplace see https://www.gov.uk/guidance/exporting-to-india