Why should you reconsider your market entry into Africa?
Updated: May 20, 2021
"Think outside the box with creative business models."
Re-evaluating companies' market entry strategies have become the core of "go-to-market" boardroom discussions. The importance of utilising market intelligence to design creative business solutions is every company's goal, especially when entering very dynamic and complex markets, for example, in Africa.
The traditional market entry models are soon proving ineffective, cumbersome, costly, and inefficient for some companies. The common sentiment that one size fits all and that innovation in the boardroom through to the production departments will cut it once their brands arrive in the new market is gradually evolving.
Creativity fuels innovation, and hence both are essential elements when implementing new market strategies. Innovative and creative thinking skills, among other factors, are desirable tools for attaining market entry success. They also play a significant role in your brand's sustainability strategy.
"Innovating with a creative mindset and placing your target audiences' needs at the core of your market entry model allows for redefining your ethos."
So why should you reconsider your entry model?
You do want to get it right - Incorporating creative business thinking improves the process of solving bottlenecks when in the new market. This thinking process could mean developing a new strategy or adopting an innovative way to gain a competitive edge.
Strategically mapping creativity and innovation with your brand's core values allows for an internal re-evaluation of your organisations' productivity. Questions arising, if done right, will be, " are we ready for this new market? Do we have what it takes to stay ahead of the game? And are we prepared to think outside the box?
Think outside the box - Thinking outside the box for companies entering emerging markets has proven a sure path to achieving their goals; be it scaling up or increasing sales revenue. Some major successful brands entering Africa have tackled new business challenges by staying creative with localised marketing, innovating for success, and creating a social impact in their new target market. Exploring new innovative business models and encouraging creative business thinking is an effective and efficient business solution.
Innovate for social impact - A creative business thinking model should examine your market entry strategy's long-term social and environmental effects. Did thinking outside the box allow for a more pragmatic approach to an ecological and sustainable social impact policy?
The capacity to think outside of the box and present creative ideas requires paying close attention and listening.
Stay open to customer feedback, employee suggestions, stakeholder engagement inputs, and your target audience's needs. In conclusion, your new target market should inspire and influence the trajectory of your "go-to-market" strategy for a more creative and innovative model.