Go-to Market Strategy Simplified!
Companies are constantly thriving to expand their footprint in India which is mainly driven by the macro economic developments. As India is posing immense capability of developing breakthrough innovations, it has created a competitive edge thus making it the 2nd largest destination for companies seeking expansion. According to Peepal Consulting, 78% of North American firms have set-up their centers in India while 17% from European countries. As India provides an excellent policy support, robust infrastructure and skilled talent, it provokes companies to enter India. Therefore, the country has seen a significant increase in numbers i.e. from 180 in 2000 to 2200+ in 2019. However, successfully entering India needs detailed and thoroughly laid out Go-to-Market strategy. According to NASSCOM, the segment earned US$28.3 billion in revenue and employs over 1 million people in the FY2019.
Despite industry`s positive outlook, bringing it in action is where majority of the companies fail. When you are entering India, there are key dimensions that you must analyze.
Firstly, Market Analysis.
· You need to be aware of the potential opportunities the Indian market has got to offer your business
· How are local competitors performing? What are their market share?
· What is the regulatory framework in India?
· How is the market outlook and growth aspects in future?
· How is your business ecosystem functioning?
· What are some cultural clashes you may encounter?
These are just the basic information that needs to be answered before entering India. Once your market landscape is ready, you will have to put up a sustainability and growth plan for your business. This leads us to the 2nd phase.
Secondly, Growth & Sustainability Aspect:
· Analyzing which entry modes best suits the your business (exporting, franchise or Greenfield)?
· Identifying and screening any local partner assistance
· Location assessment for your business
· What are the legal clauses that impacts my business?
· What is the taxation system and foreign trade policy?
Now moving to the critical aspect. Without the right resources, business functionalities are impacted directly.
· Where are my key talent resources located?
· Which city will be my ideal location and why?
· Regulatory & Compliance
So now that we have seen the whole process, completing this is time consuming, you may lack some key insights in your research that locals are aware off or collect inaccurate information that will lead you to make wrong decisions. So, how can you address these issues? Sales outsourcing is 1-stop shop solution for all your business expansion needs. These companies enable you to have a smooth entry to India by providing assistance and ensuring your growth is secured. They follow a stringent process and provide dedicated team exclusively for your business requirements across market landscape analysis, legal services, business support and HR services domains. Marconix is one of the pioneer companies located in India and serving across Pan India for 10+ years puts customer first. So, eliminate the hassles involved in your new venture by finding the right partner.