By now you shouldn't need convincing that the future growth of your business depends on your success in targeting new, dynamic and aspirational middle class consumers from the Big Rapidly Industrialising Countries of Brazil, Russia, India and China. If you do, however, you must read the summary of the November Trend Briefing from trendwatching.com, which offers many examples of new products, brands and offerings which are being snapped up in places like China, India, Malaysia, Turkey, South Africa, Mexico and many others. Take a moment to scroll through the vast array of new products, brands and innovations coming from China, India, Brazil and other emerging countries. Many of these new names are already displacing long established players in many sectors, including fashion, cosmetics, sportswear, and automobiles etc, and are successfully competing for the attention of consumers of all ages in emerging countries. It just goes to show that nobody is safe in the new global economy; the most successful brands are those offered by the smaller innovators in fashion, food & beverage, automotive, personal and domestic care, consumer electronics, mobile telecoms, travel, and many more... not the big western brands and massive local corporations. Why now?
- Both consumers and brands in emerging markets are rapidly getting wealthier, more sophisticated, more mobile, and more educated, resulting in an abundance of confidence, enthusiasm, creativity, and entrepreneurialism.
- Many emerging markets (other than China) have younger populations, and will not be confronted with ageing populations for a long time to come, meaning an endless source of young entrepreneurs as well.
- Brands from emerging markets are well positioned to cater to other booming emerging markets. They may be perceived around the world as less arrogant, too. On top of that, they are less hindered by too many legacy systems and old world thinking.
- Emerging markets will soon boast the biggest markets for everything, from cars and beers, to detergents and mobile internet: not a bad environment for innovation to flourish.
It's really important for all entrepreneurs, businesses and innovators to take notice of these developments before it's too late! You don't need me to tell you that it's an opportunity as well as a threat.