The markets in Brazil, Russia, India and China, also known as the BRIC countries, have been on the rise for a couple of years now. A guide that explains how businesses can take their products or services to these countries in a successful manner has been published by Research and Markets.
The Fort Mill Times recently informed us about this guide called ‘Marketing to BRIC Countries: Best Practice Guide’ which aims to help businesses expand successfully to Brazil, Russia, India and China (the BRIC countries).
By reading this report, marketers will gain greater knowledge about marketing. The guide also discusses the problems and tasks involved in this.
The BRIC countries have seen a lot of growth lately, which means business opportunities for foreign companies are plentiful. The Fort Mill Time illustrates this by giving us the nation’s rakings in the world economy in 2011. That year, China ranked as the second largest economy in the world, with the other three countries close by. Brazil had the sixth largest economy, while those of Russia and India ranked ninth and eleventh respectively. According to the Fort Mill Time, there is a lot of growth left as the collective BRIC expansion is just getting started.
The Research and Market’s best practice guide does not only give tips that can be applied to the entire group of countries, but it focuses on the nations individually as well. The economic background of each country is discussed, which, according to the Fort Mill Times, gives greater knowledge about the competition and regulation and legislations in the countries. Moreover, the nation’s cultures also receive the attention it deserves. With this guide, B2B marketers are able to conduct proper research about the market. In addition, creating a marketing plan and developing branding becomes much easier.
According the Fort Mill Times, the Research and Market’s report will help companies:
• Understand the nations that make op the BRIC. This applies to the countries’ backgrounds and economies. It also informs the readers about the differences and similarities between the countries.
• Find possible business opportunities. The guide helps marketers understand the value their companies create and why this appeals to customers. The report then helps companies to translate these things to new markets.
• Create an elaborate plan. This involves marketing plans, research and local issues such as resourcing and legislation, for example.
• Use up-and-coming technology. A company’s entering of a market might be more successful and its growth will be increased if the current digital possibilities are embraced,
Furthermore, the guide also includes:
• Advice on strategy. The report includes advice concerning certain risks, such as political and cultural risks, and gives tips on how to create a strategy that will work for the BRIC nations
• Tips on branding. The Research and Market’s guide will help companies find a way to create a steady balance between global consistency and marketing communication.
• Case studies. These case studies are targeted to the BRIC nations specifically and have even won awards!
Read the entire report here.