Two organisations that advocate a “more thoughtful” way to enter the Indian market came together last week in a wonderful seminar providing some super advice.
First was the Australia India Chamber of Commerce (AICC) which hosted the event and their Chair, Chris Mooney, put the case for the chamber’s National Industry Groups doing well researched and sequenced steps to engage with India. Each group does research for a white paper, builds a community and knowledge group around it and leads to well prepared India missions.
Second was the keynote speaker, Jasmine Batra from Arrow Digital, who have a program called “The Big Leap” taking clients through a 12 month program of understanding and entering India. INTO INDIA has long advocated that slower market entry produces superior long term results – a strong alternative to the traditional Aussie hasty transactional approach. We love “The Big Leap” concept.
There are three major factors that make India today a very special market – first, the young population with an average age of 28; second, the rise of the tier 2 and 3 cities, including their specialisation, three, India’s global leadership in rolling out digital infrastructure that is transforming business and society.
Jasmine talked about importance of Food, Festivals and Family when thinking about India. “Family” includes what she called “the crazy rich” such as Tata, Ambani and many more. But it also goes right down to small community business families. Your journey will interact at all levels at some time.
Reducing risk is vital. There are three steps you can take. First, understand the cultural context. Second, do market research and find local partners. Third, network community and do due diligence.
In conclusion Jasmine Batra said you should get over there, get around and get partners. By research and regular visits, your more thoughtful engagement with India will produce results.
La Trobe University very kindly provided the venue.
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