After making a failed attempt to go global, an India based manufacturer of toiletry products engaged IKON with the aim to validate the decision of going global and recommend international marketing strategies post validation. Also, the client was seeking implementation support for the same.
Approach & Recommendations
To validate the decision of going global, IKON team conducted a study to identify market opportunities for client's products in global markets. Several data on international trade has been collected and analyzed to measure the demand of such Indian products in the global market and to understand the competition. Furthermore, we analysed client’s current product portfolio, operational capabilities and past attempts of entering neighboring Asian countries.
The study revealed: Failure in neighboring markets was mainly due to intense competition from Chinese products. Moreover, we identified a few other potential Asian and African markets, e.g. Egypt, where certain restriction was imposed on Chinese products by local government, which paved the way for Indian products. Also, the client’s promotional activities to generate business leads from foreign markets was inadequate.
Based on gained insights, IKON team validated the client’s decision to enter the global market. Further, the team formulated international marketing strategies and supported for its implementation. It included,
For less than six months of implementing strategies and our support, the client successfully cracked 3 deals from Asian and African markets. Our real-time consultation helped the client implement a promotion plan effectively and convert more than 60% business leads into confirmed deals. This resulted in 200% hike in sales along with established overseas distributor network in target countries. IKON’s engagement with client lasted for a decade and during that period the client successfully launched new products and expanded global footprints.
Note: We are committed to clients' confidentiality. So their names have not been disclosed, but the results are real.