ANALYSIS: Go East - Marketing to India
In a bid to boost UK trade with the growing economic super power that is India, David Cameron, his cabinet members and a cohort of business leaders embarked on a high-profile business trip to the sub-continent in July.
The PM is not the only one pushing the idea of doing business abroad. In HSBC's ongoing campaign, 'The world's local bank' it offers advice for those considering taking their business overseas. It focuses on the cultural differences that must be taken into account for international business. Perhaps wading in with an overwhelming message of 'Great Britishness' or giving Pakistan what for, as Cameron did on the second day of his visit, is not the way forward for B2B marketers to break through into international business. So how should we reach the growing economies in the BRIC (Brazil, Russia, India, China) countries?
First we should examine why marketers need to be thinking overseas. According to the International Monetary Fund (IMF), Asia is set to become the largest economic region in the world over the next two decades. The Indian Government has predicted its economic growth projection for the year to March 2011 to be 8.5 per cent, while China recently overtook Japan to become the world's second largest economy. These are signs of booming economies so marketers need to know how to reach them.