Jordi Aymerich: 3 things to learn about emerging markets
Jordi Aymerich is a Marketing professor at Universitat de Barcelona:
We usually think we can only learn from the most developed markets and not from any other market like undeveloped ones. But, Can we take advantage of what we know from consumer behavior in emerging markets?
Let me expose 3 clues you (marketing professional or brand) can learn from emerging markets:
- Shortcuts in product lifecycle can be positive. Brands use to spend long time and efforts to exhaust their current products, but sometimes they should go one step forward and launch what is really new and needed (instead of doing the same again and again). Now working for a mobile telephone company all around Africa, we’ve seen that mobile service is their door to information, to relationships with others and to enjoy life without the experience of previous devices.
- The future is not 2 or 5 years away, the future is tomorrow. Some of the populations and emerging markets we are studying don’t have a horizon far beyond tomorrow. They live for today and maybe for tomorrow but they don’t know what is going to happen the day after tomorrow. Their main worries are staying healthy and having something to eat today and next week, not in 10 years’ time. So they don’t plan and they don’t think about products that cannot have a daily consumption. For example, paying with a mobile phone.
- Maslow’s pyramid of needs fits much better than in developed markets. They don’t care about the price as much as we (developed markets) do. Because they need to live securely before they worry about what to buy.
With these 3 examples we only want to point out that nothing is what it seems to be in terms of consumer insights in emerging markets. Nevertheless, it changes the marketing strategy and tactics.
The detail of each subject at Jordi Aymerich’s blog