India is finding favour with most multi-national and trans-national companies from across the globe, largely due to its ever-growing middle-class which enjoys a significantly high disposable income. Enterprises in India, big and small, are also seeing consistent growth in double figures, which in turn throws-up opportunities for companies that have products and services that could help to manage that growth. The biggest potential is the SME (Small & Medium Enterprises) segment, with over 30 million units producing more than 8000 products for the Indian and International markets.
Some important reasons why India is a high-opportunity market:
• India is among the three most attractive FDI destinations in the world
• India has evolved as one of world’s leading technology centers
• India has highest return on foreign investment in the world
• By 2032, India will be among the three largest economies in the world
• India is a developed country as far as Intellectual Property is concerned
• The Indian market has two core advantages – an increasing presence of multinationals and an upswing in the IT exports.
The opportunities exist for foreign SMEs looking to expand in the Indian market in the field of technology transfer, setting up the new business in the country, obtaining the sub-contracting rights, out-sourcing to their Indian partners etc.
But India is a complex market and one needs to first understand the market dynamics and buyer behaviour, before actually seeing the dollars roll in. Well-known names like McDonalds, KFC, Tupperware, IBM, HP and many others have had to rethink their entire go-to-market strategies after struggling for years to make business sense of their venture in India, before they could get it right.
Most companies think that strategies that worked in developed markets can be easily replicated in emerging markets like India. But unfortunately the truth lies somewhere else. Most emerging markets, India especially, represent a large population with growing spend power. Products and strategies should be evolved to effectively address this vast potential. Unfortunately, most companies that enter India lack the necessary experience of operating in such markets and therefore try to replicate tried and tested methods with disappointing results.
Srikanth, the Founder of Nodiva, has more than 35 years of experience establishing market presence for various categories of products in India and has a keen understanding of the Indian market and the necessary value drivers that would help to establish a meaningful presence in India.
Having worked with start-ups in the last 10-12 years, Srikanth has first-hand experience in setting-up operations from scratch and building the Business Plan and Go-to-Market strategies. His current network includes connects at the CXO level across industries, Channel Partners with local, regional and pan-India presence and Service Providers like Lawyers, Tax Consultants, Auditors, Headhunters, Realtors etc. to help set-up operations with minimal effort.
1. Market Analysis and Sizing – target market profiling, identifying addressable market size, competition analysis
2. Validation of Product and Market Assumptions
3. Acquiring the first set of reference customers
4. Building the Business Plan
5. Developing the Go-to-Market & Channel Strategies
6. Putting in place the India Team and Channel Partners
7. Study and Recommendation on office locations
8. Screening and Appointing Service Providers
9. Setting in place Operational Processes
10. Completing all registrations and procedures as per Indian Company and Tax Laws