I believe developed markets, for the sake of their own sustenance, need to look outward and have to create what I’d like to call their second ‘home market’. As growth tapers and as a product’s ‘home market’ ages, the imperative is that it has to create it’s new second ‘home market’ in today’s shifting economic sands. Products, services, technology, systems & processes and brands can be leveraged by businesses in a developed market, like Canada, to its advantage, by tapping into the growth of an emerging, growing, young market like India.
Companies that aspire to live and prosper into the next fifty or hundred years need to look at international markets as much more than tapping ‘new’ markets. And with rising oil prices impacting the supply chain costs and consequently the cost of goods, businesses can’t just source & assemble everything in one location but start viewing markets with some old fashioned sensibility- the concept of ‘home market’. Only in this case, a truly global corporation needs to create many home markets. Each home market will then become a base for the corporation to tap a part of the globe. So companies need to view their emerging market ventures as not just a satellite market to add to its home market volumes but as a whole new home base to venture forth into new worlds.
To start with, companies and organizations have to build their second ‘home market’. That market which they will sink roots into and make their own, not just for what that emerging market promises but to conquer new worlds and markets from there. And if one asks Canada to choose which market will serve it well as its SECOND ‘HOME MARKET’, I would like to submit that it should be INDIA.
Chew on that folks. More on this soon.