According to Worldometers, Africa is currently housing 16.64% of the world’s population. With over 20% of it being youths in the age bracket of 15-24.
However, Africa is a continent with over 50 countries, and each country with its own challenges, it is a well-known fact that you cannot copy and paste business models from the rest of the world into Africa. Many global companies want to set up or expand their operations in Africa to participate in the rapid development that is happening here, but due to the diversity in culture and environments, most are finding it hard and some just setup to lose money. Over the years, experience has shown that Africa requires a special type of market entry strategy.
Here are 4 Steps to success that any business that wants to enter Africa should consider;
1. Set your Goals: Set specific goals about what you want to achieve in your new market, keep referring back to these goals as you execute your strategy, this will help you stay on track and confirm that your opportunity, products/services and overall business goals are aligned.
2. Market Research: Use every means at your disposal to get to know your new market including going there in person, gaining a thorough understanding of the market is crucial. Most businesses underestimate the degree of competition existing in new markets. A detailed competitive analysis based on research and visits to the target market will help when making key decisions.
3. Design Products for Africa: Design appropriate products and not cheap products, design products that Africans can relate with. This will help you enter the market easily, by solving a problem Africans need solved will make you a sort after brand.
4. Develop A Strategy: Once you’ve worked and write out the details of your strategy, you should have been able to identify your goals, research findings, contacts, budgets, major action items and timelines, and how you’ll monitor and evaluate your success on an ongoing basis.
Countries are not the same, but however you choose to enter, you will be following these steps, and we can tell you that whenever you need an expert to run your Market entry into the African tech Ecosystem, Ingressive is here to do that. Give us your existing brand material and we’ll translate it so that you appear abroad exactly as you do at home. With Ingressive, it’s that easy – contact us today to learn more.