India’s economy is growing in a promising way. To take maximum advantage of this, companies in India need to understand growth opportunities at micro level of country’s geographies.
In the last decade, India had emerged as one of the promising markets in Asia. India is expected to be one of the top economies in the world by 2015. Due to this economic growth, there would be a great economic shift occurs in the urban and rural landscape of the country. In this economic growth environment, the companies in India need to make strategic market choices. This will help them to continue growth along with profitability and maximized returns.
India’s have 29 states and seven union territories. All these states are different in their economic growth and demography may it be per capita GDP, income or purchasing power of customer. By understanding these geographies at micro level, companies would be able to understand which state have high potential for greater growth.
So companies should prioritize to understand high potential markets at much in detail. For this companies should understand economies, income, purchasing power, and customer at micro level for potential markets- cities, districts, and states. By this company would be able to understand granular view of growth opportunities in the different economic geographies of India. Companies can in this way target their product and services to the customer based on geography.
A research say that there are 8 high performing states, 79 districts and 54 metropolitan cities of India which would account for 52%, 54% and 40% respectively, to India’s incremental GPD in next decade. This means in these states/districts/cities there would be the most consumable class of customer. One of these states is Maharashtra, where the purchasing power of the customer would be the major contributor in the economic growth of the company. SleepHungry consultancy, based out of Pune, Maharashtra, a group of zest innovative people from different industries have been working on several thoughts to understand the customer need and contribute to the economic development in the region.
To take maximum advantage of this micro level study of India’s geography, companies should develop their strategy to cater best to the customer of these high potential geographies with their product and services. Companies can also develop customized strategy for each region to give best product and service to customer based on the region. This requires company to built road map by allocating sufficient resources for sales, marketing and operations for each market effectively. In this way companies in India can contribute to the economic growth of the country and gain competitive advantage over other companies.