As a follow on to our last post, How CPG Companies Overcome Challenges to Reach Thriving Rural Markets, which discusses how certain companies are successfully overcoming challenges to reach consumers in rural markets of emerging economies, we want to highlight the management practices these companies have in common.
According to the authors of this Harvard Business Review article, all of who are with Accenture, companies that are successful in reaching, acquiring and retaining rural customers tend to encompass the following organizational and management practices:
The authors point out that reaching rural customers alone is not enough for a company to thrive in these markets. Rather, to be successful, companies must implement transformational strategies and, they must act quickly to secure a first-mover advantage.
Image source: Harvard Business Review
-- Jia Yan Toh