Tracking emerging markets and developing opportunities for growth has started to become a necessity instead of being a preference.
One of the major steps to be able to make the right decision for a successful investment is to determine whether the concerned market is a growing one.
It is also of great importance to be aware of the opportunities that technology offers and to follow the increase in purchasing power.
For quite a while, the global markets have been following the upward trend in the purchasing power of Turkey which makes it a very attractive country for investment.
Based on a report by Accenture “Fast Forward to Growth” the segment with USD 30,000 a year income is expected to go up to 12 million. This segment with US$ 30,000 income is forecasted to reach a purchasing power of US$ 380 billion within 10 years.
The estimation, made for the coming ten years is bound to create much competition. There are many global players which intend to step into the Turkish market, with new strategies for new consumer behavior, innovative new products and ideas to gain share in this market.
But it is not that easy to get acquainted with the local dynamics of a country, the local consumer behavior and cope with risks in a new market. In this regard, it is obvious that the local investors are one step ahead as they have the advantage of possessing market knowledge.
Then again, the most important thing is the ability to see the direction of the changing economy, predict the product, service and consumer behavior.
To cope with all this challenge it would be recommendable to join forces with a local partner. This way, the newcomer will be able to decrease the risks of being in a new market, as well.
Based on our experience we know that those who create the biggest change are the ones that take the necessary steps to shape the future by creating and following up on new ideas and expanding their market and investors that trigger new demand.
Semiha Ünal, MBA
Founding Director Business Support Turkey