With urban markets drying up, entrepreneurs must go to rural markets
Underestimating the strength of the rural market was a blunder by marketing gurus in last two decades. Experts say that the overemphasizing on urban areas and concentrating whole efforts of sales and marketing on lifestyle products was not a very good marketing strategy. Though it created miracles initially and everyone was lured by the overwhelming success, experts say that the recent marketing trends show signs of urban market drying up. Is it because of overexposure? Is it because of high inflation rates and reduction in the purchasing power? Is it because people have understood the difference between expense and extravagance? Well, all of the reasons contribute their respective share to the whole problem!
Rural market shows a promising future
After a long phase of negligence, marketing experts realize that the immense potential of the rural market opens a whole world of business opportunities. With the telecommunication revolution, you can see dish antennas in the remotest of the village. Hundreds of television channels mesmerize millions of people with glossy lifestyle products. Since there has been a big improvement in the economic condition and purchasing power of people living in the rural India, what they need is just an opportunity of buying.
In a country that is second most populated one in the world, rural population itself is more than the population of a few European countries put together. Marketing experts know it very well. Hence, they are developing dedicated and relevant marketing strategies that appeal to the rural people and drag them to the product or service.
So far, the most penetrated product in the rural India is Tea. Coca-Cola also covers a fair amount of the rural population. Looking at the signs of urban market shrink and dry up, it is needless to say that a major revamp in the marketing strategy (and more importantly the change in the mindset) is needed to avail the best benefits.
Rural marketing efforts need humongous efforts
In spite of the fact that the rural market brings a fortune for entrepreneurs, the journey is not smooth. Experts warn that there are more efforts required to create a demand in the rural market. People have to be made understood the need for the product or service first. Secondly, the product should be available to them conveniently. Hence, supply chain management is equally critical. Once these hurdles are crossed, the unlimited potential brings perpetual business growth for entrepreneurs.