The past few years have seen the emergence and rise of startup culture in India, mainly due to the Startup India program, and also due to a bit of influence from the west. And one of the industries that have seen an upward trend due to this culture is the optical and eyecare industry. The reason has been both fashion and eye health.
India is one of the biggest markets for companies and startups. One who can capture the Indian market can easily make loads of profit. But it isn’t as easy as it looks. Given below are few points that will help us understand the Indian market, and might as well help us predict what we can expect in the future.
- What customers want vs what you can give
Try to study the market and your customers. Understand what the customers want, and what you can give. This will help you understand where you stand in comparison to your competitors. A company that can understand the market can provide the customers with what they want.
Once you understand the market, you can lay out your plan of action. Try to find your niche, your target audience, and then focus on that. Because once you establish your niche, you can easily build a loyal customer base. And that initial customer base will help you gain new customers. In this way, your business can successfully proceed forward.
- Know your competitors
Knowing your competitors, what they offer, and understanding how they connect with the audience can help make your products or service to stand out in the market. Analysing your competitors can help you understand their strengths and weaknesses, and you can further capitalize on your competitor’s weaknesses for your advantage, and improve your own business. Like if a company is selling Biofinity contact lens online, try to understand how are they making sure that the product is advertised well, and how can you make your product visible amongst all others.
Your competitor’s performance will help you dissect the market trends, and needs of the consumer. Their performances can help you know what works and what doesn’t.
- Give yourself time
As a new firm, you should be patient enough because there are chances you might not get success within 1-2 years of starting your business. And you should give yourself time to learn and understand things. Slowly and progressively work towards your goals and targets. This patience will help you deepen your resilience, and your ability to take losses and setbacks.
Things take time, even Rome wasn’t built in a day. Giving yourself and your business time makes you appreciative of others success, rather than being jealous.
- Find yourself a niche
It is really important to find yourself a niche. Don’t try to become a Jack of all trades, as it may create confusion within the customers. For example, you start off by supplying Biofinity contact lens online, then try to stick to products related to them.
As an optics and eyewear company, these were a few things that you should keep in mind before starting in India. Setting up a business in India can be really beneficial, but there are some basic things to be kept in mind. By merging your work ethics with some of these given values, you can fancy your chances of achieving long-term success.