Turkey’s young demographics make it one of the fastest-growing economies in the world. About 27% of Turkey’s population is below 15 years old, significantly showing the younger population compared to many countries such as the UK with 17% of the population who are below 15 years old. In addition, with emerging markets where young consumers are eager to buy goods and services, Turkey has great potential in key sectors such as consumer durables, telecommunications, banking, automobiles, and construction. This, combined with the fact that Turkish consumers prefer to spend rather than save, makes Turkey’s new industries even more attractive.
How to stand out in the competition and to attract leads in the emerging industry in Turkey?
- Identify key differentiations
Differentiation is often the key to differentiating your business from competitors, not only in Red Sea markets but also in an emerging industry. Your unique product or service not only attracts and retains customers but also cultivates the habit of sticking with your brand. Differentiation can come in all sorts of ways, but it usually requires innovative ideas or new technology. If your company owns and patents important technologies in the emerging industry, it can prevent competitors from prying into your research. You will semi-monopolise the market and help you get leads in the industry. For emerging markets, obtaining technology patents first is critical in many fields, especially in emerging technologies. But you must also continue to improve your technology, not rest on your laurels, in order to ensure that your business remains a leader in the industry and does not become obsolete by rapidly changing technology.
- Increase brand awareness and cultivate customer loyalty
In an emerging market with fewer competitors and consumers’ loyalty to other brands has not been fully developed. Your business can seize the opportunity to increase your brand awareness and cultivate loyalty among consumers. However, pay attention to the promotion way. Due to Turkey’s young demographic, young Turkish consumers are the target consumers for many start-ups. Hence, mastering digital marketing skills will help your enterprise to carry out more effective publicity and promotion. For example, using an SEO strategy can bring your ads to a large number of target audiences more quickly and effectively. In addition, social media is very influential when the young generation relies on social media for communication and interaction, and it can spread information in the blink of an eye. These advantages are beyond traditional marketing. Skilled use of digital marketing will not only help you get leads in Turkey’s emerging industry but also bring advantages to your stable operation in the future.
- Maintain good relationships with your stakeholders
The government intends to limit curbs on lending as the government sees lending as a major contributor to the country’s current account deficit. Additionally, the high risk of emerging industries has also made it harder to borrow money in Turkey. At the same time, because it is a new industry, the government will constantly improve the relevant rules and regulations in many cases. Therefore, whether it’s exporting to Turkey or entering the market as Foreign Direct Investment, one must maintain good relations with stakeholders such as the Turkish government and local banks to facilitate the application process. Furthermore, maintaining a close relationship with the local government will help your business learn first-hand and make changes internally and strategically.
- Be flexible
In addition to perseverance, flexibility is the key to helping your business become a leader in a new industry. New industries often come with a lot of uncertainty, so in order to survive, your organisation must develop the flexibility to adapt to this uncertainty. The rapidly changing situation in many emerging industries will make the strategy you have been using become not applicable tomorrow. Therefore, if you can’t find the shortage in time and make new use of strategies flexibly, it is difficult to maintain the sustainable operation of your business in the emerging industry.
- Stay abreast with industry trends
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For emerging markets, high returns come with high risks. These risks are often due to the uncertainty and volatility of the industry situation. Therefore, keeping abreast of the latest trends in your industry will give your company more time to develop strategies to cope with the changes. In addition, it will help your business get a head start to avoid risks and gain an advantage to attract leads in the industry. TradeData.Pro play an important role to help your business quickly and effectively obtain the latest information and data. This includes information about suppliers and competitors, import and export transactions in the industry, customs, and shipping. Analysis of the organised data and information which gets speedy from TradeData.Pro Online Platform omits your time for doing heavy work on data collection and arrangement. Read more about Turkey top import product in 2022 here to grab your opportunity in 2023.
Turkey’s emerging markets have a lot of potential for growth and fewer competitors than other sectors. Therefore, if you can take advantage of this opportunity to enter the market first, your business will gain a lot of advantages. Good operation will enable your enterprise to become the leader in the industry, master more resources, and lay the foundation for the future development of the enterprise. However, as mentioned before, high returns accompany high risks, so obtaining information and data to evaluate before entering the market will help your business avoid risk. Read more tips here if you want to find agricultural suppliers in Turkey before starting your business.
Preparing to enter the emerging field in Turkey? Or are you competing with other competitors in the emerging industry? Get access to TradeData.Pro NOW to help you prepare for yourself in the competition of Turkey’s emerging industries.
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