Business Development: Leapfrogging Ahead via Digital Transformation: Unveiling Opportunities for Corporate Expansion
Leveraging Unconventional Growth Opportunities: Lessons from Myanmar's Digital Revolution
As the Director of Growth Strategy at NY Growth, I've had the chance to witness extraordinary transformation in emerging markets. During my tenure leading business development at Emerging Markets Entrepreneurs (EME) in Myanmar from 2018 to 2021, I was privy to a phenomenon that challenged everything I knew about growth strategies.
Myanmar's audacious leap into the digital age presented lessons that not only reshaped my understanding of growth strategy in emerging markets but also powerhouse nations and heritage companies. By incorporating these insights into your operations, you can unlock new avenues for growth.
Embrace Unexpected Technical Leaps for Opportunities
Partnering with innovative companies in Myanmar, I saw firsthand how embracing technological jumps spawns unprecedented opportunities. One such employer transformed daily life for rural shop owners by building a mobile-first platform connecting them directly with wholesalers, saving them time and money.
Instead of following the gradual digitization of supply chains seen in other markets, this forward-thinking company capitalized on technological jumps to revolutionize their business model. Drawing inspiration from these experiences, I've since observed how leaders at successful companies welcome AI integration internally and externally.
Keep alert for ways technological advancements reshape the world to find new ways of evolving alongside your market. Embracing these transformations can lead to novel growth opportunities.
The Human Element: Elevate Your Offerings
I experienced this transformation's excitement with Myanmar's first online vehicle marketplace; instead of tackling traditional dealerships' digital transition, we had a ‘blank canvas’ to design a digital-first, physical-touchpoint solution. We blended innovative digital experiences with the human touch, hosting vibrant auto shows in major cities, enhancing the customer experience while retaining a personal connection.
When forging your own offerings, human interaction remains pivotal. Incorporating interpersonal elements builds an authentic connection with customers, fostering customer loyalty.
Real-Time Adaptation: Address Urgent Need
I was entranced by the rapid-fire pace of innovation in Myanmar: new apps or digital solutions emerging daily. The formula for success lay in meeting innovation with local market realities, striking a delicate balance between locally-relevant answers and cutting-edge technology.
Capitalize on your unique insights to tailor solutions to real-time market needs. Adapt to marketplace shifts, ensuring that your offerings remain relevant and competitive.
Boldness and Connectedness: Crucial for Success
My time in Myanmar has profoundly influenced my growth strategy approach. In my professional engagements with prominent global brands and multinational companies, I consistently reference these learnings. Embracing unexpected technological leaps, while maintaining local market connectivity, is a powerful growth formula.
Unfortunately, the once-thriving Myanmar ecosystem has experienced a devastating setback in 2021. This turmoil has led to uncertainty and disruption for many businesses, including talented entrepreneurs and professionals with whom I worked closely.
Though the situation is grim, the insights we gleaned from that period of rapid innovation are more relevant than ever. For organizations seeking growth in emerging markets, success is not synonymous with following linear development paths. Instead, boldly leapfrog technological advancements, all while maintaining a deep-rooted understanding of local markets.
By adhering to this ethos, you can harness the power of leapfrog opportunities, staying squarely within reach of success. In today's interconnected world, your ability to recognize and capitalize on these opportunities while preserving local market awareness will be essential to your company's growth.
- Claire Vanessa Lim, who worked at EME in Myanmar, observed how a local company revolutionized its business model by embracing technological jumps and building a mobile-first platform, which saved rural shop owners time and money.
- In crafting new offerings, it's crucial to maintain the human element, as illustrated by the success of Myanmar's first online vehicle marketplace, which blended innovative digital experiences with personal touchpoints and vibrant auto shows.
- Drawing from the lessons learned in Myanmar, Lim emphasizes the importance of staying connected to local market realities while embracing technological leaps, as this will enable organizations to navigate growth opportunities and remain competitive in emerging markets.
