Some businesses are more ambitious than others. You might be a startup in Malaysia but you are looking to get at it with the big boys. There is absolutely nothing wrong with that but it will surely be challenging.
Knowing your market
Whether you are in retail sales or offering a service, having an ambition is not a bad thing. However, you need to know where you stand among your competitors (local or global) before venturing out. There are several issues that you might want to consider before taking on global brands. If this is what you are hellbent on doing, then you might want to consider the following traits.
Versatility and maneuverability
Look at your advantages. One thing you have that the big brands do not have is that you have the ability to change and modify quickly. This agility will allow you to move faster if you find yourself in some form of deadlock. In areas that you cannot compete, you can always move on to other things. If you are unable to compete in influencer marketing with celebrities, you can always engage lesser-popular influencers who might have a strong following of your target market.
Easier market to target
No doubt the big names can cover more grounds when it comes to the target market but they tend to cover a larger group. You can identify your niche and focus there. This gives you more leverage and better spending power. For instance, your product might appeal to the rural people in East Peninsular Malaysia. Look at just targeting that group and you get more leverage and ROI from your ad expenditure.
Capitalize on patriotism
Malaysian consumers tend to prefer home-grown brands if they know that they get the right quality and price. While you do not need to reduce your price below cost, you can look at targeting consumers who are in this category. Think along with the likes of Ramly’s burger and Marrybrown Fast Food chains who have made their names being local brands.
So, will this work?
It will never be an easy feat to try and compete with the big brands. However, it does not mean it is impossible. Malaysia has a unique market and a very diverse group of consumers due to its multicultural background. Your business might not be trying to capture the leading positions of the big brands but to garner some market share. In the business of selling, anything is possible and no one says you cannot have the ambition to knock them off their perch, as long as you get your objectives and planning right!
