During my time at Gallup, we evaluated that our goal was to expand to new geographies, but there was one major problem. The lack of organizational support had been a major hurdle. This was largely because of the mindset of the consultants who were culturally accustomed to traveling to metro cities, the more lucrative markets, but were reluctant to travel to non-metro cities and venture into newer areas.

So, how did we manage growth?

Those days hashtag#millennials were in their 20s and believed to be difficult to manage. They were idealistic, aspirational, and loved freedom. If one gave them the freedom to paint the canvas, they would create hues of rainbow colours. What exactly happened?

To resolve the market expansion problem, we came up with a solution to enhance the capability of the backend office to produce essential reports and analyses. By optimizing backend operations, we reduced costs associated with consulting time and presentations, to cater to smaller clients within the metro cities.

To support delivery and implementation at low cost we partnered with freelancers. The outsourcing of certain functions helped us gain access to newer market segments within the metros. So, the business grew but was limited to just the metro cities. The consulting, though outsourced, made it expensive for the smaller companies. Despite obstacles, the business managed to achieve growth.

What are the major learnings?

1) The focus of MNCs (Foreign transnational companies) is high-quality growth through tried and tested strategies. Risk-taking is minimal.

2) Thinking out of the box: In any business, innovation always stands out. To solve any problem, whether conventional or not, it is necessary to come up with innovative ideas and unconventional ways. Every challenge brings an opportunity to grow.

3) Engaged teams: No organization can function without a team of high-performing and motivated employees who are willing to take the organization to greater heights. Engaging millennials is not that difficult. Just give them freedom and align their hashtag#aspirations.

4) Cultural adaptation: Along with engagement, another crucial factor is cultural adaptation. Culture is critical for sustenance, especially in large transnational companies. Adaptable culture ensures embracing change.

hashtag#Staytuned as we cover the market expansion in hashtag#startups in the next article!

What market expansion strategies do you feel are essential to the hashtag#success of MNCs?