While mature market CCTV manufacturers in the United States and Europe are fighting to develop new products focusing in High Definition, Megapixel, Video Analytics, long-term warranty, etc., emerging markets (like Latin America, Africa and Asia Pacific) CCTV purchases are 99% defined by price. That explains why Asian manufacturers succeed so well, not only in their internal markets but also exporting security products to countries with the same buying profile.
So, the big question is how can mature market manufacturers succeed in emerging markets? Following the river? Not exactly… lessons must be learned from the regional voice of customer and then the product portfolio adapted for those markets – definitely in this case the same products do not fit all.
But if price is a competitive advantage for products from Asia Pacific, it is possible to create some differentiators that make real differences for the customer and swing some advantage back to mature market manufacturers. Many times they are willing to pay more for the added benefits – local inventory (or quick delivery) and local warranty (or free warranties) are key differentiators, but product localization (language translation for user interface and technical documentation) also go a long way to making inroads.
Selling CCTV products in emerging markets is very challenging but not impossible – we just need to hear the voice of the market and deliver those differentiators.
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Do you do business in emerging markets, what other differentiators should be considered? Let us know in the Comments area below.