Speaker post: Ella Minty
Over the comings weeks, each speaker will write a guest blog about their subject area at PRFest. I’ve asked Ella to speak about internationalising a business because I think public relations has a huge opportunity as markets continue to grow…
There are 195 countries in the world, and there are now more than 1.7 billion members of “the consumer class”—nearly half of them in the developing world. These countries represent the largest 25 consumer markets in the world, a mix of both developed and developing economies, secular and traditional cultures, with a concoction of religions.
According to McKinsey, nine groups of urban consumers will generate nearly 75% of urban global consumption growth until 2030, among them the retiring and elderly in developed economies, and China’s and North America’s working age population.
From the services market perspective, the managed services market size is expected to grow from USD 152.45 Billion in 2017 to USD 257.84 Billion By 2022, at a compound annual growth rate (CAGR) of 11.1%.
Africa and Latin America, despite political unrest and corruption scandals, are becoming a force to be reckoned with in terms of business opportunities. According to the World Bank, the latest data reveals that Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania continue to exhibit economic resilience, supported by domestic demand, posting annual growth rates above 5.4% in 2015-2017. These countries house nearly 27% of the region’s population and account for 13% of the Sub-Saharan Africa’s total GDP.
In terms of Latin America, the International Monetary Fund assessed that Latin America’s economic recovery is gaining momentum too, as recessions in a few countries come to an end (Brazil, Argentina, and Ecuador). It estimates now that the Latin American countries’ economic activities will accelerate further to 1.9 percent in 2018 and 2.6 percent in 2019.
Why does all this data matter for the British businesses and PR practitioners? It matters because economic growth represents financial opportunities for those who know how to use them to their best advantage.
It also shows the opportunities that exist to do business, share knowledge and best practice, support other countries’ and regions’ economic growth, and enhance your company’s/employer’s turnover and cashflow.
With new markets, albeit for PR practitioners or their clients, come new risks. At least from a reputational and public engagement perspective, you should be able to advise on the best strategies and tactics that would allow your client/employer to navigate through the complex waters of other peoples, interests and cultures.
From a “grow your PR agency” perspective, you need to know the saturation level of the market you approach and whether what you have to offer is enough to succeed.