Marketing and selling in tough economic conditions:

Post conflict marketing opportunities in Sri Lanka

- [Article 29]

Series by: Prasanna Perera Marketing and Management Consultant, Chartered Marketeer, CIM U.K.

Post conflict marketing opportunities in Sri Lanka With the dawn of peace in Sri Lanka after 30 years of conflict, there is no better chance for business organizations to shed their lethargy and capitalize on the plethora of opportunities that are now available.

Positive attitude and mindset

The first and most critical aspect is to think positively, rather than deliberating on ‘what’ and ‘why’. The message for corporates that I would like to give is to ‘get going’ and catch up with lost time. Please remember that there will never be an ‘ideal’ time to invest. I am worried when I hear phrases such as “let us wait for the budget”, “let us wait for the global recession to end”. Wait, Wait, Wait for how long?? It is time that we make things happen, rather than watch things happen.

Marketing opportunities

Let me endeavour to point out available opportunities in Sri Lanka at present.

* Construction - Great opportunities in all construction related industries including cement, aluminium, PVC pipes, roofing sheets, steel etc., Construction industry players including suppliers should capitalize on the vast opportunities, specially in the North and the East.

* Real Estate - This industry suffered a drastic slump in the last 12 months. However, there is now potential with foreign investors showing interest in Sri Lanka. It would be important to remember that 2 - 3 million Sri Lankans live and work overseas at present. Property developers need to target Sri Lankan expatriates aggressively.

* Tourism - There is no doubt that tourism in Sri Lanka will bounce back strongly. There will be an acute shortage of hotel rooms, specially in the North and the East and this provides a great opportunity. Tourism related niche products can also be developed such as agri tourism, heritage tourism, adventure tourism, ayurveda tourism to name a few.

* Domestic Transportation - High quality taxi and limousine services, domestic air travel and domestic road transportation services are super opportunities.

Luxury coach services for office workers and commuters, as well as those leaving to the outstations for holidays.

* Agriculture - There is clearly a resurgence in the agriculture sector for both equipment and crops. Agricultural machinery such as tractors, threshers, water pumps will see great demand. In addition to paddy, non traditional export crops can be concentrated upon.

* Healthcare - Great opportunities in all aspects of healthcare, from hospitals to laboratories and medical equipment. The need is for good quality and reliable healthcare facilities.

* Education - Sri Lankans value education and are willing to spend for both undergraduate and postgraduate studies. Opportunities are also available for skill based education, inaddition to professional education.

* Retailing - Retailing is the world’s largest industry and offers potential in a wide spectrum of products and services.

In Sri Lanka besides supermarkets, there are clothing chains, specialist footwear retailers and many others. With Sri Lankans looking for convenience and quality in products and services, retailing offers scope for growth.

What is needed to capture and exploit market opportunities?

Market opportunities do not last forever. The astute players will not only identify the opportunities but also capture it.

To identify market opportunities, market research can be conducted but gut feel and common sense are equally important. The willingness to take calculated risks, coupled with an entrepreneurial culture are also essential in rapidly changing market conditions.

When exploiting present and future market opportunities, differentiating your product / service is very important.

Avoid a ‘me-too’ situation, since it may restrict your potential to capture a larger slice of the market.

Regular market visits to observe firsthand the developments is essential. This is specially the case for districts such as Batticoloa, Trincomalee, Vavuniya, Mannar and Jaffna.

The land space in these districts are changing rapidly and great opportunities for ethical business is available.

Speed-to-market and executional skills are also essential. Whilst it is important to develop sound marketing plans, executing same with vigour and commitment is equally important.

Flexible business processes, a fluid organization structure and dynamic leadership are essential pre-requisites to develop winning businesses.

In conclusion, let me add that there will never be a perfect environment to do business in Sri Lanka or for that matter in the entire world.

When opportunities are available, they need to be capitalized upon. World class organizations not only capitalise on available opportunities, but create them as well.

“Opportunity does not knock twice” (Anonymous)

“Winners don’t do different things. They do things differently” (Shiv Kehra)