Ever heard of BRIC? This is yet another must-know acronym for the entrepreneur, economist and business professional who is interested in engaging in global business.
BRIC, also known as the “Big Four”, is an acronym for a grouping of four countries that are considered by some analysts to offer the most potential for booming economic development in the upcoming decades: Brazil, Russia, India and China. These countries have several interesting traits in common that will appeal to you as a business person looking to market products or services to foreign countries.
- Big land area: these four countries occupy over a quarter of the globe’s surface
- Lots of people: together, they are home to over 40% of the world’s population
- High growth rate: by 2050, they will likely surpass the combined economies of the world’s current richest countries according to projections made by investment bank Goldman Sachs
- Increased buying power: their respective currencies could appreciate by as much as 300% over the next 50 years, also according to Goldman Sachs
- Quickly growing middle class: this translates to an increased demand for basic and higher-priced goods
Additionally, according to The Economist, these four countries are 1st, 2nd, 4th and 5th in the world for the number of mobile phone users and 1st, 4th, 5th and 8th for the number of internet users.
This further drives home the point that the BRIC countries are communication hubs and fertile ground for clever and appropriate, localized marketing. Instant messaging, blogging, texting, emailing and social networking are among the favored means of communication in Brazil, India and China, offering great potential for viral marketing efforts and promotions in these countries.
What does this mean for your business? To throw in another financial acronym, localizing to BRIC countries is a sure way to maximize ROI. These emerging markets are important to target as they offer a tech-savvy, communication-oriented demographic and a significant population base. Brazilian Portuguese, Russian, Indian English, Hindi, Mandarin and Cantonese, to name only a few, are languages of the future; translating your business into these tongues will enable you to reach what will soon be over half of the planet. So there is an audience for your message; the next step is finding the partner to translate that message appropriately.
Don’t know where to start? Check back next week for a highlight in our newsletter on the B in BRIC – Brazil – the “Next Great Commercial Frontier”. We’ll give you 5 reasons you should get into Brazil now and recommendations on how to begin.