What is an “emerging market” vs. a “growth industry” – and how can you communicate with each?
The term “emerging market” is vague enough that it could have a variety of meanings. Are we talking business verticals or Whole Foods’ newest rival? Actually, neither. An emerging market is any nation that is experiencing rapid growth, usually with regards to society and business, while undergoing political reforms. Or, so says Wikipedia. For example, China and India are emerging markets.You may have also heard the term “growth industry,” which sounds suspiciously similar to “emerging markets.” But there is a distinguishable difference. Growth industries are the actual business sectors that are showing an above-average surge in growth, based on solid earnings and revenues, according to Investopedia. Growth industries exist in China and India, but they can (and do) exist in the U.S. and the UK — and anywhere else in the world.
“Growth industries” might also be determined by labor demand. For its 2008-18 projections, the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook, 2010-11 Edition has analyzed the relationships between population, labor force and demand for goods and services, and how they ultimately result in new jobs. Overall, the fastest growing industries in the U.S. are healthcare, counseling, elderly care, management and computer technology. If the global community truly follows the U.S., as some people seem to think it does, then economic trends in other countries should be similar – Canada being one of them.
Communicating with both groups
As “emerging markets” continue to emerge and “growth industries” keep growing, the need for highly sophisticated and targeted communications strategies and tools will also be in demand in order for companies to engage with foreign communities effectively. Organizations that are either ill-equipped to cross linguistic or cultural borders, or are uncertain as to what communications solutions are available to them or where they can be found are at a severe disadvantage. Many companies learned the hard way that the easy way out is not always the best way.
To assist our own clients who want to expand into unfamiliar territory, Marketwire houses its own division – aptly named the Emerging Markets Division (EMD) – to help domestic companies communicate with foreign audiences. To learn more about EMD and the services it provides, contact your local Marketwire representative.
Regardless of what the proper terms are, both categories are equally important to keep an eye on as we all, slowly but surely, climb out of the economic instability we have found ourselves in the past few years. Fiscal, social and political movement on a global level can significantly impact you, your company and the industry you work in, whether you like it or not. But, simply being aware is step in the right direction and could help you identify areas of growth while becoming a more dexterous and nimble organization throughout.