Emerging Futures Lab

“Buyers at the BoP behave differently not only from their counterparts in developed country markets but also from the upper and middle-income customers in their own societies. A standardized ʻwesternʼ marketing mix offering will not work with this group whose circumstances require a highly customized approach.” ~ Richard Fletcher, University of Western Sydney

Price is simply a design constraint, not the sole criteria. High volumes and low margins define the opportunities at the bottom of the economic pyramid. Cutting costs are often seen as the primary route to success.

The next billion customers may have shallower pockets than their wealthier brethren elsewhere, but they're looking for value too. Overlooked and underserved, these emerging consumer markets at the bottom of the pyramid are as yet a great unknown.

Products, services and business models aimed at the BoP face the hurdle of meeting their new customerʼs expectations successfully - What inspires them? What resonates with their values? What future do they strive towards?

The challenge ahead is to understand their values and the returns they expect for their Rupee or Rand or Kwacha.

We observe and share insights on the challenges and constraints of living within low incomes that are often irregular and unpredictable, articulating the nuances of local culture and society while understanding conditions from a global perspective.

We identify opportunity spaces and define new or improve existing products and services that add value and enhance lives, not simply plug the gaps of unmet needs. Needs and wants are so many at the BoP that every decision to spend money is a trade off on the risks of a return of maximum value. How and where can we offer a product or service that either saves them precious time or saves them some money?

We focus only on the emerging consumer markets of the lower income groups in the developing world. Call them the next billion customers or the base of the pyramid, the opportunities for social and economic development through products and services that improve and enhance lives point to an immense potential for positive change.

Our knowledge base and experience spans the entire value chain of entering a new market - opportunity identification, marketing and business strategy, user research, design and development, manufacturing, advertising and marketing communications. We have lived and worked in Africa, South and South East Asia as well as the United States and United Kingdom.

Our global network of associates includes industrial design in Shanghai, experience design in Torino, innovation in San Francisco, methods in Chicago and just good design in New York as well as links to community and civic leadership in townships across South Africa and parts of rural India.

Contact  Niti to talk about:

Mid-course and pre-launch Audits - Brand strategy, product design, business models and payment plans, marketing communications, concept validation and testing.

Serving your new customers effectively - Immersion in local environment, user research, identifying opportunity spaces,  market and competitive analysis,  new product definition, design strategy, platform innovation, planning and forecasting.

Marketing to the Base of the pyramid - Marketing and Communication Strategy, Business models, transaction models and pricing strategy, Value propositions and concept validation.

Primary research into buyer behaviour, purchasing patterns, local values and mindset, decision making criteria and trade offs, usage patterns and relevance as well as evaluation of contextual knowledge for industry specific or product and service specific needs.

The Emerging Futures Lab was founded by Niti Bhan and Dave Tait. Local offices in Singapore and India.

Design for the next billion customers - Article published on Core77, April 2008 introducing the BoP customer's mindset and expectations from products.

(March 29th, 2008 1.58 AM Singapore Time)