Surging economies, rising incomes, and expanding urbanization are creating a new consumer class in Africa. Buying power on the continent is growing, and there’s a hunger for products and services. With a population topping 1 billion that speaks more than 2,100 languages, the continent is tough to categorize. But a vast amount of untapped potential awaits.
Awareness of the Africa opportunity is one thing. Winning in Africa is another. Many companies that have operated there for decades have learned the hard lessons that await newcomers, who do not necessarily know how much to expect, where to start, or how to succeed. Implementing the right plan now to build their Africa capabilities by 2020 will help companies achieve success on the continent.
Companies that want to win need to address at least five realities:
Patrick Dupoux on Winning in Africa