In our last blog, we listed you 5 big opportunities for doing business in Iran, today we want to focus on something essential to iranian business culture and new advancements such as digital marketing: Innovation.
Iran's business culture heavily relies on improvisation and bringing innovative ideas to the table in order to override the tight grip of past sanctions. A lot of Iran's market yet has to be tapped into, which makes tech entrepreneurs in Iran have a very open ear for new, actionable ideas that will develop business procedures and solve issues regarding reselling high-demand brands and help iranian SME's in one day entering the world economy. If set up as a profitable business model for both parties, there would be great benefits for both foreign company and iranian agent. Putting away a too western-news picture of Iran, it is actually a very pro-western country with a very high customer demand for western products and services. It is also important how new ideas are being handled and who handles them and gives them opportunity to grow. An experienced agency with great local knowledge can help foreign companies in realising exactly this concept.
Advertising in Iran is in the midst of a boom. More and more shopping malls are being built, which again gives room for more advertising space. Shopping Malls such as Palladium already make use of big LED display on their roof, shining Nike's Just-Do-It ads in powerful colours into apartments from a far distance. Right there on the reflection on the wall once can find the western influence of a country that to many wrongly seems "isolated". Competition is becoming bigger and it is paving way for some healthy development of the industry. Conventional billboards are being replaced with more modern method of advertising such as LED displays, online ads, social media marketing, and so on. Digital marketing is creating jobs in a very vibrant economy while it is already a very vibrant industry of its own. For young tech-savvy Iranians, it is the market segment to be in.
Even now after the sanctions though, many old problems might have been solved, but new ones are arising as well, which is the exact current reflection of Iran's capital city, Tehran. This again tests the people's aptitude for being innovative and finding creative solutions to otherwise very hardly solvable challenges, such as by developing new products and services that are the answer to critical shortcomings in Iran's market development.
Another one of the frontiers in innovation is branding in Iran: People are more and more getting the taste and valuing the importance of branding: May it be for hospitals, iranian startups, car resellers, FMCGs, DCGs, call it what you like. Without a branding strategy for Tehran, foreign investors will have a very difficult time to adapt.
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