Market Development Manager: Market Expansion
Full time
at Mukuru
in
Online
Posted on May 8, 2024
Job details
- Full-Time
- Commerical and Strategy
- Johannesburg, ZA / Cape Town, ZA / Nairobi, KE
- Conduct comprehensive market research to identify potential new territories for expansion.
- Develop comprehensive market expansion business cases outlining financial projections, risks, key demographics, and market trends.
- Develop and execute go to market strategies for market entry, considering regulatory, cultural, and competitive landscapes.
- Plan and execute new market visits to gain an understanding of market nuances and product fit based on customer needs.
- Provide recommendations for tailoring strategies to meet local market conditions, cultural nuances, and regulatory frameworks, ensuring a nuanced and adaptable approach.
- Analyse market trends and customer needs to create innovative strategies for product development and market penetration.
- Generate detailed competitor analysis reports highlighting strengths, weaknesses, opportunities, and threats in the target markets.
- Lead collaborative efforts with cross-functional teams to conceptualise, design, and develop new financial products tailored to target markets.
- Drive innovation by leveraging emerging technologies and industry trends to continuously lead financial solutions market.
- Contribute to the entire product development lifecycle, and lead projects from ideation to launch, ensuring alignment with Mukuru goals and locally translated customer needs
- Develop detailed market entry plans for each region, including entry timelines, investment requirements, and competitive positioning strategies.
- Implementation of expansion plans, ensuring a smooth entry into new territories and successful market launches.
- Develop and maintain a robust pipeline of strategic partnerships, complete with target organisations, key contacts, and proposed collaboration initiatives.
- Identify, negotiate, and establish strategic partnerships with key stakeholders and regulators in new territories.
- Managing operations for new outbound countries for the initial operations window, up to two years, taking ownership of the P&L, driving revenue growth and profitability.
- Develop plans for local market integration, considering regional variations and collaborating with regional teams to incorporate localised elements into the overall strategy.
- Ensure each new country is fully operational prior to handing over to the operational and sales function.
- Establish a collaborative framework between internal teams, creating a streamlined process for effective communication and cooperation in executing business development strategies, compliant with company standards and regulations.
- Partner with customer support and product teams to improve the customer journey.
- Collaborate with digital experts and IT teams to optimise online platform utilisation strategies.
- Provide regular progress reports , detailing cross-functional collaboration achievements, challenges, and ongoing improvement initiatives.
- Implement a feedback integration mechanism to capture insights from various teams, facilitating continuous improvement and adaptation of strategies.
- Develop and implement comprehensive risk mitigation strategies, identifying potential risks associated with market entry and expansion, and proposing proactive solutions.
- Work with the Compliance team to establish a regulatory compliance framework, ensuring that all market development activities adhere to local regulations and industry standards.
- Work with the legal team to develop and maintain a legal compliance checklist for market expansion activities, ensuring adherence to all relevant laws and regulations in each target region.
- Work with the audit and risk team to generate regular risk assessment reports, providing insights into potential challenges and proposing pre-emptive measures to safeguard the Mukuru's interests.
- Develop contingency plans for identified risks, outlining procedures to be implemented in the event of unforeseen challenges during market expansion.
- Generate detailed performance analysis reports, highlighting the success metrics achieved, challenges faced, and areas for improvement in market development activities.
- Conduct benchmarking exercises against industry standards and competitors, providing insights to refine strategies and enhance overall performance.
- Compile periodic reports on stakeholder engagement, outlining interactions with key stakeholders, their feedback, and potential areas for collaboration or improvement.
- Consolidate key recommendations for senior management based on performance analysis, providing actionable insights for optimising market development strategies and achieving organisational goals.
- Negotiate with potential partners in order to obtain mutually beneficial signed contracts
- Coordinate meetings with new partners
- Prepare all documentation and presentations required for the meetings
- Liaise with Licensing and Compliance department to obtain required licenses
- Negotiating the terms of new agreements, subject to approval from Manager
- Ensure all documentation is in place for the final agreement
- Identify and analyse competitors, and conduct monthly (as well as ad hoc) pricing tests
- Liaise with the internal departments to ensure all stakeholders involved in projects are aware of plans (where applicable)
- Liaise with the relevant parties and Project Manager to ensure understanding of partners requirements
- Actively engage with partners to ensure partner health improvement
- Manage issues that may arise with partners in a timeous and professional manner, escalating issues to Manager when required
- Ensure the retention of quality partnerships
- Ensure buy-in from Partners on any system/legal/commercial adjustments
- Manage issues that may arise with partners in a timeous and professional manner, escalating issues to management when required
- Attend weekly and monthly performance meeting with Manager
- Attend all required training courses for new products
- Participate in all required compliance training and assignments
- Grade 12 / or equivalent (Essential)
- Degree: Business, Finance, Economics or related (Essential)
- Ability to speak French, Portuguese, or Kiswahili (Desirable)
- 8 years' experience in a Business Development or Market Development role (Essential)
- Experience in developing business in African countries other than South Africa (Essential) In a financial industry (Desirable) In a Remittances industry (Desirable)
- Knowledge of payments and remittances
- In-depth knowledge of current trends, dynamics, and emerging opportunities in the global fintech industry
- Knowledge of software capabilities
- Knowledge of business to-business sales and proposal writing
- Strategy development and execution
- Effective Communication
- Time management
- Global Perspective
- Cultural Sensitivity
- Project Management
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