It is an immense challenge to drive a value-driven business. A characteristic bottom-of-pyramid consumer would live in a remote village, in a small hut with no running water and electricity. The family would be generally illiterate and would be vulnerable to diseases and natural disaster. For a business to fight poverty, the common strategies that are being used are (Prahalad, 2005):
a)Hiring of local entrepreneurs who wants to drive a change on the ground level. Local entrepreneurs can adapt fast to the nuances of the native markets and can strive for success earnestly.
b)Businesses have to work towards building a movement instead of market share. They have to be dedicated to the cause of serving poor and forego profits. People should be the motivator and not money.
c)Competitions are actively welcomed. It indicates that more people are trying to deal with the problem. Price, at times, can also become a weapon to measure the impact. Since the BOP market is huge, selling at very low price points can also be profitable due to the economies of scale involved.
d)The business has to be motivated with a mission and not money. If a business has to succeed in a BOP market, it would need a mission instead of a sales plan and profit motive. Businesses that are there just for money would not be able to last long.
e)The aim of an organization should be to maximize distribution and not profits. The companies can succeed to serve many consumers covering their costs instead of maximizing profits for their sake.
These value driven companies show that mission driven business can help to improve the lives of the globe’s poorest segment. It would be of great value to the society if these companies endeavour to improve the lives of the BOP consumers.