The Quest To-Go Global
We all know that the globalization era has broadened our markets for sellers as well as buyers. Various factors and substitutes have risen from this new era of supply and demand.
We read and learn every day how the current standards for businesses are completely changing day-to-day workings. With digital proven to be the future, it is standard for a company to have a global reach and to be considered accomplished and recognized.
A globally recognised company is similar to being akin to a Multinational Company (MNC). Global presence in the current scenario is easier to achieve due to accessibility and cross border operations but is also made difficult due to extremely high competition and moderating tools available to everyone.
The tactics that set business apart from its competitors are the most important as explained here such as Digital Marketing Services, outsourcing, and partnering up with local organizations as listed below.
Current Scenario and Growth Opportunities
The COVID 19 pandemic has people glued to the screens, and we use more data online than the physical steps we take in a day.
- The new range of communication through screens creates a medium for companies to benefit from distinctive untapped people and ideas related to their brand and products in their market.
- Keeping in mind the various laws and legal regulations in that area, the companies have to deliver their iconic service and products but alter enough to satisfy the specific demography and economic structure.
Domestic and International Business Plan
- To tackle the global market companies need a meticulous international business plan to operate as there are different rules, legal issues, and regulations.
- The local markets also have varied consumer behavioural patterns that require the companies to switch their approach and plan without hindering losses.
- The business environment can result favourable for the company or even unfavourable at times depending on the adaptability of their strategy. The strategy should be a culmination of the company’s goals as a whole and a baseline for the individual regional branches to work upon.
- As required, a market analysis on the competition, scope and growth is required based on decisions to be made as to how, when, and where the business will enter or not. These pointers act as an outline for the business over that region.
Using the Cultural Differences for Expanded Market
We know that every geographical region has its own culture, heritage and traditions. If a business is looking to expand in that area it’s a non-starter to follow and respect the regional diversity.
- When setting up a shop in a foreign location, the brand needs to understand and apply different Digital Marketing Services according to the cultural difference so that people will accept them.
- There are cases where one region would like the particular type of product, but the other might not, or worse, it will boycott the brand.
For example, Mcdonald’s has adapted its menu towards the Asian countries where the Digital Marketing Services, packaging and products cater to the cultural differences amongst the demography.
Focusing on Government Grants, Resources, and a Local Medium
Did you know governments have different grants and resources available and also various rules and regulations on how and by whom they are utilised?
- Grants and resources help the brand build itself cheaper or costlier depending upon the various factors involved, like the cost of production, tax, customs rate, resource allocation, and labour structure.
- Governments usually impose more extensive restrictions on foreign companies to foster healthy competition and not let this endogenous ecosystem overtake and disappear. They give leeway to homegrown brands to prosper on the home turf and help expand local markets.
- Sometimes companies partner up with local individuals and organizations to smoothen the whole business process. For example, the Starbucks and TATA Alliance in India.
- The representative also sets the brand apart from the local competition so that its business will not be hindered and the chance of the government intervening will not arise.
In order to strive for success on the global charts, an impeccable digital transformation and presence is a must. We at TGTG, your no-nonsense executionist will bring you a range of unique tactics to ace the space-
Here is a TGTG success story in North American markets-
“ We always hear that a company wants to go global and they advance themselves to major cities. Here one of our clients from the Real estate sector had a different approach, they wanted to reach urban as well as rural states and communities alike to build their global presence. The approach they were eying for was to go Glocal: Global + Local.
After the initial idea, with our research and analysis to understand the Target Market & Persona we reached the conclusion that the behaviour and habits of these markets were more traditional than anticipated. Citizens liked to spend more time in their human form than being just another username or mail id, these were people, who prefer offline channels to communicate.
Certainly, they were not very open to change or accept ways that can question their beliefs. We had to tap on the right channel with the right messaging so that they would welcome us with wide arms.
For this we came up with a colour combination that was native to their place and instead of relying on the online channels, we used a combination of offline mediums as a major part of our strategic plan.
The understanding was to go from an industrialist to someone who cares about people and is willing to thread a positive impact. Keeping in check the Local newspaper, magazine ads, small talk among people and tiny details such as the colour palette used for Website & Brand Collaterals were all designed keeping in mind One Messaging- The brand was not here to dictate or modify your lifestyle, they are here to support your ways of living in a much healthy and safer way.
So instead of attracting an audience on their platforms, we followed the pattern & behaviour of the Target Persona and went where they felt comfortable to create the required buzz in a completely new environment.”
In conclusion, scaling globally requires the company to be dynamic. The greater the adaptability and accessibility to the local audiences the greater will the brands’ success. All you have to do is team up with expert branding executionists to bring out the best in the brand to the consumers.
The sky’s the limit, when it comes to expanding and developing a business, all that’s needed is the right strategies, tools, and people to port the business on a global level that you would find in agencies such as the ‘The Go-to Guy,’ who not only change rebrand but develop a base for a business to achieve global milestones.