When developing a global strategy, don’t underestimate the importance of knowing your customer and the culture of your target market. Apart from understanding the general differences, behavior drivers and trends, it is imperative to the success and growth of your company to adapt and be flexible with your approach. Creating a global business by establishing local roots will attract, engage, satisfy and help retain customers essential to your rapid and continuous growth. The following key steps are essential for a successful global strategy implementation:
Act local—For a company to become a truly global enterprise, it has to localize the way it thinks and acts.
Localize—A “one size fits all” strategy may make assumptions that miss the opportunity to engage and identify customers needs.
Observe—By observation, you can explore the habits, beliefs, behaviors and values of your target customers that can enhance the local customer experience with a newfound multicultural awareness.
Start building your global market penetration strategy by asking all the rights questions:
- Do you have managers with local knowledge and language skills who can negotiate and prevent cultural misunderstandings?
- How can you demonstrate a respect for local outlooks, priorities and traditions?
- Can you adapt your offering to make them suitable for local needs?
- Can you customize your global message for local meaning, markets and cultures?
- Are there local linguistic or ethnic preferences and tastes?
- What behaviors drive local customer buying habits?
image credits: growthstrategy.com
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Wayne Simmons is an accomplished executive, innovator, value creator, and entrepreneur and co-author of GrowthThinking: Building the New Growth Enterprise. As CEO and Co-Founder of The Growth Strategy Company, Wayne leads the vision, strategy and growth of the company. He has worked for global advisory firms Ernst & Young, Deloitte Consulting, and has been a trusted advisor to C-level executives at Fortune 500 corporations, venture capital firms, and small and midsized companies. Wayne was trained in airborne reconnaissance for US Army Intelligence; and is an alumnus and Fellow of The Wharton School of the University of Pennsylvania.
Keary Crawford is a results-driven executive leader with extensive experience in operations, M&A and finance for start-up, entrepreneurial and middle-market companies. As co-founder and COO of The Growth Strategy Company, she manages the strategic growth and vision, and day-to-day operations; and is co-author of GrowthThinking: Building the New Growth Enterprise. Keary was trained in Behavioral and Social Sciences and is a Fellow and alumna of the Executive Development Program at the Wharton School of the University of Pennsylvania.