December 5, 2019
by Judy Johnson, Ph.D.
December 5, 2019
Both business and consumers can instantly access information and order goods from the other side of the planet. This has not been noteworthy for quite some time. The rise of globalization has made more countries more dependent on each other than ever before.
For consumers, this creates the perception that the world is getting smaller, and their purchasing power impacts many social aspects around the world and at home. A the same time, younger generations are making purchasing decisions that are motivated much more by emotion than the lowest price. The catch phrase, “Shop locally, think globally,” is now fairly commonplace. Globalizing is slowly being trumped by localizing, and you need to be ready.
Depending on your type of business, there could be variations of local, and variations of strategies to nurture. For example, if you run a small Asian grocery market in a predominantly Asian community, your version of local is both very specific and obvious.
But what if you have an online company that develops accounting software for businesses? You do business with companies all over the world. What does local mean to you? This is a question you need to be thinking about now, because it will be more important in the future.
The interesting combination of technology and grass roots organization in today’s society, are outstanding for local globalization. There are quiz applications that can be targeted via social networking sites to the physical locations or to specific audiences you need. You can ask the questions to the exact people you want the answers from.
There’s no need to rely only on speculation of what your customers, patrons or potentials want. Tech has provided you numerous tools to ask them yourself. And you should be consistently doing that.
Knowing what your local market is, and understanding its needs, are imperative. You can sell the same product in New York City, and a small farm town in Pennsylvania, but you must know what the audience is looking for.
Large companies acting on a global scale will need to dial down. Instead of an overarching high level position in charge of everywhere, you will need individuals tailored toward understanding specific markets and localities. You will need people with cultural awareness and understanding. Your workers and executives will need to be diverse.
According to a study by the CMO Council, almost 49% of marketers feel that localized marketing is critical to the growth and profitability of business. But, in that same study, only 12% of marketers feel they have a handle on localized marketing. So, companies know that it’s important, but they are still working out the best way to act on it.
Aspirant Organizational and Marketing experts can help your company incorporate methods for anticipating and capitalizing on all relevant trends. Use the form below to request a casual discussion with our team.