13th Dec, 2017
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Becoming a global organisation is indeed a remarkable accomplishment, however not every business is able to cross the mark. Sometimes lack of preparation, the other times existing competition are enough to chuck you out from the race to survival.
Now the question arises â How easy or tough is it for a local player to weave and fulfill global dreams? And the answer basically is both â itâs tough if you are naÃ¯ve to the dynamics of global businesses and itâs easy if you know how to leverage the existing resources as a springboard for a global foray.
What Does It Take?
It is a mastery in the latter which has the potential to take you to the global daises. Come to think of it, itâs not that tough after all â You already have made a pitch to that customer locally and have won their trust, you have also showcased your mettle by the real-time value you have been driving for them â you can easily present yourself as a live and personalised case study to their global counterparts. Thatâs how you cash-in on the advantageous turf you were standing on all this while without even knowing it.
Having said that, letâs face the tough part too (we arenât perfect after all!).
Once you have a loyal national customer base, expanding globally may be seen as a natural progression to keep the growth ticker moving. Even locally however, consumers differ vastly in their tastes and preferences which vary probably because of the diverse customs, cultural sensitivities etc.
The need then arises when you have to start understanding your local customer base thoroughly to master the art of leveraging them for your global outreach.
The Balancing Act
It is therefore suggested that while catering to the local audience, instead of thinking only about their perception of the strategies, you need to think about how scalable or flexible are these tactics â how the foreign customers will accept those stratagems. Sometimes, changing cultural norms and consumer needs in foreign markets may require you to adjust the sales approach.
Although it is critical to stay stay intact to your overall brand communication, it’s equally vital to tweak your product offerings as per the local tastes. In the similar quest, many organisations often also adopt below mentioned strategies to expand their horizons in the global markets:
Here you can zero down on the global turfs which are somewhat similar to your local base. In short, it is all about utilizing your local expertise and competencies in global markets where you are certain of a positive response owing to the familiarity quotient.
Here the focus is on upgrading an organisationâs capabilities and resources so as to become able to match the global standards, often by concentrating on niche markets. Organisations that adopt this strategy try to compete with the multinational corporations by continuous upgradation and improvement in their overall operations.
Entering the global arena can definitely protect your organisation against the uncertainties of domestic markets and also, significantly expand your overall growth potential.
What do you think about leveraging local base for the global game? What are the other strategies through which organisations can leverage their local customer base to make inroads into the foreign markets?