Global Planning needs Local Knowledge
The reality of international expansion for any company is that the strategies developed for one country may be ineffective in another. The millions of people in untapped markets all over the world may in fact represent future customers, but there are unique and numerous obstacles presented by each distinct cultural group. Specific local knowledge is required, and that means you need on-site specialists.
“Look at the highest performing companies in your industry,” Forbes Magazine author Josh Bershin paraphrases global economist Pankj Ghemawat.* “They operate globally but in a local way. Success is driven by speed, agility, and optimizing your business for local markets.”
This suggests close study of the day-to-day lives, culture and consumer needs of a country’s people and awareness of their differences from people you have already marketed to elsewhere on the globe. Communication with them in their language will be both the first challenge and the first…
View original post 219 more words