By glocal we mean think globally and act locally. Products are developed and services are designed to cater to the demands of local markets and distributed globally. Hyperlocal apps, websites and content assist in promotional activities.
So why go glocal? What are its benefits? What are glocal business strategies?
Is glocalization a new concept?
Not really! B2C domain has many such examples. One fine example is ‘McAlooTikki’ offered by McDonald’s for Indian customers. However, few multinational B2B companies have invested time and efforts to make researches on local markets and deliver products/services accordingly.
It is time to think global while act local
Multinational B2B companies try to replicate business models, organizational frameworks, practices and processes in their overseas ventures. However, one should appreciate the fact that in foreign lands, businesses should be organized differently.
Behavioral pattern of local markets, consumer expectations and ethical standards vary with countries. In addition, there is also a need to understand tradition and culture of local societies.
Why select glocal companies?
1: To receive better customer services
It is often hard to receive on-time customer services from outstation companies. On dialing the helpline number, the caller has to wait for a long time till the customer service executive receives the call. On many occasions, that employee is so aloof from the decision-making department that it hardly matters if their organization loses a customer.
2: To receive quality personalized attention
Local service providers or product developers can pay personalized attention to their clients’ business requirements. They know their clients’ preferences and are capable of offering customized services.
Many experts believe that it is better to employ a local digital marketing agency with a global reach rather than depending on some outside agency. Glocal marketing agencies know the local market and its priorities and can modify strategies according to the needs of a global audience.
3: To save on cost
For overseas businesses, outsourcing proves to be cost-effective. Not for India-based businesses. Hiring local businesses is always better in terms of monetary health. Product development or service design and delivery along with maintenance works are offered at lower prices than what is offered by agencies located in other cities.
4: Cultural x-factor (work environment)
Work environment differs with regions. Societal pressure which acts as a motivator and engagement factor also differs from one place to another. For a particular organization, local work culture may prove to be more beneficial. A good deal of research can help make best decisions.
5: To overcome local regulatory restrictions
Local services possess the know-how of regulatory restrictions of local markets. They are equipped with accurate logistics to handle all such issues. Companies located in other cities may have to hire some other local agencies to do specific tasks. It certainly enhances cost overhead.
Local, international, multinational and global- these are 4 stages of strategy development in glocal approach. Glocal approach can play crucial roles to build a business locally and expand it globally. One fine example is the business approach taken up by Web Spiders Group. To know more about us, write to us for an in-person meeting or video conference.