“Looking beyond the obvious: globalisation and new opportunities for growth” (Ernst & Young Globalisation Survey), an on-line survey of global business executives from around the world, has an important message for the global marketing community: It’s time to make some ‘big bets’ on markets that may not have been considered before.
The on-line survey of 730 executives was supplemented by 800 in-depth interviews with senior executives and experts and triaged with data from Ernst & Young’s 2012 Globalization Index, which measures the 60 largest countries/territories by GDP according to their degree of globalisation.
But behind the ‘It’s time to make some big bets’ conversation are some fundamentals that marketing folk have been talking about for years. All along, most marketers will tell you about the imperative to create customised strategies for different sectors, areas, regions and countries – but most importantly, to keep a clear focus on the customer as an individual, because in the end, it’s an individual that will make decisions and take action.
In new and volatile marketplaces, organisations need to be highly focused in their choice of markets and investments, that’s simply good business. Succeeding in these sorts of marketplaces without a doubt, requires complete immersion in them. Offers must be tailored to meet the exacting needs of local customers, close relationships must be formed with local officials and communities.
I am reminded of some work I completed on behalf of a client in Africa where a world famous organisation with plenty of money to spare, was desperately but for all the right reasons, trying to get information to local communities. Sitting in London they prepared expensive handbooks; dazzling DVD’s and Video recordings and high quality printed material to get their key messages across. Unfortunately, they failed to understand that many of the materials weren’t reaching their destination and those that were, were more often than not being held for ‘ransom’ or for an under the table payment prior to release. Had the Londoners spent time in the area, they would have also noted that it was the community shop-keeper who wielded all the power and held all of the community knowledge. At first glnce, not the most likely target customer.
Empowering the local shop-keeper in the example above or local managers to receive and act on information can open the doors to local innovation. The power of business intelligence, analytics, mobility solutions and social networking in new markets, allows businesses to access the wealth of data to create future strategies and growth opportunities.
Technological advances remain the top driver of globalisation, followed by a growing middle class in rapid growth markets. Flexible organisations that are well-positioned to thrive are staffed by people who don’t simply play lip service to understanding a culture and a country, region or area. They can demonstrate true empathy and knowledge when it comes to understanding their chosen markets.
Marketingmoves has a number of candidates from Marketing Executives to Marketing Directors, SVPs and CMOs whose lifetime work has been the deep and complete understanding of global markets.
Contact Melvin Day @ mday@marketingmoves.com or on +441932 253 352
