It’s not trendy anymore, but it doesn’t have to be: glocalization has moved beyond being the hot marketing flavour of the month, into accepted practice for any business thinking about expanding market share beyond its national borders. In this digital age, there is potential for just about any size or type of business to go glocal – provided there is a cost effective way for small to medium sized businesses to expand.
Simply defined, glocalization is adapting a globally distributed product or service, to the preferences of local users. This thinking extends to the way a business markets, communicates, and advertises that product or service.
Glocalization is popular because it works. A Financial Post article cites a recent study of a number of global brands, which shows those that tailor their messaging more closely to the local population’s values and tastes, do better in those markets than brands that do not.
Haven’t you thought about how well your widgets from Manchester would work for people in Malawi – and wondered how you were going to test the market, then actually do the marketing, for a reasonable cost?
First, consider the logistics: you’ll have to do some initial market research into your current customer base, and the results may surprise you. Your e-mail list, Facebook page, Twitter followers, website views and online store may already have consumer participation from parts of the world you may not previously have suspected. Use this as a starting point to see who may already be interested in your product or service, and if possible – through surveys or other means of capturing consumer data – find out why.
Second, consider the bigger picture: you want to develop brand familiarity, then brand loyalty, in a new market, not just sell a one-off product or service. This means implementing a strategy not only to produce a version of your widget adapted for local tastes, but to position your brand in a way that resonates with local values. This requires further market research and testing, which is where it can get tricky if you can’t really afford to do it yourself by going halfway across the globe or hiring people to do it for you, and don’t have local contacts to help you out.
Third, consider the cost: you know what you need to do, your tailored communications and marketing pieces are ready to go through a variety of channels, and now you need the tools to do this as cost-effectively as possible. Social media is relatively inexpensive, but is better for gauging and raising awareness and tastes than for direct referrals, as mentioned in a previous post on digital trends. You could go with online ads, but Pay-Per-Click is increasingly a less cost effective option, as talked about in another post.
An integrated digital marketing platform, like Global Coupon, provides you with the tools to present your coupon/voucher offers and display ads to a targeted consumer base of your choosing, and to pay only for exactly the locations you target – as well as the analytics to see how your marketing spend is trending. You pay a monthly listing fee based on reach, and can choose both the content, length and type of your offers, as well as the content, placement and type of your ads on the platform. You can also market to a single location at a time, for as low as $100/month. You dictate how much you want to spend, and how fast and far you want to go, on a month-to-month basis – and you can pre-purchase up to as much as you are comfortable.
Global Coupon is designed for glocal business.