The traditional notion of a ‘mass market’ is no longer relevant. Consumers today are splintered into many small sub-segments, with each demanding services and products customised to their highly specific needs.
Thanks to the instant global reach of the Net, today’s web savvy customer is spoilt for choice and demands the best. The consumer wants marketing messages to be of global standards yet be locally relevant – all at the click of a mouse. This can be achieved with smartly tailored Search Engine Optimisation solutions and services.
Market Globally – but appeal to local tastes!
The Glocal approach to online branding is more challenging than ever.Glocal (a term coined by Akio Morita, founder of Sony Corporation) is defined as ‘marketing locally in the context of a global village economy’.
Pepsi, for example, markets globally, yet tailors its messaging to appeal to local tastes. It sells its localised food products through promotions that use local location names, people and references.
Increasingly, technology is facilitating custom delivery of brand promotions to sub-segments defined:
- By lifestyle
- By entertainment preferences
While offline branding can have the luxury of time, online branding needs to evolve and be relevant to changing needs and tastes instantly – making consumers feel part of the international community while appealing to local tastes in the process.
GLOCAL Marketing Strategy
Companies need to follow a five-stage plan to develop an effective GLOCAL marketing strategy. These are:
- Forecast future trends
- Predict evolving consumer needs
- Build sub-customer group core competencies
- Develop a collaborative work culture
- Localise marketing strategies
At the same time as each of the above stages, organisations need to adopt four critical perspectives – technological view, economic view,social view and political / ideological understanding. These help the company deliver effective strategies for re-aligning offerings and promotions to effectively capitalise on future market needs of targeted customers.
Future trends in GLOCAL marketing strategy
Today, the new age Glocal era is very different from anything that organisations have experienced before. Market segments are more focused and smaller – right down to the smallest possible target market level: the individual customer.
Evolving consumer behaviour, is driven by the customers’ unique biographical subculture. This is largely determined by three general, yet personally-diverse constituents – ethnic identity, generational identityand gender identity. In fact, there is no such thing as a ‘melting pot’ because root culture lives across many generations. Today cultural and ethnic identification is a strong and pervasive market force that just cannot be ignored by smart marketers.
A culture today is both the source and adopter of different values, ideas, and innovations. Culture is now a product of social mixing – and we all are mixing to create new Glocal opportunities. The global flows of people, money, and information into local markets are creating a multi-ethnicGlocal smorgasbord. This trend is fuelled by the following irreversible trends:
- Growing global free trade is opening up new markets with unprecedented ease and speed,
- Tele-computer revolution has vastly improved productivity and quality of output, and
- Globally low inflation and higher savings rates are boosting consumerism.
Friendly adaptive branding in the online space
Glocal strategies are facilitated by online marketing that has the advantage of instantly contacting global customers with real-time localisation – at a fraction of offline business costs. However this has its own localisation challenges.
People do not change their preferred choices for the sake of limited offerings of a business; they simply go to the competitor.
Online branding thus needs to be adaptive to localised needs instantly. For example an online garments store needs to offer its customers in different geographic regions varied choices as per their local needs.
The majority of consumers dislike dramatic changes and appreciate brands that are friendly and adaptive to their changing needs – those that speak their regional language and are simple.
Depending on the local IP of the Internet visitor the online promotion web page presents locally relevant branding (culture, tone) and product offerings. Different types of online promotions can even allow online customers to engage in web chat with other users for making a better informed choice. Online branding leverages technology to add new paradigms to localised customer convenience.
The team are privy to the latest online marketing techniques, providing your local business with the chance to market to a global audience. Through improved rankings, traffic and conversions, it can improve awareness of your business.