Glocalization is the worldwide sale of products and services adapted to the needs of each consumer community throughout the world. This strategy allows brands and e-commerce businesses to succeed in launching into new markets internationally by offering users items adapted to their culture and idiosyncrasies. Glocalization helps increase sales and helps create a better relationship with customers worldwide, who will feel that the company listens to them. Glocalization combines the benefits of international and local business. From Minderest, we explain what you should consider before introducing glocalization in your business and how to strengthen your globalization process.
Massive fast-food chains, such as McDonalds, are one example of glocalization. The menus of the American food outlet vary in type of food, portion size and price, depending on the country in which you find yourself. Their launch in India especially highlighted this. As they do not eat beef, all the menus are built around another sort of animal or vegetable protein. Over the last few years, more and more companies have been implementing a glocalization strategy to counter the financial consequences of the COVID-19 pandemic, like the issues in the local supply chain.
Keys to implementing glocalization in your business
1. Study and understand the market you are targeting
The first step will be to analyse the country where you want to start selling. This means carrying out a market study including, amongst other metrics: competing businesses, demand levels, and user behaviour.
You need to be fully aware of what the consumers in the region are like, and what they need. This includes compiling information about their likes, preferences, cultural traits, values, and ideals. This knowledge will allow you to adapt your products and services to local needs, and help you to stand out from other companies in the sector.
2. Get support from local suppliers
A glocalization strategy includes contracting local suppliers. Their collaboration allows you to increase the commitment of the e-commerce business in the new business region. At the same time, these suppliers will help you find out more about the region and its laws and regulations. Regarding profits for your brand, we should highlight that having local business partners reduces delivery chain related costs and guarantees better shipping conditions.
3. Adapt your marketing strategy to local needs
Now that you know your target market design an exclusive marketing strategy for each region. Despite all your previous efforts, if you send the same messages to everyone, the results will not be as successful as if you segment your online marketing campaigns. Use each community’s cultural references, values, or lifestyle habits to add value to your campaigns and generate increased engagement. The aim is for the brand to be known for delivering a unique buying experience for every customer.
Prices tailored to your glocalization strategy
It is vital to tailor prices to the needs of each country so that users welcome the brand with open arms. First, analyse your various competitors’ prices and demand levels to design the ideal pricing strategy.
How do you do this? A pricing tool will help you record precise information about companies in the sector. The most advanced software allows you to track prices in any country and currency globally, by analysing sales prices in e-commerce businesses, B2B portals, price comparison websites and marketplaces. With this last step, your company is ready to boost the launch into new markets and optimise sales.