In the era of globalization, there are several business practices that companies must abide by in order to be successful that revolve around inclusivity and accessibility.
By Devin Morrissey
More than ever, businesses need to be on the same page as the customers they wish to attract, because if they’re not, there are other businesses who will be. To draw customers and clients in, businesses must globalize their practices to appeal to not only the domestic masses, but those of any culture they wish to integrate into.
Business Globalization
In order to access the full potential of your business, it’s crucial for your management team to have cross cultural training and for your company to practice inclusive ethos. According to Veem CRO Frederick Crosby, “Expansion into global markets can catapult small to medium businesses (SMBs) into greater revenues, better products, and more diverse and less costly supply chains.” Although it requires thoughtful company structure, practicing an inclusive approach to global markets can help expand your business.
After establishing your business’ stance and approach to globalization, it’s a good idea to ensure the other departments are on the same page. Marketing teams play the most important role in the way your company is perceived, which makes it a good department to focus on. Finding new ways to convey information to expand your audience is a necessary aspect of this. Arizona State University MBA Student Evelyn Sabino recognizes the importance of marketing and data. “I love marketing because of the creative side, but marketing doesn’t go without having data to back it up,” Sabino said.
When marketing to different cultures and demographics, businesses must consider cultural differences amongst their audience. Without doing the research, a marketing approach may not only fall flat, it could also be harmful to the perception of your business in certain areas. Data should always be a contributor to a business’ marketing tactics in order to connect with the intended audience, as there are plenty of communication and cultural studies regarding ways to target various demographics.
Making Business Connections
In order to form meaningful connections with international businesses, your management leaders must practice an international way of thinking, as well as go through some cross cultural management training. This will help the execution of international business transactions by providing your international relations team with materials they need to communicate clearly with their business partners in other areas of the world and will ensure that your company is getting what it wants out of the relationship.
If your business is trying to reach out to global markets, having some international experience can help establish trust and a connection with other countries. Volunteer work and donating to international charities can show that your business cares about the communities in other areas and can show that your company is invested in more than just the money there is to make in a certain area. NAI, a leading manufacturer of global connectivity solutions, recently launched a community outreach initiative in Mexico and China where they hope to help schools and shelters. CEO Jon Jensen, stated “NAI is implementing these programs to become a more socially responsible organization.”
Thoughtful and deliberate business practices are extremely important in the era of globalization. In order to expand into the global market, your business must prove that it is a friend to the markets in other countries by showing an understanding of cultural differences, as well as by being sensitive to and inclusive of differences in beliefs. Integrating these practices into your business can help expand your client base and launch your company into the success that comes with providing services to a global audience.
Devin Morrissey prides himself on being a jack of all trades; his career trajectory is more a zig zag than an obvious trend, just the way he likes it. He pops up across the Pacific Northwest, though never in one place for long. You can follow him more reliably on @DevMorrissey.
