Globalization can sometimes get a bad reputation. It’s often blamed for the eradication of culture that thrived before the internet and accessible international travel. However, our ability to interact and participate with one another is not something to regret. Instead, globalization needs a different slant. Perhaps its benefits are best realized when participants stay genuinely grounded in the local economies they operate in. This is especially pertinent when considering how to market products and services in an effective way.
Local businesses, that are independent and often family-owned, must try to honor the needs and interests of all stakeholders at the same time as building long-term profitability – they can do that by taking a localized promotional approach with an understanding that globalization is real and always a contributing factor.
The fact is, authentic local products are almost always successful. This is often due to a company’s ability to accurately identify the needs of its customers and create a message that resonates with them. Remember, promotion embraces all methods of persuasion, which a marketer uses to motivate customers to buy the product. It comprises elements such as advertising, public relations, and sales promotion.
How you go about promotion will differ based on where your market is, how developed it is, and how “plugged in” your consumers are. Every community will be different in how globalization, infrastructure, and culture impacts consumer behavior. For example, in our industry in developed markets, consumers generally walk into a convenience store or supermarket to pick up a soft drink. FMCG companies consequently sell to a limited number of big distributors that control the market in that country and can carry multiple lines due to the large size of their stores.
In Vietnam however, a developing country, street vendors abound: bicycling around the towns and cities or sitting on street corners with their cart. There are millions of them. Unlike 7-Eleven or Walmart, they cannot carry too much stock. They can carry a maximum of fifteen different beverage products compared to two hundred in a supermarket. Making sure they have THP’s products is key, which significantly influences how we promote to these vendors and subsequently our consumers.
Ultimately, the key to successful promotion is understanding how to communicate with your customer: what, why, where and how they access your products and services. Regardless of how developed your country or community is, effective promotion can be leveraged to reach your target audience. Learn more about incorporating effective strategies by reading my book today!