Recipe for a Global Brand

Question 1

Five important steps in creating a successful global brand:

Answer 1

1. Choose your target markets carefully
2. Make use of local knowledge
3. Teamwork at the ground level
4. Adapt to local culture
5. Don’t adapt beyond recognition

Question 2

Choose your target markets carefully

Answer 2

• Before expanding, it is essential to thoroughly research the market.
• Know the local competitors, and the local customs and regulations, and how these will impact your business.
• Know the consumers so that the level of demand for your product can be gauged.

Question 3

Make use of Local Knowledge

Answer 3

• No amount of research can make up for this.
• Partnering with local experts is one of the best things you can do to avoid cultural misunderstandings of translation mistakes.

Question 4

Teamwork at the Ground Level

Answer 4

• Having local teams on the ground making the decisions about how to deliver your brand to the local market is one of the best ways to increase your chances of success.

Question 5

Adapt to a Local Culture

Answer 5

• A successful domestic business model can’t simply be transplanted into another country.
• Different cultures, customs and habits can all impact the success of your business.
• You need to recognize the role your business can play in the market and adapt it accordingly.

Question 6

Don’t Adapt Beyond Recognition

Answer 6

You need to adapt your business to meet the needs of a foreign market, but if you make too many changes you risk losing what makes your brand unique.