Globalization is not a new phenomenon but its dramatic acceleration is. In fact, during the downturn, many companies have turned to international markets as a feasible approach to expand, increase profits and divide risks. However, at times instead of profits many companies face deep losses, cultural disconnect and even consumer hostility. So, why is it that successful large multi-national companies seem to get their global strategy wrong?
It seems the question most companies forget to ask themselves is — are we suitably equipped to meet the needs of the global consumer? Today, companies are challenged by consumers at their own game. As consumers are exposed to global trends and advances in technology, their demands and expectations from companies (local and international) are increasing — they want companies to do away with the “one size fits all” approach and build products that serve their needs.
While companies must be responsive to local needs, for successful global expansion and local penetration establishing a dedicated research team at every point of presence is not a viable option for companies.
MREB’s research shows that leading companies are establishing processes to leverage learnings and resources to benefit from research units spread across countries. In fact, by collaborating efforts, global research teams provide unparalleled research support and boost company competitiveness through cost management and knowledge sharing.
Learn more in MREB’s study Supporting Global Business Needs on how leading global companies optimize their Research teams globally to support their growing business needs by:
- Proactively share research insights and best practices to avoid research duplication.
- Strategically align researchers to geographic markets based on business need—not researcher location.
- Equipping regional business units to handle certain aspects of research independently.