The most efficient way to ensure global success isn’t as intangible as you might think.
Last week I introduced the first of 5 Global Branding Traps—proven pitfalls that smart companies take care to avoid whenever they enter a new region.
All 5 of these myths have played a part in driving world-class brands like Google, eBay, Best Buy, Home Depot, Mattel and Amazon out of certain regions. But the topic of this week’s blog is especially relevant for healthcare companies, which are increasingly driven by speed-to-market strategy:
Global Branding Trap #2: “We don’t have the time or the budget to do a lot of research.”
Any new business venture requires investment. Compared to tangible needs like equipment, real estate, and distribution infrastructure, many companies seem to think market research is an optional luxury. That’s unfortunate, since even a small investment in fact-finding can boost returns for years to come. More to the point, it could be vital to your survival abroad. Talk to just about anyone who’s worked on a global brand failure, and they’ll tell you it flopped because they didn’t know the territory going in.
Even if you’re lucky enough to ride in on a strong wave of demand, do your homework or save time by hiring someone to do it for you. It doesn’t take the world’s largest agency to do this job right, and it pays dividends in the form of stronger brand loyalty. Being a “company that cares” will give you the kind of local credibility money can’t buy, making it easier to fend off competitors who take the “colonial” approach.
Think this work is too expensive? Compare it to the cost of having to re-do your branding all over again, being unable to get to market because you didn’t identify a legal or trademark issue in a key region, or worst of all, having to pull out and write off a global market as a complete loss. You do the math.
You’ll find a complete summary of all 5 Global Branding Traps—plus many other proven insights that can help you ensure the success of a global product launch—in our first parathink briefing: Meeting 21st Century Challenges to Global Healthcare Brands. Click here to get your free copy.
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