CDM Media’s Senior Director of Content & C-Suite Communities, James Quin is regularly cited in various media stories across a variety of industries. But leading up to these article inclusions are many conversations and insightful commentaries which don’t always make the publication. In this weekly (or more!) new section, James shares his responses to a myriad of tech topics he discusses with journalists.
The Media is Talking About: “Multicultural Marketing”
Retailers have found that multicultural marketing has really evolved in recent times and continues to do so. James Quin weighed in on what factors have played a role:
“One of the emerging market trends we’re seeing right now is something called “Glocalization”, which if you can’t figure out the questionable English is the combination of Globalization and Localization. The global piece of the equation is breadth. It’s brand recognition and market place acceptance that supersedes local players. It’s people buying a product because of who makes the product and that purchasing it enters you into a global “club”. The local piece of the equation is depth. It’s nuanced understanding of the wants and desires of a specific market that supersedes global players. It’s people buying a product because its uniquely develop for their specific needs and that purchasing it demonstrates how unique you are. Glocalization posits that if we can combine the breadth of a global business with the depth of a local one, we get all of the benefits and none of the detriments. In a way, it’s the ultimate expression of the department store/boutique store conflict and the recognition that there are pros and cons to each approach.
From an “appealing to multi-cultural audiences” perspective, we’re really looking at the “Global going Local” version of glocalization rather than the “Local going Global” side. In some ways, is the easier way to go because, the bigger the business the greater the resources, and the higher the likelihood that they can execute on a plan. In regards to building that plan a lot of it comes back to our old friend Big Data because global organizations need to find a way to capture local insights that local organizations gather inherently. Big Data principles mean that if the business can capture the right information, and if they can analyze it in the right way, then can divine the differentiating characteristics of a particular market and adjust their pitch to suit. So when a global business can leverage its brand to enter a market, it’s financial stability to weather any rocky period while it adjusts to the market, and it’s analytical wherewithal to ultimately differentiate itself in the market, it can ultimately succeed.”