By M. Isi Eromosele

In an ever interconnected global market where political and economic events can change the landscape at any given time, it is chancy to follow the same direction for marketing and business strategy everywhere.

The speed of change and the continual complexity of the world market requires a new approach to global marketing. The distinctive products or services that companies put into the marketplace are increasingly experiencing shorter and shorter lifecycles.

Companies face the challenge of differentiating their products in an environment where manufactured goods have become commoditized.

Many companies have the tendency to underestimate the market strength of the competition in a given market, especially if these competitors are from outside of their industry.

Another shortcoming is that a great number of companies that have expanded overseas fail to acquire a good understanding of the distinct cultures that exist in the respective countries where they are doing business. It is ill-advised for a company to rush into a new market without taking the time to research what similarities and differences exist between how business is conducted in the new market compared to how it is done in its home country.

Having a true understanding of a target market country’s business culture and ethics would greatly enhance a company’s knowledge of the distinctive needs and requirements of the target market. This would also increase the chances of success for the company.

Companies need to develop products and services for particular segments of the markets in their home country as well as target overseas markets as part of an encompassing global model. Few companies do this, preferring to create products and services for general markets.

The global market is not a homogeneous one. Making products that are unique to specific markets will greatly enhance a company’s flexibility in cross country products and services transfer. Additionally, a company’s top marketing team should include executives from the respective countries where it is doing business.

A company’s marketing organization should be a microcosm of its global markets. The diversity this creates will enable the company to better understand the varied wants and desires of its overseas markets.

It is imperative that companies view global marketing as a business philosophy rather than as one organizational function. Marketing is the eyes and ears of companies, providing them with proactive customer intelligence and insights that should enable customization of their products and services to suit the needs of their marketplaces. As such, their marketing concepts and methods would need to be continually adjusted to meet the changes that are bound to occur in these markets.

A crucial shift that has to take place is in a company’s global marketing program is to move their organization from a mass market focus to a "precise segmentation" one.

This will engender the delivery of breakthrough products and services that are created for a target portfolio of local, regional and global customer segments. When suitable, these products and services could be further customized to specific customer needs.

This new marketing model will no longer have transactions as its core principle. Rather, it will be based on relationships, built on collaborations.

Companies would no longer simply sell products and services. They would provide solutions to segmented customers’ needs.

Competitive advantage will not be dependent on the companies’ onerous marketing muscle but on the quality of its products and services as well as the timing and effectiveness of its marketing programs.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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