An opportunity for global market growth
In every city we find local business leaders who understand the local market better than those who have newly arrived. That is why multinational franchises prefer potential local franchisees who demonstrate an ability to succeed in the local market.
A couple in Vancouver started selling their healthy artisan cereal mix at Granville Island from a small kiosk. When they adopted a catchy brand name sales grew rapidly amongst health conscious consumers. This is a fast growing market segment in Canada. They gained media attention and today have become a significant player in the cereal business dominated by big multinational brands.
Success in business requires good leadership and a deep understanding of the local market.
Here are three reasons why local businesses succeed:
Leveraging Global Technologies And Local Market Knowledge
Successful local businesses utilise global technologies to leverage on their deep knowledge of the local market. The artisan cereal company used a popular local market to reach a wide segment of consumers.
Customers were able to continue buying by simply going online to make purchases on their website. By placing products in local stores strategically located throughout cities across the country they were able to reach an even wider national market.
Ability To Respond Rapidly to Local Market Changes
Every city has a local culture which local business leaders understand better then business leaders coming from outside the city.
A distributor of electronic products makes it a point to attend business networking and local community meetings whenever he visits a city or town. He identifies local retailers who dominate the market. These are the people he will encourage to distribute his products. The reason these individuals succeed is because there know how to respond rapidly to changes in the local market.
Local Teams Drive Local Change
Local businesses are in the best position to drive change in local consumer demand. Successful local businesses tend to have a local team whose views are trusted by key consumers and brand advocates. These teams know how to get the word out to the local community as to the merits of a new product or innovation within an industry.
A local business leader makes sure a member of his team attends local business and community events to support local initiatives and to invariably educate those attending as to the merits of buying a new product they offer.
The main takeaway for us is to invest in learning the latest in leadership thinking and technology while spending time connecting with local business and community groups.
International Business Consultant
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