Creating a new brand is always a challenge due to the need to investigate the current demands and trends within the prospective target economic environment and the prospective customers. Although there are multiple overlaps in how a branding strategy is built for the global and local settings, the scope and scale of the projects define several crucial points of difference. By embracing a combination of sociocultural and economic specifics of local and global settings, one will be able to adjust the brand strategy development for each one accordingly.
When considering the local context, one must pay strictly close attention to the unique needs and specifics of local audiences based on their culture and background. Appealing to the target population while having a clear understanding of the key barriers to effective marketing existing on local legal, economic, political, technological, and sociocultural levels is vital for the successful management of key risks. In turn, the global framework requires a profound knowledge of the key trade regulations implemented on a global scale and, therefore, does not suggest being aware of specific cultural nuances (IBTimesTV, 2014). Therefore, the direction of market research is what sets the local and global brand strategizing apart from each other.
By embracing the uniqueness of the local context requiring a profound understanding of local issues, and generalizability as the key feature of the global approach to branding, one will be able to create memorable and appealing brands for both local and global audiences. The importance of conducting a broad sociocultural assessment of local settings and generalizing the context of the global one defines the branding approaches in the specified contexts significantly. Therefore, appropriate research tools must be deployed to examine key trends within the target settings and develop an appropriate framework for each.
Reference
IBTimesTV. (20-14). How can corporate brands be globally relevant while locally applicable? [Video] YouTube.