Cultural Intelligence for Global Innovation: Why Indian Products Need Unique Approaches
In today’s global marketplace, building successful products from India for the world or launching global products in India requires a unique approach. Traditional textbook theories borrowed from the West often fall short in addressing India’s cultural nuances and market dynamics. This article explores why these theories fail and highlights the importance of cultural intelligence for global innovation.
India’s diverse population, rich cultural heritage, and unique market demands necessitate a fresh perspective on product development and expansion. Relying solely on Western models and practices has proven inadequate for businesses in India, leading to obstacles in gaining traction and achieving success. Localization is key to overcoming these challenges, as it involves adapting products to suit the preferences and requirements of the Indian market while also positioning them for global success.
This essay delves into the concept of cultural intelligence and emphasizes the need for Indian businesses to adopt unique approaches. By leveraging their deep understanding of local culture, values, and consumer behavior, Indian companies can create products that resonate both domestically and internationally. Through collaboration, co-creation, and a focus on engaging local stakeholders, Indian products can transcend boundaries and make a lasting impact on the global stage.
As India continues to emerge as a global economic powerhouse, it is crucial for businesses to recognize the significance of embracing cultural intelligence for global innovation. By doing so, they can unlock new opportunities, overcome barriers, and establish themselves as leaders in innovation. Through a tailored approach that caters to the needs of Indian consumers and the global market, Indian products can reach new heights of success.
Indies, Indigenous Tribes are derived from India, as some could pronounce River Sindhu as Indus. Thus the name of the land in Global books. As the only living civilization we are ready to dissolve within our blood any righteous approach. In general foreign companies had a tough time entering and cracking the market, but those that have arrived and embedded/adapted have done well. Bosch, Siemens, Bata, Unilever, Suzuki, Toyota to name a few can be termed as Indigenous & Indian Products. As the name BhaRaTha goes we are resonance of Bhava, Raga, Tala (Rhythemic Expression of Emotion)
The Limitations of Western Textbook Theories
Western textbook theories have their merits, but they come with limitations when applied to different cultural contexts like India. These theories often have inherent cultural bias and fail to capture the complexities of Indian society, consumer behavior, nuances of the market due to different cultural values, norms, and historical backgrounds.
Western theories tend to focus on individualistic perspectives, while Indian society emphasizes collectivism and interconnectedness. This cultural difference can result in a mismatch between Western theories and the reality of the Indian market. Textbooks often lack representation of diverse voices and perspectives, prioritizing Western scholars and researchers. This perpetuates a Western-centric view, neglecting alternative theories and knowledge systems from non-Western cultures like India.
Western societies often generalize the issues surrounding gender, race, and political discourse.
The Indian market is incredibly diverse and complex, with regional variations, cultural preferences, and unique consumer behaviors. It is crucial to understand the intricacies of the Indian market, respect local customs and preferences, and tailor business approaches accordingly.
Problem Solving for Indian needs
Twenty percent of India is the ‘English-speaking urban upper class’ which is roughly 240 million people. That’s almost the population of the USA. That being said, India has only a fraction of America’s wealth. Indians tend to do more research about the products they use, and are economical to the crudest levels.
These are few of the many examples one can see where people prefer the Indian local brands rather than going for the hustle and glamor of a foreign brand. It’s not like people don’t like those brands, but it’s the practical approach of the products that does not suit the needs of Indian customers in addressing their issues.
The problem is not with any particular product in general, but it’s in the way they solve the issue that they are designed to solve. For companies that cater to normal consumer goods, the problem is that they take a lot of things for granted.
For example, in the West, “24/7' electricity is guaranteed, however in parts of India daily power cuts are a reality and if any mobile phone manufacturer adds in a mega battery that supports flashlight and also runs for days without any charge then it’s a winning deal for the customer.
People in the emerging markets have limited resources and try to get the best out of their investment. If there is any creative way of doing things that saves some money then that solution always wins against an easy solution that costs more.
For businesses to succeed in India the solutions have to be either the cheapest solution available or it has to be trusted by people. Earning the trust of the Indian consumer goes a long way in getting new business. Customer loyalty has a deep and powerful impact on the consumer’s mind while they make a purchase. Indian consumers are very vocal about their product experiences to their family and friends and even strangers and always have a suggestion to help them out in making a choice.
This is why the biggest brands of the world will always fail in India | Entrepreneur
The Role of Righteousness in Indian Civilization
Righteousness, or “Dharma,” holds a significant place in Indian civilization. It serves as a guiding principle for individuals, communities, and the nation as a whole. The concept of righteousness is deeply rooted in Indian culture, spirituality, and philosophy.
‘‘यदा यदा हि धर्मस्य ग्लानिर्भवति भारत।
अभ्यूत्थानंमधर्मस्य तदात्मानं सृजाम्यहम्।।
परित्राणाय साधूनां विनाशाय च दुष्कृताम्।
धर्मसंस्थापनार्थाय संभवामि युगे युगे।।’’
In the Bhagavad Gita, Lord Krishna affirms the importance of righteousness, stating that whenever there is a decline in righteousness, he manifests himself to restore balance and establish righteousness. This emphasizes the belief that righteousness is essential for the well-being and harmony of society.
The Indian civilization has a long history of individuals and leaders upholding righteousness in various forms. Here are some glorious epochs from the only surviving civilization:
- Chanakya — Chandragupta period
- Yavana Destroyer, Pushyamitra
- Vikramaditya, Shaka-Kushan Menace
- Yashodharma, the Conqueror of the Huns
- Resistance to Moghuls from Maharashtra, Punjab, Vijayanagara, Kakatiyas etc.,
- Indian Freedom from British Domination
- Impending freedom from Colonial Frameworks — IKS (Indian Knowledge Systems)
Today, the pursuit of righteousness continues through various forms & discourses through movements and initiatives aimed at social justice, environmental preservation, and the overall well-being of society. The principles of righteousness guide individuals in making ethical choices and contributing to the greater good.
In Indian civilization, righteousness is not merely an abstract concept; it is deeply ingrained in the fabric of society. It guides individuals and leaders to act in accordance with moral values, justice, and compassion. The role of righteousness in Indian civilization is to foster a just and harmonious society, where the well-being of all beings is upheld and respected.
The East India Company: A Warning on the Abuse of Corporate Power
The East India Company stands as a stark warning about the abuse of corporate power and the potential consequences that can arise when corporations prioritize their own interests over the well-being of societies and nations. Established in the early 17th century as a trading entity, the East India Company quickly expanded its influence and became a dominant force in India. Company’s insatiable greed and exploitative practices that defined its legacy.
Through plunder and exploitation, the East India Company extracted vast amounts of wealth and resources from India, leaving the local economy and society in ruins. Its actions were driven by profit-seeking motives, with little regard for the well-being of the Indian people. It militarized its operations, using force to suppress local uprisings and resistance. Thus led to the subversion of civil society, as it undermined local institutions and traditions to further its own interests.
The consequences of the East India Company’s actions were devastating. India, once a prosperous and self-sufficient nation, was left impoverished and vulnerable. The Company’s influence also shaped British colonial policies, setting the stage for further exploitation and domination.
This cautionary tale holds valuable lessons for the modern business world. It reminds us of the dangers of unchecked corporate power and the need for robust regulation and oversight. Corporate accountability and responsible business practices are essential to prevent the repetition of past abuses. The story of the East India Company serves as a reminder that economic growth should not come at the expense of social and environmental sustainability. Corporations must prioritize the well-being of societies and work towards creating a more equitable and sustainable world.
Western Business Models & Indian Market:
GDP per Capita PPP in India averaged 3815.42 USD from 1990 until 2022, reaching an all time high of 7096.34 USD in 2022 and a record low of 1800.01 USD in 1991.
But the real estate and cost of living in Indian cities is competitive to the world. “Twenty percent of India is the ‘English-speaking urban upper class’ which is roughly 240 million people. That’s almost the population of the USA. And like in America, 1 percent owns most of India. There are many Indias within India scattered across geography.
Like every single soul is different from each other, so are the markets of the world. Also, the techniques taught to managers in Ivy league Business School have a limited scope and that’s only about businesses of the west. What about the rest 60 percent of the population, which is just getting a taste of technology, and their buying power, that’s gradually increasing every year.
While Western societies went through freeing of clutches from church domination, and built a secular vs spiritual narrative through WestPhalian lessons, Indians live by unity in diversity and are happy to have leadership personalities in society unlike west.
People in the emerging markets have limited resources and try to get the best out of their investment. If there is any creative way of doing things that saves some money then that solution always wins against an easy solution that costs more. So, we don’t spare much time & energy for discussions around space tourism. We believe, when time comes we can do some jugaad and gain all relevant access to knowledge. Knowledge was available for us for free for generations based on efforts, and the YouTube revolution is quite native.
Earning the trust of the Indian consumer goes a long way in getting new business. Customer loyalty has a deep and powerful impact on the consumers mind while they make a purchase. Indian consumers are very vocal about their product experiences to their family and friends and even strangers and always have a suggestion to help them out in making a choice.
The only way that seems to work for the companies and startups that dream to conquer the Indian Market is to get to the ground and actually witness the problem that they are trying to solve. Simply copying an idea from West and implementing in India would fall flat on its face (Indian eCommerce model of the current day is a great example where more sites are closing everyday than the ones that are opening but retail stores are constantly gaining customers).
The big brands will continue to bite dust and start-ups would continue to capture the Indian market as long as the corporate biggies don’t focus on the Indian customers’ psychology, their pockets and their needs to design the product. The start-ups that master the above three things would create a wonderful product that would be great not only for the Indian customer, but also for the global consumers around the globe.
This is why the biggest brands of the world will always fail in India | Entrepreneur
Here are some examples how western business models failed in India time and again.
- Dunkin Donuts: The franchising rights were given to Jubilant Foodworks, the same company that franchised Domino’s, an American pizza restaurant chain. Initially they failed to change any breakfast habits of Indians, but introduced offerings like Mango doughnut, Lychee doughnut. Along with that, Dunkin’ also lined up Diwali doughnuts which had savory flavorings like chickens, saffron, and chilly. Although it did bring more foot traffic, it created confusion about the brands positioning. A company specialized in coffee and doughnut was now selling burgers and sandwiches. On top of that, the rapid expansion of the franchise led to a lack of profitability and operational efficiency. Huge retail spaces added to the operational costs, and finally failed.
- General Motors: With a century old partnership with Hindustan Motors, the company did well in the trucks segment. Hindustan Motors has also acquired 50% stakes in India. In 2008, they set up a manufacturing plant and boom, Chevrolet Cruze and Chevrolet Beat were a huge success with selling 3.5 million passenger cars & utility vehicles. In 2018, with a partnership with SIAC, a chinese company they GM launched Chevrolet Sail, and that became the downfall of the brand. Also, they suffered inadequate dealer & servicing networks.
- Danone: Although a proven brand in dairy and plant based products, they couldn’t break into the Indian market because of Amul, Mother Dairy standing strong and also citizens used to low cost ice creams, and yogurts. Our producer linkage was strong, and building distribution was also a costly affair.
- McDonalds: Assumed the Big Mac can be the Maharaja, but did not understand the need for localization. Anti-Beef campaigns brought them to their knees.
- Starbucks: The company had difficulty first establishing itself in India and had to wait years before launching, with a tea-friendly menu.
- Apple started selling iPhones from 2007, but they opened their first Apple Store in India only in 2023. That’s almost 15+ years and still they don’t have a clue on how to make their stores a success.
- P&G’s Gillette spent 3,000 hours and employed MIT graduates to design a razor called Vector for India and it flopped in 2002. The reason: They did not figure in the fact that Indian men use a cup of water instead of running water to clean the razor, which was clogged after a single use.
- Walmart has been trying to enter India since 2007 and also partnered with Indian multinationals, but could not crack a suitable deal and the partnerships ended in 2014 after 7 years of trying (talk about negotiations that company executives boast of). Walmart is still not able to make a decent entry in the Indian retail market.
- Babyoye, Firstcry, Hoopos, Fashionandyou, Craftsvilla, Zovi, Freecultr and many others. They had raised plenty of risk capital but the majority of them either failed to keep afloat independently or in a shoddy state. Fashionandyou, Koovs, Craftsvilla, Zovi, Freecultr, YepMe, Roposo, Voonik and Limeroad had collectively raised over $432 million. Out of aforementioned companies, only Limeroad seems to be in good shape (as it claims).
India has witnessed several successful homegrown businesses that have effectively navigated the unique preferences and needs of Indian consumers. Amul, the dairy cooperative, has become an iconic brand by offering affordable and high-quality dairy products, establishing strong producer linkages, and building a robust distribution network. Patanjali, with its focus on natural and Ayurvedic products, has disrupted the FMCG sector by connecting with the Indian ethos and promoting indigenous alternatives. The Tata Group, known for ethical practices and corporate social responsibility, has managed diverse brands while earning the trust and loyalty of Indian consumers. Flipkart, a leading e-commerce platform, tailored its business model to address challenges like cash-on-delivery, last-mile delivery, and localized customer service. Muthoot Finance, recognizing the cultural affinity for gold as an asset, provided accessible and transparent gold loan services to millions of Indians. These businesses have thrived by understanding local culture, delivering value, and building trust. By incorporating these lessons into modern business practices, companies can navigate the complexities of the Indian market and achieve sustainable growth.
Emerging Technologies and the New Frontiers of Warfare
In today’s rapidly evolving world, warfare is no longer confined to traditional military tactics. Ajit Doval, National Security Advisor of India, recently highlighted that the new frontier of warfare lies in the subversion of civil society. The manipulation and division of civil society institutions can have a profound impact on a nation’s interests.
China’s strategic devaluation of its currency and Russian meddling in elections are examples of how states are using economic and information instruments of power to subvert their adversaries. David Day, a US Air Force Officer and Vice President of a leading firm, points out that financial and economic markets have become an unusual battlefield in the modern era. Social media influence operations, such as the “Wall Street Bets” forum on Reddit, have the power to influence stock prices and even cryptocurrency values. State-sponsored influence operations through social media platforms can have significant implications for financial markets, and the regulation of these risks falls outside the realm of military power. Mitigation strategies involve the efforts of regulatory bodies, private companies, and international organizations. “While there are limited military options for response to these challenges, financial and economic markets present an unusual battlefield as states attempt to gain influence on the geopolitical stage. The “Wall Street Bets” forum on the Reddit website has influenced the prices of traditional publicly traded equities i.e., shares of companies like GameStop and AMC Theaters. Similarly, the prices of non-traditional assets like Dogecoin cryptocurrency have fluctuated based on the social media driven speculation. In terms of social media influence, a state must have the technological and financial capacity to support sizable social media influence operations. Mitigation of these risks falls largely outside the realm of military power and instead lies with the regulatory state, private companies, and international non-governmental organizations. Defensive cyberwarfare would likely appear in the form of counter-messaging, or even monitoring or blocking foreign content from reaching social networks in the first place, as long as the action is permissible in the legal context of the defending state. https://thestrategybridge.org/the-bridge/2021/11/3/bulls-bears-and-trolls-social-media-influence-operations-and-financial-market-risk
The United Nations recognizes the importance of harnessing emerging technologies responsibly in counter-terrorism efforts. The collection, analysis, and dissemination of electronic evidence related to terrorist activities, both online and offline, are crucial for combating terrorism. Innovative technologies such as artificial intelligence, machine learning, and blockchain analysis can assist in addressing complex data challenges and detecting intelligence patterns.
India, along with other member states, must enhance their capabilities in collecting, using, retaining, and transferring tactical and strategic intelligence by leveraging emerging technologies. Compliance with international standards and the development of operational, tactical, and strategic analysis capabilities are essential for effective counter-terrorism measures.
The Financial Action Task Force (FATF) identifies various emerging threats and vulnerabilities in terrorist financing. These include the financial management of terrorist organizations, traditional and new methods of generating revenue, movement of funds through traditional and digital channels, and the exploitation of natural resources. The evolving crypto asset ecosystem poses an increased money laundering risk, as criminals incorporate these digital assets into their illicit activities.
https://www.fatf-gafi.org/media/fatf/documents/reports/Emerging-Terrorist-Financing-Risks.pdf
The integration of MarTech and FinTech in terrorism operations poses significant challenges. Information warfare extends beyond propaganda proliferation to encompass the effective utilization of institutional loopholes for fraudulent activities. Emerging technologies play a crucial role in the strategy and execution of such operations. As warfare continues to evolve in the digital age, it is imperative for nations to stay vigilant and adapt to the new frontiers of warfare. Understanding the risks posed by emerging technologies and developing comprehensive strategies to mitigate these threats is vital for ensuring national security and global stability.
Drivers of Change in the Digital Age
The Indian market is undergoing significant transformations driven by various factors. Here are some key drivers of change in the Indian market:
- Economic Growth: India’s robust economic growth has been a major driver of change in the market. With a large population and rising middle class, there is an increasing demand for goods and services, leading to new business opportunities and market expansion.
- Digital Transformation: The rapid advancement of technology and the increasing penetration of the internet and smartphones have fueled digital transformation in India. This has resulted in a digital revolution, changing consumer behavior, and creating opportunities for e-commerce, fintech, and other digital businesses.
- Urbanization: India is experiencing rapid urbanization, with a significant number of people migrating to cities in search of better opportunities. This shift is leading to changes in consumer preferences, increased spending power, and the emergence of new urban markets.
- Demographic Dividend: India has a young population, with a large number of millennials and Gen Z entering the workforce. This demographic dividend is driving consumption patterns, shaping market trends, and influencing the demand for innovative products and services.
- Government Initiatives: The Indian government has launched various initiatives to drive economic growth and create a favorable business environment. Programs like Make in India, Digital India, and Startup India have encouraged entrepreneurship, foreign investment, and innovation, contributing to market development.
- Changing Consumer Behavior: Indian consumers are becoming more brand-conscious, quality-conscious, and value-conscious. They are seeking personalized experiences, convenience, and sustainable products. Understanding and catering to evolving consumer preferences is crucial for businesses to stay competitive in the Indian market.
- Sustainability and Environmental Awareness: There is a growing awareness and concern about sustainability, climate change, and environmental impact among Indian consumers. Businesses that prioritize sustainable practices, eco-friendly products, and corporate social responsibility are likely to gain a competitive edge.
- Global Integration: India is increasingly integrated into the global economy through trade, investments, and collaborations. This integration exposes Indian businesses to global competition, facilitates technology transfer, and opens new avenues for international partnerships.
- Regulatory Reforms: The Indian government has been implementing reforms to ease business regulations, attract investments, and promote entrepreneurship. Initiatives like Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC) have streamlined processes and improved the ease of doing business in India. Now we are also launching Digital Personal Data Protection Bill (DPDP)
- Cultural Diversity: India’s rich cultural diversity and regional variations influence consumer preferences and market dynamics. Businesses need to understand and cater to the specific needs and preferences of different regions to effectively penetrate the Indian market.
These drivers of change are reshaping the Indian market landscape, creating opportunities for innovation, entrepreneurship, and sustainable growth. Businesses that adapt to these changes and align their strategies accordingly are well-positioned to thrive in this evolving market.
The Power of Affirmation and Leadership Lessons from India
In India, the power of affirmation and leadership holds immense significance and has shaped the country’s history and cultural fabric. Leadership figures in India have served as guiding lights, embodying principles that have influenced the nation’s progress. It is often hard to accept role models in the western societies which are hit by wokeism. Indian Namaste respects the god in each of us and dont feel wrong in digesting criticism.
Affirmation stands to be super important for pushing the Sankalp to ether. With similar affirmation, Lt. Arun Khetrapal had not abandoned his tank while fighting the enemy in the 1971 war. Most of such affirmation comes from seasoned statesmen who are respected in India beyond their place of birth.
The safety, honour and welfare of your country come first, always and every time. The honour, welfare and comfort of the men you command come next. Your own ease, comfort and safety come last, always and every time. — Philip Chetwode
British Engineer, Sir Arthur Cotton has built a Dam on the River. Godavari that led to the flourishing of Godavari Districts of Andhra Pradesh, he is respected and his idols are in centers of each village, just like the freedom fighters Alluri Sita Rama Raju and national leadership.
It is said that the King. Janak, the father of Ma Sita is said to be a spiritual king, and many Gurus have sent their students to King. Janak’s palace for learning to bind spiritual activities in the materialistic world. Mithila, his kingdom includes parts of Nepal, and they refer Business as Shreshta. The surname Shreshta has traveled across multiple places and turned into Sethi, Seth, Shetty, Chettiyar and more. It is important for the current world of products to imbibe the civilizational learnings to the current state of affairs. Crypto currency is a kind of fab exchanging drugs and child porn through the internet and building valuation around the available assets is a huge concern and it is the right time for the Product ecosystem to build Team Human.
Sergeant Major. Mohandas Karamchand Gandhi while working with the British Army must have known the value of blood. Soldiers like Subedar Major. Bana Singh, Subedar Major. Yogendra Singh Thakur are now living their second life post fighting for India at Siachen and Kargil respectively, they never complain to the deeds of Political Pundits, but engage in their Karma for standing by Dharma with the god element they figured out within themselves while fighting for the nation. They are the only two living Param Vir Chakras. Battle of Gokul, 1857 Battle for Independence, Battle of Saragarhi pre-independence each of these had untold stories from Pre-Independence India which was a sheer display of god element within. Each Prayer for Lok-Kalyan does have cosmic relevance. In the words of our Former President Dr. APJ. Abdul Kalam, “Desire when it stems from the heart and spirit, when it is pure and intense, possesses awesome electromagnetic energy. This energy is released into the ether each night as the mind falls into the sleep state. Each morning it returns to the conscious state reinforced with cosmic currents. That which has been imaged will surely and certainly be manifested. You can rely, young man, upon this ageless promise as surely as you can rely upon the eternally unbroken promise of sunrise..and of spring.”
Swami Vivekananda, a spiritual leader and philosopher, emphasized the power of positive thinking and self-belief. His teachings encouraged individuals to recognize their inner strength and overcome obstacles through affirmation and self-confidence. His famous quote, “Arise, awake, and stop not till the goal is reached,” continues to inspire people to strive for excellence.
The concept of leadership in India extends to societal structures.
The idea of “Rajdharma,” meaning the duty of a ruler, emphasizes the responsibility of leaders to govern with righteousness and prioritize the welfare of the people. This principle of leadership focuses on inclusive governance, justice, and serving the greater good. The power of affirmation and leadership is not limited to historical figures or political leaders. It resonates deeply within Indian society, where individuals affirm their aspirations, beliefs, and goals in various aspects of life. Whether it is through daily affirmations, religious practices, or cultural traditions, the power of positive intent and self-belief permeates Indian culture.
In the modern business landscape, affirmations and leadership continue to play a vital role. Business leaders in India often emphasize the importance of a clear vision, ethical values, and inclusive leadership to drive organizational success. By affirming their goals and guiding their teams with strong leadership, businesses in India can achieve sustainable growth, foster innovation, and contribute positively to society. Affirmation fuels the aspirations of individuals, shapes the nation’s progress, and provides a guiding light for businesses to thrive. Embracing these principles can lead to transformative outcomes, empowering individuals and organizations to reach their full potential and contribute to “Vasudhaiva Kutumbakam”
The Role of Corporations in Shaping Indian Society
Corporations play a significant role in shaping Indian society, as they are not only engines of economic growth but also powerful agents of social change. With their extensive resources, reach, and influence, corporations have the ability to impact various aspects of society, including education, healthcare, employment, and environmental sustainability.
Corporations have the ability to drive innovation and technological advancements, which have a profound impact on Indian society. The rapid development of information technology, e-commerce, and digital platforms has transformed various sectors, such as finance, retail, and communication. These advancements have not only improved efficiency and convenience but have also expanded access to goods, services, and information, particularly in rural and remote areas. Additionally, technology-driven initiatives in sectors like agriculture and healthcare have the potential to address critical challenges and improve the quality of life for millions of Indians.
However, it is important to note that corporations also face challenges in balancing their profit-driven objectives with their social responsibilities.
Although Kellogg’s entered India to civilize our breakfast habits, they found their survival in selling Upma, and Idli batter. Prof. Mohanbir Sawhney from Kellogg’s school of management is an example on how MNCs can also give base for knowledge and enable generations. Here is an extract from his parallel to Indian concept of Dashavataras for Digital Products to practice:
- Observer: Sees Customers, markets & teams for what they are. Observes without judgment and listens deeply without speaking.
- Futurist: Knows where customers, markets and technologies are headed and where the products need to go.
- Strategist: Builds strategies that marry what is desirable with what is possible and what is profitable.
- Accountant: Keeps track of metrics that matter and performance against these metrics.
- Linguist: Speaks the languages of customers, engineers, salespeople & finance.
- Diplomat: Persuades, cajoles & aligns competing interests to deliver results.
- Activist: Fights for the truth about customers and saying no to distractions.
- Evangelist: Champions the product internally to secure resources and externally to customers and partners.
- Juggler: Manages competing demands on time and prioritizes effectively.
- Handyman: Fixes any problems with the product and owns resolution of issues regardless of the source of the issue.
Affirmations like these, toolkits for budding entrepreneurs across various sectors can come from Corparates and their support to Open Source Learning ecosystems. Thus Corporations have a huge role in shaping the Indian Economy. Startup Bootstrap models from Kamath Brothers & Vembu Family are an inspiration to many. Entrepreneurs, Intrapreneurs need to take up the Vision & Mission statements of their venture very seriously for them to flourish.
The Importance of Localization in Business Expansion
Localization is crucial for business expansion as it allows companies to effectively connect with and engage their target audience. By understanding the cultural, linguistic, and social nuances of a particular market, businesses can tailor their products and services to resonate with local consumers. Thus incorporating region-specific features into products, and even modifying marketing campaigns to reflect local values and traditions.
Localization enhances customer satisfaction and loyalty. When businesses make an effort to understand and cater to the unique needs of a market, customers feel a sense of connection and relevance. This leads to increased trust and loyalty, as customers perceive the business as genuinely caring about their specific needs and preferences. By translating marketing materials, product documentation, and customer support resources into the local language, businesses can ensure effective communication and build trust with their customers. This not only facilitates sales and customer service but also demonstrates a commitment to providing a seamless experience.
By adapting products, services, and strategies to meet the specific needs and preferences of a target market, businesses can effectively engage with customers, enhance customer satisfaction and loyalty, facilitate communication and customer support, and navigate legal and regulatory requirements. Embracing localization as a fundamental aspect of business expansion is crucial for sustainable growth and long-term success in today’s global marketplace.
Collaboration & Co-creation — Engaging Local Stakeholders for Success.
In today’s globalized world, businesses seeking to expand into new markets must recognize the importance of collaboration and co-creation with local stakeholders. This approach goes beyond a traditional top-down strategy and involves actively engaging with the local community, government, and other relevant parties to ensure the success of business expansion efforts.
Engaging local stakeholders is vital for several reasons.
- It allows businesses to gain a deeper understanding of the local market dynamics, consumer behavior, and cultural nuances. By actively involving local stakeholders, businesses can tap into their knowledge and expertise, gaining insights that may be critical for adapting products, services, and strategies to meet the specific needs and preferences of the target market.
- Collaboration with local stakeholders builds trust and goodwill within the community. When businesses take the time to listen to and involve local voices in decision-making processes, they demonstrate a genuine commitment to the welfare and development of the community. This fosters a sense of ownership and cooperation, creating a positive reputation for the business and opening doors to new opportunities.
- Co-creation, which involves actively involving stakeholders in the product development or service delivery process, can also yield significant benefits. By seeking input from local stakeholders, businesses can ensure that their offerings are relevant, impactful, and aligned with the aspirations of the local market. This not only enhances customer satisfaction but also strengthens the business’s competitive advantage and long-term sustainability.
Moreover, collaboration and co-creation with local stakeholders contribute to social and economic development in the region. By working together, businesses and local stakeholders can identify and address societal challenges, create job opportunities, and promote inclusive growth. This not only benefits the business but also has a positive ripple effect on the community as a whole.
Summary
For FDIs in India or building products from India for the global markets, it is important to think beyond textbooks, and experience the nuances from the ground. We need to adapt and localize to customer needs, foster collaboration & co-creation to build trust & credibility. Affirmation plays a key role in problem solving and that comes with seeking guidance & mentorship, being adaptable & agile, using technology and innovation for meeting objectives.
Embrace India’s diverse society and its approach to problem-solving. Indian problem-solving has always been driven by the goal of public welfare and addressing societal gaps, rather than solely focusing on strategy charts. Localization, cultural nuances, and problem-solving approaches rooted in public welfare, businesses and ecosystems can increase their chances of success in India and the global market.
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Authored by Ravi Nadimpalli from Indian Product Group, who is leading product for Autodit, Infosec Audit Automation Platform.
