Inspired Incentives

Globalization Part I: Forward-Thinking Business

Posted by Devin Ferreira

Fri, Sep 02, 2016 @ 12:50 PM

iStock_000020654085Medium-1.jpgWith the advent of globalization, it is only natural that business models which can operate and flourish on multiple continents would take on increasing importance. As global social dynamics have evolved, so too should their commercial counterparts. The strategic tools that a business employs can no longer afford to remain local; networks like FacebookTwitter and Linkedin have demonstrated the authority and value (not to mention profitability) of this new global attitude. In an increasingly arid domestic financial landscape, the raindrops of economic fertility are being spread ever-wider across the world. It is therefore imperative that small businesses and large corporations alike prepare for the coming harvest by, among other things, bringing a bigger bucket. Or more buckets.

global incentives program

Whichever style suits you, the point is that business strategies which continue to ignore the effects and opportunities generated by a maturing global economy are quickly becoming irrelevant. There’s too much information out there, too many choices, and it’s all too accessible, too convenient. While customer loyalty and product familiarity still remain intact, many businesses are discovering that these industry staples aren’t as invulnerable as they once were. Now one can easily find attractive alternatives to any product on the cheap, with nothing more than a search engine and some free time. This is capitalism, commercial Darwinism, happening in the blink of an eye, er, the click of a mouse.

The problem, then, of staying relevant is twofold. Companies that wish to remain viable in a global-minded world must find ways to 1) increase brand recognition via a professional marketing approach in an oversaturated marketplace, and also 2) devise innovative business strategies that are firm yet flexible, that can adapt on the fly in relation to the needs of a diversifying international landscape. This means anticipating market trends like never before.

It means harnessing the power of globalization and using it to your advantage. The prevalence of worldwide internet users has leveled the playing field in many ways and caused it to grow exponentially, leaving room for a lot of balls to fall fair. But in order to capitalize on these new opportunities you have to see the whole field. You have to understand that the obstacles to success are changing, and traditional business models are no longer sufficient. Solutions must be invented. Creative, right-brain thinking must be adopted. The challenges are real, and they are vast. But so are the resources to overcome those challenges. Looking back at market patterns used to be enough to predict future trends. But not anymore. To succeed as a business in this new era of evolving global systems, you must look forward.

Be sure to read Part II: Collaboration and Global Incentives and Part III: Providing Flexible Incentive Services of this Globalization blog series!

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Topics: Global Incentive Program, Incentive Marketing Strategies

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