According to a recent study from consulting firm ATKearney, the growing threat of global trade wars, the demand for products that are tailored toward local preferences and other pressures have caused companies to rethink their approach to targeting global audiences. Rather than mass-market production, they are shifting their focus to localizing their products for each of their target markets. ATKearney calls it “the age of multi-localism”.
In addition to offering products adapted to local tastes, there is a growing consumer movement to buy local and support smaller, startup brands and to decrease the environment impact of international shipping. This has caused brands to reevaluate product cycle time and look to the local markets for distribution channels.
An example of this is companies using 3D printing technology to manufacture and design products where the consumer demand is. Adidas is currently working on using 3D printing to produce sneakers.
A separate ATKearney report states that almost 90% of major global companies say they are actively localizing their products or have plans to do so. Of that 90%, two-fifths are hiring local talent or setting up local production facilities.
It is now clearer than ever that a one-size-fits-all approach to global marketing does not work.
To read more, please see: Trade War Threat Is Pushing Companies Toward A New Strategy Of Localization, Study Finds.