Preserving Market Culture With a Global Vision
Updated: Feb 19
In an era where global enterprises have to adjust to different cultures, traditions, and communication styles, it’s worth shedding light on how to preserve market culture within a global vision.
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What makes a market culture strong? How do you maintain a well-established market culture in an ever-changing, post-pandemic workplace? A well-defined market aligns with the values of its company and its employees. A recent study showed that 91% of executives believe that improving company culture would increase the value of their company. Yet, some global corporations can’t seem to see their institution’s culture in a new way—in other words, to face the unsaid and bring about meaningful change. What are the challenges, and what are the changes needed for an effective transition? Cultural preservation is more important than ever. It can make or break a company’s voice and value, whether emerging or established. Read below for more in-depth insights from Michelle, a Consulting Director and Partner in Audit, Process, and Strategy models, and Lee, a Consulting Specialist in Consumer Insights and Strategy models, here at MYN Group.
How would you say cultural preservation is defined in the workplace?
Michelle: Consumers are culturally intelligent and are increasingly curious about who they are and their history. Its impact can be seen in consumer purchases, internal working environments, who they partner with, how they communicate, and more. Global organizations are expected to acknowledge the cultural nuances they wish to preserve. Culture preservation has evolved into an automated conversation and an application in daily life.
Lee: When the local market and the corporate culture come together, as we see in all major international hubs around the world, the best outcome is that they make each other better—like the best of a fusion cuisine.
When one begins to dominate the other, the essence of the other is lost, and you are suddenly left with a lesser experience, a combination that is worse than the originals. What makes a corporate culture and brand stronger is how it lets creativity breathe and flourish with a local flair.
How can you ensure a market culture stays intact with time changes?
Michelle: Consumers are now super savvy with knowing what data they want to give to you. Being more data accountable in listening to what they want, not just focus groups, is key. Today, consumers behave automatically online, and what they click is the real truth. Global also needs to see, markets hold so much more value than a P&L, they hold knowledge, and emotional connection to the consumers directly. To achieve great results, global corporations need to leverage both top down messaging and bottom up understanding.
Lee: The beauty of culture is that it is fluid. Sometimes, traditions are mistakenly interchanged with local culture, but the fact is that communities continue to grow and evolve while paying homage to traditions. It’s important that global brands understand the role that technology plays in the day to day modern lifestyle of the local market, in order to meet their customers in the right moment and in the right medium. In other words, having an authentic connection.
To successfully connect with local markets, global brands should be aware of how technological advances affect the daily life of communities, and what they want. What are the steps to developing a well-defined set of beliefs and identity within a market culture?
Lee: This actually points back to my answer to the first question you asked about cultural preservation. A set of beliefs is defined by the corporate culture - and the identity of the local market culture is defined by the local team members. The first step, therefore, is to onboard, educate, and train the local teams on the corporate mission, vision, and beliefs & values. The second step is to allow those local teams the creative freedom to interpret in a way that resonates and rings true to the local market.
When global companies fail to adjust their approach to local culture nuances, it can be difficult to create authentic connections. What would you say is the main priority in a market culture?
Lee: The main priority needs to be extreme empathy, or, as many in the business world like to say, “high EQ." I prefer the term empathy, because EQ focuses on self, and one’s ability, whereas empathy is necessarily defined by understanding the feelings of others. By saying empathy, we are priming our minds to focus on others. When we think about EQ, we are focusing on ourselves and our skills.
What are the main highlights of a market culture in large organizations?
Lee: What I love and actively look for in local teams is whether or not they can dig past generalizations and stereotypes. Take the U.S. as an example: the stereotype is that Americans go big - big cars, big calorie meals, big houses…But when we look deeper at the human insights underneath the stereotype, we can connect with more universal desires. If global corporations can understand the universal truths of their local market and tap into how their brand can authentically connect to those truths, they can find success.
In conclusion, preserving market culture in global organizations is a nuanced subject that involves thoroughly and empathically understanding consumer insights. A better understanding of universal desires and the ability to go past generalizations and stereotypes will help the brand authentically connect to its local market culture. While it may not be easy for global corporations to adapt the necessary frameworks and fully grasp their complexities, investing in this adaptation can lead to long-term success for companies across the globe. We live in a generation that values authenticity more than anything.
Reach out to MYN Group for more insights and sustainable frameworks that preserve market value.