Did you know that locally-focused businesses have an advantage against multinationals in the markets they compete. In her recent article on Forbes, Phuong Tran gives five reasons why:
Consumers build a personal relationship. Local companies are often family businesses, and their founders are well-known local figures. From sponsorships for regional events or causes to the physical presences of stores, people are aware of these owners and those who represent the company. Even a multinational marketing budget cannot replicate these sincere relationships. These relationships must be earned.
R&D opportunities aren’t as risky. Local companies also benefit from a more favorable risk/reward ratio when they launch new products, the lifeblood of any company. Local companies can act quickly; they can easily remove products that are not working even if preliminary customer research had suggested they would. This minimizes losses and enables local companies to keep innovating while still delivering the products consumers want.
Delivery of product is more direct and straight from the source. Local companies can get products to market much faster than multinationals because they are less bureaucratic and far more entrepreneurial. Also, it is becoming increasingly popular among consumers to be more aware of where their products are created and sourced.
They are committed to a market. Local companies typically only target their home market and can fully serve its needs. Multinationals, on the other hand, rarely launch a product in one market alone; they make compromises to try to appeal across many.
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