RW3 CultureWizard is “Taking the Bite Out of Moving Overseas”
An Investor’s Business Daily article this past weekend poses the following question: Why is it hard for American companies to expand overseas? Simply put, “mastering cultural differences and understanding European, Asian or Latin American customers affect bottom-line results.” So, if nothing is invested in cultural learning, business will not build the momentum it needs to achieve the success it took to expand in the first place.
“Americans think if they are well-intentioned and go overseas or anywhere, they’ll be successful. Being well-intentioned isn’t enough,” said Charlene Solomon, EVP of RW3 Culturewizard who co-authored Managing Across Cultures with CEO Michael Schell. Solomon says that “businesspeople need to understand cultural differences and pinpoint what global customers want from their product.”
Wal-Mart considers local tastes in selling crocodiles at a Sam's Club in Guangzhou, China. AP
One of the most important tips Schell and Solomon offered is to “honor the local culture as exemplified by McDonald’s buying local produce and ingredients rather than having them shipped in.” Knowing the customer in an intimate way, as one would more naturally do in their native country, is absolutely essential. Developing a global mindset is a core competency for all members of an organization, management especially, in the 21st century.
Click here to jump to the article.
Josh
That’s why HSBC advocates and conduct its business as the World’s Local Bank as its extends its global footprint through understanding stakeholders in all the countries they do business in !