why companies should aim to become global brands
There can be many reasons that entrepreneur start a new business and work hard to grow it. The motivation could be –
- Money & career
- Following passion(by showcasing talent and earning from it)
- Sheer interest in creating something and love for doing business
- Contributing to society directly or indirectly by generating wealth and opportunities, improving quality of life, boosting morale and inspiring people.
Whatever be the motivation, the entrepreneurs become the pillar of the growth of the society by building and growing sustainable companies.
The more the company makes good products and sells via responsible marketing, the more is the positive impact on lives of more and more people. So it is also a responsibility of the entrepreneurs to increase the presence of their companies, reach out to new markets and grow their business by becoming global brands.
Below are mentioned some benefits that a global brand enjoys –
- Increased volume of demand of products
- Access to quality distributors to ensure faster deliveries
- Increased local manufacturing by sharing licence
- Access to best global talent, raw materials and technology to produce
best products and increase innovation
- Risk minimization due to local economic and political changes
- Increased profitability and long term business security
Becoming a global brand and generating demand is much simpler today than it was till few years back. With the rapidly increasing penetration of internet and online marketing platforms, the cost of reaching out to target market present all over the world has decreased remarkably. Engaging audience with the company to create a brand association is more of a creative and strategic process than a money involving activity.
This is the perfect time for all companies which have been operating on a small scale to step up and build large organizations. Implementation of technology and tapping into the wide pool of skilled resources will help sustain the transformation and improve long term profitability.