Episode 1: Going glocal: Becoming a global brand that meets local players’ needs
“Think global, act local”, Patrick Geddes
With this blogpost we are introducing the second series of blogposts which will focus around “LATAM: Technological and regulatory focus”. The article will enclose the concept of glocalization in the gaming industry and how important is the aspect of technology in becoming a locally recognized brand.
Glocalization is the term which encapsulates how a certain product or service placed on the global market is more likely to achieve greater success if it is customized to the different needs and requirements of diverse local contexts. In other words, glocalization is a process of adapting services and products that are marketed globally to targeted local markets.
The concept of glocalization applies to the industries of gaming and betting as well, so if one gaming brand has aspirations to achieve glocal success it will have to make appropriate adjustments to its services so that they will remain relevant from a global and local perspective.
Regarding the glocalization in the iGaming industry, especially when it comes down to the LATAM markets, one gaming operator should certainly understand the differences, be that cultural, linguistic or technological.
Advantages of going glocal
The concept of glocalization can offer a variety of advantages for one company’s products and/or services. Firstly, it helps to attract more consumers by offering them an array of products that are adapted to certain aspects which are characteristic for their local market. Secondly, glocalized products and services are known to be flexible and adaptable which avoids barriers in launching products and entering certain local markets.
When global brands want to penetrate local markets they provide products that are suited to the unique conditions of those particular markets while at the same time employing technologies that are suited to deal with the global markets.
There are many successful examples of glocalized multinational companies in diverse industries such as McDonald’s, Starbucks, KFC, Ford, Gillete, Dell, Whirlpool and others. These companies are known for developing products and/or services that are designed to be easily adaptable to the different consumers’ needs.
And such an approach should also be undertaken by brands and operators in the iGaming scenario. Operators and technology providers must ensure that the product at their disposal is sufficiently flexible to adapt to the different needs and requirements. So how could a successful global brand adjust its modus operandi to meet the local demands?
Glocalization conditions and obstacles
Going glocal can be achieved if a proper strategy for overcoming all the potential barriers is put into effect. These may include governmental restrictions, such as local regulations, technological obstacles, and last but not least, cultural and linguistic barriers which are imperative to be addressed when altering a product to fit the local customers.
Appropriate technological adaptation as a necessity
Technology is another important factor that should be taken into consideration in respects to the glocalization concept. When one takes a look at the African context, the limited access to advanced technology and new payment methods which can limit the growth of one gaming brand are the most obvious hurdles that operators and technological providers must face. A successful experience in a mature market will not necessarily succeed in the African content.
To summarize, global gaming and sports operators that are seeking to make an impact on a local level be it in Latin America or Africa must be aware of the technological differences and similarities that distinguish all these diverse markets.
Stay tuned for the second episode of the series which will focus on the benefits of a more regulated environment.