Being “Glocal” – Think global act local.

Business benchmarking has widen its horizons to being global , each and every business entity has to benchmark against the standards set by the industry leaders globally. With such convenience and speed in obtaining information nowadays, every business entity has to be globally competitive even when activities and market are locally based.

Consumers worldwide will be kept informed on what is available and at what price everywhere and anytime. Internet commerce (E-commerce) and marketing will therefore create new international channels for commerce and definitely wealth distribution as a result.

An example of a scenario will be as below;

An Entrepreneur who started up a fashion retail shop locally managed to negotiate a distributorship of a line of female apparels from Korea. One of the main problems he faces is to convince his partners and colleagues that their competition is no longer based locally. Even with the fact that the Korean line of fashion they successfully negotiated may be without physical presence of competitors in the local market, the Internet allows consumers to updated and informed of global offerings, pricing of such offerings and henceforth demand similar standards locally. This entrepreneur has a need to convince his partners and colleagues that competition faced at all times are global though activities are carried out locally. The performance standards should then be benchmarked against global competitors and not just those locally.

What should be carried out?

Conduct competitors’ research domestically and internationally through their websites and compare to your organization’s website periodically. If you feel something is lacking, invest more in internet solutions, for example e-commerce, internet marketing , etc.