Meet Your New Customers: The Implications of a Globalized Economy
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Meet Your New Customers: The Implications of a Globalized Economy

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Market expansion in the coming years will be dependent on growth in new and emerging markets at home and abroad — markets that are increasingly diverse and often speak a language other than English. ...

Market expansion in the coming years will be dependent on growth in new and emerging markets at home and abroad — markets that are increasingly diverse and often speak a language other than English. In fact, in a recent survey of strategy+business readers, 71 percent of respondents said they plan to grow their business in countries or market segments that speak a different language than the one they currently use in their daily operations. Unfortunately for U.S. companies, their workforces often lack the critical cross-cultural and language skills needed to successfully enter these markets. Join us as we discuss the implications this has for HR and learning and development leaders.

Discover:

What this focus on new and emerging markets means for your workforce, including which key skills will determine your company’s success.
The role cultural intelligence and language play in building effective relationships with customers and employees.
Key recruiting, retention, and training and development strategies for building a diverse workforce capable of meeting the demands of these diverse markets.

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Meet Your New Customers: The Implications of a Globalized Economy Meet Your New Customers: The Implications of a Globalized Economy Presentation Transcript

  • Meet Your New Customers: The Implications of a Globalized Economy
  • Our Speakers Dr. Neal R. Goodman President Global Dynamics Inc. ngoodman@global-dynamics.com www.global-dynamics.com Jennifer Frazier Director, Enterprise & Education Solutions Rosetta Stone jfrazier@rosettastone.com www.rosettastone.com/business
  • What Are We Going to Do? Identify the current global and domestic environment. Engage in an exploration of the meaning and benefits of a global-mindset, cultural intelligence, and linguistic agility for you and your organization. Have some fun.
  • The Future of Economic Growth Percentage of growth expected from developed and emerging markets by 2030. 70% of world economic growth over the next few years will come from emerging markets. Developed Markets Emerging Markets Source: Tracking Global Trends. Ernst & Young. 2011; Goldman Sachs Global Economics, Global Economics Paper No: 204, 2010
  • Domestic Emerging Market Between 2010 and 2015, the buying power of minorities in the U.S. will increase by more than $1 trillion. Immigrants and their U.S. -born children will account for of the country’s population growth over the next 40 years. Source: Hispanic and Asian Buying Power Expected to Surge. UGA Selig Center. 2010; U.S. Population Projections: 2005 – 2050. Pew Research Center. 2008
  • Characteristics of a Global Mindset Think Globally While Acting Locally Leverage the Value of Cultural Diversity and Inclusion Demonstrate Language Skills to Understand Clients and Markets, and to Build Lasting Relationships Build Trust-Based Multi-Cultural Partnerships Foster a Corporate Culture of Global Innovation Share Leadership and Empower Remote Workers Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Think Globally While Acting Locally Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Leverage the Value of Cultural Diversity and Inclusion Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Demonstrate Language Skills to Understand Clients and Markets, and to Build Lasting Relationships Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Build Trust-Based Multi-Cultural Partnerships Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Foster a Corporate Culture of Global Innovation Source: Global Dynamics Inc©
  • Characteristics of a Global Mindset Share Leadership and Empower Remote Workers Source: Global Dynamics Inc©
  • Cultural Intelligence - What is Culture? Attitudes, beliefs, traditions and values shared by members of a social group Influences perceptions and behaviors Culture ≠ instinct; culture is learned Water to fish Source: Global Dynamics Inc©
  • Your Cultural Programming Which Direction?
  • Cultural Intelligence The Key to Global Success “Cultural Intelligence: Understanding how to leverage the diverse rules of the game – of life and business – found around the world for competitive advantage.” Neal Goodman, Ph.D. President Global Dynamics, Inc.
  • The DIE Model to Promote Cultural Intelligence ESCRIBE Meaning: A description of what the person is doing or saying, etc. Neutral. Example: She doesn’t make eye contact with me. NTERPRET Meaning: Why you think the person is doing what he or she does. Ascribed motivation. Example: She is not interested in me. VALUATION Meaning: The opinion that is formed as a result of the interpretation. Is it good or bad? Example: She is rude. Source: Global Dynamics Inc©
  • Developing a Cross-Cultural Framework Cultures consist of behavioral patterns that can be identified and measured. These patterns form a framework for analyzing cultures. You can use the framework to your competitive advantage to promote trust and predict how people will respond to situations. Source: Global Dynamics Inc©
  • The GDI Cultural Tendencies Framework & Diagnostic Tool Source: Global Dynamics Inc© Sample 2 of 14 Equality (everyone treated the same) Risk Taking (quick decisions, less information) Hierarchy (position in society defined according to rank/status) Low Risk Tolerance (need much more information before making decisions)
  • The GDI Cultural Tendencies Framework & Diagnostic Tool EGALITARIAN HIERARCHICAL Source: Global Dynamics Inc© Top-down information flow Promotes micromanagement Titles, degrees and age are to be respected The senior person speaks; others listen Communications to peers or subordinates Paternalistic leadership Promotes empowerment Titles , degrees and age are less important than demonstrated ability All team members speak up Communications across levels Servant leader Collaboration
  • The Power of Language of executives say they plan to grow their businesses in countries or market segments that speak a different language than the one they currently use. Globally, of consumers are more likely to buy a product with information in their own language. Source: Rosetta Stone Language Means Business. Booz & Company. 2013; Can't Read, Won't Buy: Why Language Matters on Global Websites. Common Sense Advisory. 2006
  • The Gap of 572 senior executives surveyed think differences in language and culture have made it difficult to gain a foothold in foreign markets. of executives surveyed believe their global network of employees communicates effectively in different languages. of executives rate their colleagues' ability to communicate internationally as average or below. Only Source: Rosetta Stone Language Means Business. Booz & Company. 2013; Competing Across Borders: How Cultural and Communication Barriers Affect Business. Economist Intelligence Unit. 2012
  • What if it Were Improved? If their company's cross border communications improved: of executives believe that profits would improve. of executives believe that revenue would improve. of executives believe that market share would improve. Source: Competing Across Borders: How Cultural and Communication Barriers Affect Business. Economist Intelligence Unit. 2012
  • Communicating Across Cultures My Reality Receiver’s Reality Message Received Message Sent Source: Global Dynamics Inc©
  • Strengthening Communications: Case Studies A Spanish speaking patient is rushed into the emergency room in Chicago barely conscious. She had mistakenly taken a major overdose by following the instructions which said to take the medication “once a day.” What happened?
  • Applying Global Mindset, Cultural Intelligence and Linguistic Agility to Recruit, Retain and Promote a Diverse Workforce Identify and attract a superior, diverse workforce. Develop and retain a ‘global’ talent pool. Create an environment that encourages cultural understanding and inclusion. Source: Global Dynamics Inc©
  • Applying What We Learned How will you leverage the value of a global mindset, cultural intelligence, and linguistic agility to succeed in the global and multicultural workplace and marketplace? YOUR TIME HAS COME!!!!
  • Key Components of a Solution Single Enterprise Solution Learning Development Plans Robust List of Languages Asynchronous Study Mobile Device Access Robust Administrative Tool Successful Solution
  • The Impact of Language Training Internal Communication Global Mobility Employer of Choice Customer Service
  • Internal Communication Language Diversity Productivity Workplace Safety
  • Internal Communication - an Example Improved communication across global markets. Enabled “on-the-go” learning. ROI exceeded 75%.
  • Global Mobility Meet Region Requirements Expat Preparation Grow Opportunities
  • Global Mobility - an Example Meet regional business requirements. Build critical language skills for long-term relocations. ROI exceeded 20%.
  • Employer of Choice Critical Skills Culture of Excellence Employee Engagement
  • Employer of Choice - an Example Enhanced training and development. Improved employee satisfaction. Improved customer satisfaction and growth in referrals.
  • Customer Service Confidence to Speak Customer Centric Boost Satisfaction
  • Customer Service - an Example Enhanced communication. Improved customer experience. Growth in revenue.
  • Questions Dr. Neal R. Goodman President Global Dynamics Inc. ngoodman@global-dynamics.com www.global-dynamics.com 305.682.7883 Jennifer Frazier Director, Enterprise & Education Solutions Rosetta Stone jfrazier@rosettastone.com www.rosettastone.com/business