1. Are multinational companies able to sell their products and services the same way abroad as they do in their local markets? Has this strategy worked for Monster?
2. Why would Monster be involved in multiple online market domains?
3. To ensure localization of content, what did Monster do?
Considering a new job? Look no further than monster.ca, Canada's leading online employment service provider. Monster has been around since 1999, and has evolved from an "electronic bulletin board" to its current form. Monster works in both a B2B and B2C capacity. In B2C, Monster offers services to "job seekers", people looking to advance or manage their careers long term. Monster is also involved in the B2B market where companies are trying to find that "perfect employee".
As local markets become saturated, companies need to find ways to grow; one option is to consider international markets. This is what Monster decided to do. When Monster decided to expand their business globally, their first choice was Canada. Now the brand is in sixty different countries all over the world!
As Monster moved into other countries around the globe, they realized it wasn't as easy as the move to Canada. When moving to other countries there are cultural considerations which need to be addressed.
Take China, for example. Ted Gelvar (EVP & Global Chief Marketing Officer for Monster) mirrors this sentiment. The strategies used to market to B2C & B2B Chinese consumers differ than strategies used in traditional US and Canadian markets, due to the uniqueness of the Chinese culture; in addition, the service itself is not required in the same manner as in North America. Thus Monster had to modify the service offering depending on the needs of their prospects and clients. "Think local and act global," states Ted, ensuring consistency with the brand itself.
Ted felt that starting from scratch would have been "too challenge of an undertaking", and Monster opted to buy out an existing competitor instead. This allowed Monster access to the market using a system that was already in place and accepted by the Chinese people. Ted goes on to say they hired local talent rather than bring in foreigners; this ensured an appreciation of the local culture and reduced the chance of ethnocentric behaviours occurring.