Ways to Enhance Your International Marketing Strategy
- Antonio Lizano
- July 2019
International marketing can no longer be ignored by any business, whether large or small. While global marketing is considered to be the process of adjusting a company’s marketing strategies so they adapt to the conditions of other countries, the process entails more than just selling products and services on the international arena. Planning, positioning, creating, and promoting are other vital aspects to examine, ensuring you build an effective global marketing strategy.
Among the many benefits of international marketing are:
Stronger competitive advantage – Only a few companies manage to compete in the global market favorably. While most of the businesses find it easy competing locally, such companies often get faced with intense domestic competition from both local and international companies that are extending their global presence. Working smart in your international marketing strategy is likely to help your business maximize its potential in the global arena and compete effectively.
Improved effectiveness of products and services – The more you expand your business, the more you learn and become better at what you do. This includes becoming more effective in offering new services and promoting new products.
Increased brand/product/service awareness – International marketing involves implementing various marketing strategies that will increase consumer awareness of your products, services, and brand in general. This way, more consumers from different countries can easily keep track of your progress.
Reduced costs and increased ROI – Attaining economies of scale is one of the advantages of focusing on other markets than the local market. In turn, leveraging the internet enables you to save more capital and incur fewer costs.
Taking your business onto the global arena is usually a gradual process, starting from developing a highly competitive business on the domestic level, adding a few exports over time and, finally, adapting marketing strategies geared toward the global markets. The final stage, when it comes to international marketing, involves creating value.
Now, let’s look at how to approach international marketing and how to make the strategy effective:
- 1. Find out how well your products can travel – The sad truth is not all products move well or can be sold widely without having to be adapted. While some companies or firms in specific regions, like the UK, receive occasional orders from countries abroad via the internet. It does not guarantee smooth travel for all products. This aspect should, therefore, become the first one to consider before launching your international marketing campaign strategies.
- 2. Research and assess new markets and territories – We have already mentioned most global companies have already built local experience and resources. This means they will not be starting from scratch. However, it will demand a lot of research and assessment of new territories and markets, bearing in mind issues like order fulfillment, customer service, logistics, and market size. Other aspects to look into include the existence of possible trade barriers and restrictions in specific territories, how established the market is in the countries you intend to expand to, as well as what players are in the same sector.
- 3. Adapt your marketing strategy – When looking into getting your products across borders and into other countries, such factors as local values, languages, and currency used will have to be considered. These may affect your marketing plan in one way or another. Your branding and unique selling points should also be looked at to ensure they are right for the targeted markets.
- 4. Involve local partners – To get established in a new market, working with local affiliates, agents, distributors, partners, or licensees will be vital. This working relationship will ensure your marking materials have local appeal and unnecessary mistakes are avoided.
- 5. Research on price levels in your target markets – When it comes to the pricing of your products in the global market, currency differences and other costs, like freight and transport, agent commissions and packaging, as well as advertising need to be considered.
- 6. Understand local customs – Your global expansion plans should also take into consideration local customs of specific territories and countries, paying attention to cultural differences, health and safety regulations, as well as language differences. In some cases, certain levels of formality and business etiquette are needed; these can potentially affect your expansion plans.
- 7. Ensure proper timing – Depending on the demand for your type of product, it can be easier or more difficult to tell when to expand to specific territories at the right time. Proper timing means you will not sell a product ahead of its time or when it is considered outdated.
- 8. Organize product exhibitions overseas – Organized trade shows are always a perfect way to showcase products, meet contracts, and sell your first sales in new markets. Such presentations also help you to understand what your competitors are offering and how they are doing it. The insight from such meetings will help shape your future international marketing strategy and determine how you will expand your business to appeal to the global target market.
There you have it! Don’t take chances; apply these tips and you will be surprised how fast your business evolves from the local to the international arena.