THE IMPORTANCE OF GLOBAL MARKETING STRATEGY

As technology creates leaps in communication, transportation, and financial flows, the world continues to feel smaller and smaller. It is possible for companies and consumers to conduct business in almost any country around the world thanks to advances in international trade.

Rapid technological advances mean that geographical and cultural communication barriers are disappearing, and even smaller businesses without a physical presence in other countries can market and sell their products internationally.

This means that almost anyone with the desire can market internationally, but will do so with varying levels of success, depending on the thought and research that is put into the international marketing strategy.

Today, going global can be achieved more easily than ever—if you have the right strategy and solutions in place.

Companies cannot just concentrate on domestic markets if they are to remain competitive. International marketing allows companies to look for growing target markets and product opportunities overseas.

!HAT IS INTERNATIONAL MARKETING2

International marketing occurs when companies use a global plan to effectively market their goods and services on an international basis.

On its surface, the meaning of international marketing is simple: it’s just marketing a product or service to consumers in different countries.

Upon second inspection, however, it is a bit more complicated. International marketing is significantly more complex than domestic marketing, and several additional factors come into play. This includes legal differences—every country has its own separate set of laws that govern business that must be taken into account—as well as cultural differences.

In some countries, there is simply no market for certain products or services. Companies must create new strategies to appeal to broader demographics. Ambitious brands will need to draw up market penetration plans and create strategies to break language barriers. International marketing requires a lot of commitment, and it will be necessary for companies hoping to expand into international markets to invest substantial time and effort.

DECIDING !HEN TO EXPAND

Because of the scale of the investment needed to build an international marketing program, it’s important to ensure the timing is right. How can a company know that it’s time to set sail into international waters? There are several questions executives should ask as they decide:

Has the company built a solid foundation at home2

This seems intuitive, but if the expansion spreads the company’s resources too thin and far from the intended success, the move could lead to disaster.

How big will this expansion be2

Is this international expansion a matter of opening new locations in several countries, or is it simply expanding the company’s online presence?

Does the company have personnel in place to handle the expansion2

This includes making sure that the company has employees with the required skills and the company can afford to shift those individuals into new roles or hire additional resources.

How much money is the company able to invest in international marketing efforts and where will this money come from2

Depending on how business is running in the primary market, it may be wise to divert money from domestic marketing efforts into international markets

Once a company decides it is time to move into an international market, there are several steps to follow when creating its international marketing plan:

Research. Determine the size of the market for the product in each country to which the company will expand. Learn the laws governing business and marketing in those countries. Ask questions, and ask them often.

Build the infrastructure.

• Companies should build a robust infrastructure early on to streamline the process of international marketing. This includes activities such as registering trademarks, reserving international domain names for local language and culture.

Adapt the current marketing strategy.

While creating an international marketing strategy is a lot of work, a lot of the work has already been done for the company’s domestic strategy.

Localise the product and marketing materials.

This includes translating and tailoring messages to appeal to new demographics.

Re-evaluate and adapt.

Just as domestic markets are constantly changing, so are international markets. Continue to conduct market research and adapt marketing strategies.

There is a lot of advice out there when it comes to international marketing, and much of it is even conflicting. The best way to handle this advice is always to research whenever considering launching a product into a new market. Each country is different, and even within countries, there is a lot of variation between regions.

By keeping a close eye on varying trends in different countries and regions, planning out the best course

of action to meet those needs, and following through on the execution, companies can lay a strong foundation for their international marketing efforts and they can find continued success year after year.