Marketing is clearly a key component that directly affects the overall success of a company, and can substantially improve performance, increase revenue, and broaden exposure across multiple areas of business. Whether big or small, marketing campaigns determine the next steps forward. In this article, we are going to talk about how marketing can be used to promote your business on a global scale.
Understanding the importance of marketing in the process of expansion
Expansion is a complex process that requires persistent care and attention. When expanding, companies must be fully aware of the playing grounds and take action accordingly. Simply opening new offices or stores in new locations does not mean that an international presence has been established. This is where marketing comes in and addresses multiple ways of approaching potential customers in new markets. This is achieved through a mix of marketing techniques and tactics that specifically target points of attraction for customers in new markets.
Understanding the sequenced process of international marketing and promotion
As mentioned earlier, proper marketing is a must when entering new markets. However, given the array of methods through which such adequate exposure can be reached, finding the perfect way of addressing new audiences can be difficult. According to Baker 2019, conducting thorough market research allows for getting answers to a number of questions. Only after doing so can a business or company fully understand what they must do in order to reach the desired target audience in a new market. It must be emphasized that promoting the products and services provided is just as important as promoting the business itself. However, the former can only begin after the latter has occurred.
The first part of the process is concerned with understanding new markets along with their traits and tendencies. This can be achieved through the following steps:
- Conduct sufficient research: Researching desired markets is a process of key importance that enables understanding the different ways those markets can be approached. Through research, companies can also come to fathom the approaches of their competitors. To understand their competitors, companies can do some competitive research on what the other businesses are selling, and what services they offer. Next, compare strategies that the others have with theirs to understand better what might work and where is the problem with their approach, check how big of a threat they are, and how they affect your company.
- Adapt to cultural differences: An international marketing and promotion strategy must be adaptive and resemble the culture and traits of the customers reached. A successful marketing strategy in Europe will not necessarily have the same results in Asia.
- Establish a customized approach: Going international indicates that multiple customer bases from different nations will be subjected to your business and products. Thus, a customized approach for each new market entered is of key importance.
Upon the completion of the first phase of the process, the second phase is concerned with directly addressing the aspect of strategy building. As such, the question arises: what does an international marketing and promotion strategy include? The following list showcases some of the more important elements of international marketing:
- Utilize strategies that can be successful in a foreign market: This part of the process is concerned with employing strategies that are actually appealing to the customers not necessarily familiar with a product or service. Such strategies tend to directly target customer tendencies in an attempt to resonate with their desires and needs. This can be achieved through adequate use of positioning, pricing, and differentiation.
- Incorporate digital marketing: This can be achieved by advertising on social media through adapted content that directly targets customers. This aspect of marketing has many subcategories that can be useful along the way.
- Understand the importance of translation: International marketing means that you have international clients and customers. Therefore, it is important to incorporate translation into marketing in order for your customers to have a clear understanding of the messages depicted.
- Automate processes: This is a highly important point that allows for efficiency and effectiveness in the implementation of the strategies utilized. By doing so, companies can establish better and more consistent communication channels between customers and their businesses.
Understanding the demand for a product or service is also of focal importance when attempting to expand internationally. If a market lacks certain products or services, the process of expansion in such locations can be substantially lighter in difficulty and overall complexity.
Who can aid during the process of expansion?
From what we have discussed so far, it is clear that promoting a business on an international level is no easy task. There are countless issues that must be addressed and endless details that cannot be overlooked. However, there are certain ways through which such a process can be made easier for those who undertake it.
For one, working with organizations that understand international markets better than the companies attempting to enter and expand to them can significantly smooth out the pathway to expansion. This is why many companies wishing to expand overseas have begun to work with professionals in hiring for global expansion that also specialize in managing, and onboarding international staff. While one party concerns itself with having the correct approach from a marketing standpoint, the other focuses on establishing a competent base of international employees. Moreover, such companies, in small ways, also play a role in presenting the customers of international markets with a company’s products or services by subtly informing the local employee talent pool of new possibilities and opportunities, which in turn informs local customers that a new business is arriving in their area.
An international marketing strategy typically comes into play when a company reaches a point where expansion on a global level becomes inevitable. Thus, to successfully cross from local to international, adequate marketing strategies must be employed such that new customers in new markets understand the need for your product or service. As mentioned earlier this can only be achieved by thoroughly understanding and researching the markets entered and the clientele addressed. An international marketing strategy is one that has an all-encompassing approach to it while continuously paying attention to and fulfilling all necessary requirements.