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- Global marketing
- Objectives of global marketing
- Importance of global marketing
- Global marketing examples
- Global marketing strategy
- Global marketing management
Did you know good global marketing is not limited to only big companies? Read more below to find out how you can successfully position your brand on a global scale.
International marketing is not just about selling your products or rendering your services globally. It requires conscious efforts to planning, and implementing strategies that’ll help position your brand in a global market.
So, in this blog post, we’ll be discussing what global marketing really is, why it is important for every brand to have a stand in the global market and how to go about it.
International marketing requires adjusting an existing marketing strategy of a company to adapt to the conditions of other countries.
According to Wikipedia, global marketing is “marketing” on a worldwide scale that reconciles or takes commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.
Simply put, it is extending your products or services to other countries.
Objectives of global marketing
International marketing aims to achieve a lot, below are some of the listed objectives of global marketing:
- Increase globalization
- Promote social and cultural exchange among countries.
- Enhance free trade by bringing all countries together for trading purposes.
- Assist developing countries in economic and industrial growth.
- Promote sustainable management of resources globally.
Importance of global marketing
You might be thinking, why should a brand consider this?
Why is it important for any brand to go global?
Let’s look at some of the advantages or importance attached to going global.
1. It fosters global cooperation
Companies working together and sharing economic resources fosters global cooperation.
2. It leads to the growth of businesses
In cases where the domestic markets are saturated, leveraging on global marketing can be a boost to a company’s sales.
3. It helps a company stay ahead of the competition.
Nowadays, your competitors will outrun you if you’re only taking advantage of existing on a worldwide scale. It’s either foreign competitors start threatening you in your domestic market, or they grow bigger. Which is as a result of existing on a worldwide scale.
4. Increase in sales and profitability
The internet has made global marketing easier. We now have e-commerce sites and the likes that will help you reach out to your potential foreign customers. This can result to greater return on investment, or new sources of revenue.
5. Enlarge customer base
Entering a foreign market via e-commerce or a collaborative sales partnership can grow the number of your customer base. Which can lead to an increase in sales.
Global marketing examples
Good global marketing has to do with identifying countries that it’s products might be successful. Then localizing the brand to reflect the necessities of those communities.
So, let’s take a look at some examples of brands that totally ‘get it’
When it comes to good global marketing, the Apple brand cannot be left out. Apple has significantly tailored it’s products to suit local tastes.
Starbucks is known globally for its reputation in the engagement of local culture. It’s the world’s most popular coffee house which has made its mark from Brazil to China. Furthermore, It is currently present in 20,000 stores in 63 countries.
Coca-Cola brand has adapted to create a global brand that resonates with global audience.
In other words, the key to the brand’s success has to be the company’s focus. That means promoting values such as ‘happiness’ and ‘sharing’. However, it also includes product and messaging localization.
Global marketing strategy
This marketing strategy is the step by step plan on how you can expand a business into untapped markets.
Below are the four most important steps:
Know your market
It is very important you note the market you’re moving into, because every region has various behaviours and norms.
Tailor your marketing strategy to suit your new audience.
What might work for a local audience, might not work for a global audience.
Try to give your new audience a tailor fit experience.
Keep your brand name the same across all continents. If you’ll need to change a brand’s name, make sure something like a logo remains consistent.
Localize your messaging
Pay attention to the details in your messaging and see what resonates with each audience.
Global marketing management
Above all, the practice of designing international plan around a company’s products, price and it’s distribution is known as international marketing management.