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.
Global marketing
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.
What Are the 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’
Apple
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
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
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.
Marketing Management: All You Need to Know
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.
Good branding
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.
What is the definition of international marketing?
The Worldwide Marketing Concept is the overarching marketing framework that a multinational corporation employs to design, introduce, distribute, promote, and maintain its products in the global marketplace.
What is international marketing and why is it essential?
Global marketing is the promotion of a company’s goods, brand, or services to a global market. The process entails developing, promoting, and focusing a product or service on the demands of possible foreign buyers. Effective global marketing can: generate new sources of revenue.
What is the purpose of international marketing?
The purpose of global marketing is to coordinate marketing operations within the restrictions of the worldwide environment, to satisfy the organization’s targeted global consumers, and to find new global customers in order to increase sales and market share.
What are the five five advantages of international marketing?
- Advantages of Global Advertising
- Enhance the quality of an item or service.
- The recognition of a brand’s image.
- Increased awareness of your brand.
- Expense reductions increase savings.
- Expand your target audience.
- Gain an advantage over your opponents.
- Gain international ties.
What are the four tactics for global marketing?
A global marketing strategy is not limited to selling products across international borders. It entails combining the 4 Ps of marketing (Product, Pricing, Promotions, and Place) with additional marketing activities such as analysis, planning, tracking results, and obtaining social proof. 11
What is global marketing and what are some examples?
Global marketing is a subfield of general business management that focuses on selling products, services, and solutions to local, national, and international clients. International marketing is the application of marketing ideas in more than one country, by foreign or transnational enterprises.
