Global Marketing Strategies: 5 Tips That Will Help You Formulate Innovative Global StrategiesAima Irfan
Global marketing strategies are the process of formulating marketing strategies of the organization in a way that incorporates the conditions of other countries. Organizations follow global marketing strategies which are targeted towards countries in several regions. A global marketing strategy is not just selling your product or service around the globe only. It comprises of different elements such as planning, creating, positioning, and promoting the products in an international environment.
Once the brand has developed a significant presence in the global market, they usually contemplate forming an even more coordinated global market strategy. Big companies like Apple and Amazon have their offices in the countries they are marketing to. Due to the current trend in the increased usage of the internet, even small businesses can reach their customers anywhere around the world. With the availability and accessibility of the internet, even young startups can reach the global market. Companies all types and sizes, therefore, can make use of global marketing strategies.
When formulating a global marketing strategy, the key is to leverage the power of technology, think creatively, and build an innovative strategy that positions your business in the best way possible while achieving goals and objectives. Global marketing strategies have their pros and cons.
Benefits of Global Marketing Strategy
If formulated correctly, global marketing strategies have multiple benefits to your organization;
- Firstly, a global marketing strategy creates more exposure concerning your brand and raises brand awareness.
- Secondly, making use of a global marketing strategy enhances the effectiveness of your products and services. This is because when you expand your business globally, you learn a lot of new things, and grow faster which ultimately leads to effective production of goods and services.
- Thirdly, businesses can gain a greater competitive advantage when they expand using global marketing strategies. Once the business expands itself globally, they become a strong force in the industry. Not every business is capable of expanding globally.
- Moreover, looking at the cost side of the global marketing strategy, it reduces waste and duplication. The prices are coordinated, uniform packaging of the products and discounts are available on bulk purchases. You can standardize your processes to achieve economies of scale.
When talking about the downside of using a global marketing strategy, there are some disadvantages. Firstly, making use of the global market strategy requires a lot of managerial time. The companies using global marketing strategy are vulnerable to gray trade. A trade of products that is done through distribution channels that are not authorized is known as gray trade.
Global Marketing Strategies
Global marketing strategies are an important part of the global strategy. As discussed earlier, a good global marketing strategy is the one that incorporates and coordinates with the countries all around the world. Global marketing strategies have almost similar components which are shown below. These components are followed by almost all the companies.
Tips and Tricks
Developing a global marketing strategy is not an easy process. Here are some tips you need to keep in mind while formulating a global marketing strategy for your organization.
Know Your Audience
One of the most important elements to consider while formulating a global marketing strategy is to know your audience. You have to understand the context of the market and place where your organization will be working. Every country has its own customs and norms which you need to take care of while formulating your global market strategy. Do not ignore the key element of your business strategies; the audience. Hence, studying the demographics thoroughly will help you achieve this step.
Keep in Mind the Cultural Differences
Take into account the customs and norms of every country when developing a global marketing strategy. Ensure that you are using the correct words and meanings Your global marketing strategy can become a massive flop if you fail to understand the cultural differences present in every country.
Customize your Approach According to Specific Countries
The approach of your organization while formulating the global marketing strategy should be tailored according to the needs of every country. Try to adapt to the new cultural environment and bring out strategies that are tailored towards the individual needs of the customers.
Properly Plan your Global Marketing Campaign
The global marketing plan for your products should be consistent with the efforts you have made. You should formulate the marketing plan for global marketing strategies according to regional needs and knowledge. Identify the goals and objectives you plan to achieve through this campaign and then draw a map that will cover all the techniques to achieve those objectives. Translate and localize the campaign according to the regional needs.
Make Use of the Power of Social Media
You can not ignore the power of social media. Make use of social media platforms like Facebook, Instagram, and YouTube to effectively reach a large audience. All the major world-renowned brands like Pepsi, Coca Cola, Apple, and Amazon have a significant social media presence.
Understand the culture differences and needs of your target audience effectively. The global marketing strategy initiated by your organization will hence, be successful. Hence, by understanding your target audience and leveraging the power of technology, you can implement a global marketing strategy that actually works.