Tips For Global Marketing Strategy Success
What is global marketing? Well, it’s not just a standard process of generic components that you take worldwide. Some areas can be standardised; logo for instance, but advertising strategy or packaging might not be suitable for use in the development of a global marketing strategy.
A good global marketing strategy must incorporate all the functional aspects of your business; from research and development right through HR to financial operations and IT. It must have a well-defined objective as you need to know where you want to end up in order to get there. When defining your objective consider the following; what you want to accomplish overseas, what market strengths and weaknesses there are and how you will overcome them. Consider what upside potential your company has. When you have answered all these questions, you are ready to start drafting out a global marketing strategy.
If you get your strategy right, there are many benefits to be had for your organisation.
Improved product and service effectiveness
As your company grows, the more you will learn and the more effective you will become at rolling out new services and products. Take Facebook for example; they have established a 17% share of the North American market and are now looking to expand in India where internet marketing currently makes up only 3% of the advertising market. Facebook now need to improve on their existing NA strategy to successfully develop a global marketing strategy in India.
Stronger competitive advantage
Many organisations are very good at competing locally but never really get their act together in the overseas marketplace. If you can implement a successful global marketing strategy, just think what an advantage you would have over your local competition.
It’s very important to put your new global strategy across clearly to everyone in your company in order to get them all on board and fully bought into the exciting new project. Achieve this and you will be able to adapt quickly wherever you need to based on client demands or global market trends.
Increased customer awareness
The internet allows customers to track the progress of any product or order they have placed, worldwide. This means that all your customers have a greatly heightened awareness of just how good a company’s service really is, no matter where they are in the world.
Cost reduction and savings
Focusing on new markets will allow you to achieve economies of scale and scope as you can standardise in some areas. The internet is a major factor in this. Through your website, social media pages and blog, existing and potential customers from all around the globe can find you easily through a single point of contact.
Going global isn’t as daunting as it might at first sound. Get your people around the table and work out an effective strategy; make sure everyone’s committed to the plan and prepare for world domination!
About Alison Page
Alison is a small business owner, freelance writer, author and dressage judge. She has degrees in Equine Science and Business Studies. Read her full story at http://www.theladywriter.co.uk