Global Marketing Strategies for Companies

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Global Marketing Strategies for Companies
Global Marketing Strategies for Companies

Thanks to forces such as globalization and technology, a business’s ability to go beyond its typical borders isn’t an impossibility anymore. You don’t have to be a large corporation to expand abroad. Even small businesses can do it. However, you do need a few good strategies to help you make inroads into a new market. Fortunately, we’ve compiled a list of effective global marketing strategies that can help you out.

Localize

Localization simply refers to the practice of adapting your brand to new markets. You see, to make sure you sell in a foreign market, you need to be relatable and that means you need to become a part of the market. The localization process involves everything from translation to redesigning your appearance. You need to be as relatable as possible.

One of the best examples of this is what Red Bull has managed to achieve. Despite being an Austrian brand, it has managed to strike a chord with customers across the globe. This is because the brand isn’t just translating content.

It embraces the localization function as a whole by getting involved in the local markets. A standard tactic used by Red Bull involves sponsoring extreme sports events in all the markets it has a presence in. This includes the USA, the UK, and even countries like Jordan.

By hosting fun and exciting events, the brand manages to cut across cultural barriers and unite customers with a common theme i.e. sports. Apart from that, it uses the same logos and packaging, which ensures consistency.

Find a Local Partner

Global marketing means entering a new market that can be challenging and you probably can’t handle it all on your own. This is where joining hands with a local partner can help. Local partners understand the market more than you do and will be able to guide you appropriately.

For instance, Sweden’s Forbes signed up with an Indian partner called Eureka to form Eureka Forbes. Today, the brand is a leading home appliances provider in the country. The point is that a local partner already knows how to navigate around the local market. All you have to do is let them lead you.

Revamp Your Product

Your product might not be as appealing in France as it is in America. This is because requirements and tastes are never the same everywhere. So, make sure your product has been revamped to meet local expectations and requirements.

A good example of this would be fast-food chains like KFC or McDonald’s. They always offer new items or variations of existing items to suit the local palette.

In some cases, you might have to develop an entirely new product or stop selling an existing one. For example, most fast food chains like the ones we just mentioned don’t sell beef in India due to cultural sensitivities.

The key thing to remember at the end of the day is that global marketing is all about figuring out what the customer wants and how they’re likely to respond. The only thing is that you have to keep going back to the drawing board every time you enter a new territory. But, it must be done and more often than not, the results are worth it.

 Getting Ready to Go Global? 

 

Culture AwarenessRead this article to have some ideas and note the points to consider when expanding a business internationally, regarding culture awareness.

Things to Note before Expanding into a New Country >

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