Global marketing is a process that involves adjusting the market strategies of a business to account for conditions in other countries around the world. It is not just about selling a service or product on a global level, but about a complete process of promoting, planning, positioning and creating products to be suitable for the global marketplace. Technology and other developments have resulted in increased globalisation, whereby any company with the right strategy can market and ship their services or products to almost anywhere in the world quickly and efficiently, without incurring more risk than when sticking to the local market. A good global marketing strategy is therefore an asset to any business. Marcel Kooter has experience working as a global marketing and customer director for a major international company, recognising the importance of adjusting marketing strategies to convey the final product to a wider market. A definition of marketing can be viewed in the PDF attachment to this post.
Meeting Universal Demand
By definition, global marketing is useful only for certain products and services that are likely to have more universal demand. Products such as canned soft drinks are popular across the world, and so a beverage company would definitely benefit from a strong global marketing strategy. Niche products and services may also benefit by identifying the areas where that product or service will be in higher demand and marketing it accordingly. The majority of companies today still focus mainly on the domestic market as this is generally the largest market. However, export values are on the increase; for example, in the United States, exports reached a total value of $2.5 trillion in 2018. In the infographic attachment, view some statistics for the world’s biggest exporting countries by value.
Identifying Customer Profiles
Businesses exploring the potential of a global marketing strategy first need to identify the profile of their customer base. Once a key demographic has been identified and defined, the company can then begin to look at where those types of customers are most likely to be living. There are most likely going to be several customer profiles for any one product or service, so prioritisation is also key. Most companies seeking to enter a new geographic market will begin their marketing strategies in heavily populated urban centres and spread out gradually from there. Globalisation also means increased internet shopping, which makes it easier for businesses to facilitate access to their stores or service lists and connect with customers across the world. The short video attachment looks at the market share that online shopping currently maintains.
Local Partnerships
A major part of a successful global marketing strategy is understanding local customs and customer profiles. For this reason, establishing local partnerships can be a helpful tool when entering a brand–new geographic market. Working with local businesses can help build trust in a new brand quickly. However, it can also dilute the brand if the strategy is not implemented correctly. Some businesses looking to expand globally will find local partnerships to be a blessing, while others would do well to steer clear of them to maintain brand integrity. Savvy global marketers must therefore carefully consider all the options and potential outcomes when planning a campaign. Personal visits to target markets can help the marketer to fully understand the implications of working in partnership with local businesses and assess the customer profile and the market before committing to a global marketing strategy.
