The world is a melting pot of different people with different cultures, traditions and economical conditions. Therefore, adopting a one-size-fits-all marketing strategy for different foreign markets can prove to be a costly mistake.
Most masters in international marketing programmes teach you that generic marketing policies and strategies might work for domestic markets but can fall short in attracting audiences abroad. Companies need to invest in qualified marketing professionals who know what it takes to create global marketing campaigns such as cross channel marketing attribution that can resonate with people from diverse backgrounds.
Marketing your brand globally isn’t easy—you need to factor in many determinants that can have a major impact on your global branding efforts. Here are some poignant questions that can help you shape your international marketing policies in the right direction.
1. Who are the people you are targeting?
It is a fundamental mistake to assume that the audience in your home country resembles the target audience in other countries. You should keep in mind the cultural and economical preferences of the target audience in a foreign country and tailor your products according to them before launching your product in the country.
The best example of this point was the market experience conducted by Best Buy. Best Buy stores in the US are huge and spread over several thousands of square feet. Implementing the same store design in Europe did amount to much success since people there were used to smaller stores and found large stores overwhelming.
2. Are the product prices competitive?
In most cases, if you have a popular product in your home country, the price point wouldn’t vary a lot even if you relaunch it in a different market. For example, premium products like high-end cosmetics have a set price range irrespective of the country or market they are launched in.
Pricing your products must involve a lot of careful deliberation. Your product prices must be competitive enough so that they can compete with competitor prices in the market. At the same time, pricing your products very low can make it difficult for you to recover your initial investment gone into launching your products.
3. Are the promotional efforts robust?
Promoting your products abroad can require you to conduct extensive research to find out what kind of marketing channels or digital media they frequent. You might be faced with questions like whether you should be offering coupons, advertising on television or invest more in digital promotions.
Apart from these factors, you should also ensure that your products are suited for the geographical location of the market you are targeting. For example, launching heavy-duty snow coats in tropical countries can be a sure-shot marketing failure.
Additionally, you should look into employing local marketing teams and agencies since they are familiar with market behaviours as compared to you.
Invest in a good global marketing programme today to explore more such marketing tactics and establish a successful international marketing career.