6 Keys to Draft an Effective Global Marketing Strategy
Before you begin to develop a new market, there are a few questions that you should ask yourself:
What are you trying to accomplish in an overseas market? What are the weaknesses and strengths in that market? How will you overcome them? What upside potential do you have? Put all of them into consideration and then begin to draft a global marketing strategy.
A successful global marketing strategy can help you improve product and service effectiveness, have a stronger competitive advantage, raise customer awareness of your brand, reduce your costs and increase your savings.
Based on the different situation of each country or region, a global marketing strategy always consists of several things: (1) same brand names; (2) identical packaging; (3) similar products; (4) standardized advertising messages; (5) synchronized pricing; (6) coordinated product launches; and (7) sales campaigns.
Moreover, below are a few insights you should look into:
1. Do not use a 'one-size-fits-one' approach
2. Hire an in-country marketer
Hiring a translator and marketer from the region is a great way to connect with local customers and tailor your approach to meet their needs and preferences.
3. Use the right technology and software
4. Use all available data
Using data properly can help you to cultivate better marketing strategies, increase your online presence, strengthen your branding, and allow your brand to resonate with each audience in every market you target.
5. Understand the priorities of your global growth
It’s essential to understand what your company values most: higher revenue, larger user base, or something else.
6. Manage expectations
Don't overextend your company by trying to enter too many different markets at once. It would be more reasonable to start with just one or two new markets. Once you have a good understanding about the languages and cultures of those markets, you can move on to approach potential customers and clients.
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