The world is a melting pot of different cultures, traditions, and most importantly, people. Moving from one country to another, you’ll find that there are new rules and customs to learn. But on a more granular level — each state, province, and region can be drastically different from the next. Even neighbourhoods can vary wildly in terms of their customs and cultures.
This raises the question: How are you supposed to develop a global marketing strategy that resonates with all the different markets in which your product or service offering exists? It’s not easy, that’s for sure. There are plenty of examples of brands that have failed abroad or have had hiccups while trying to expand their reach globally.
- People – Understanding Customer Behaviour in a Different World
The people you are marketing to and the product that you are marketing go hand in hand. However, we’re leading off with the people because if you don’t first and foremost understand who you are marketing to, you may end up trying to sell them a product they don’t want and probably will never buy.
So, when it comes to taking a product or service abroad, you first have to see if there is even a market for your offering.
- Product – Altering to Fit the Needs of Your New Market
If you notice that the current offering of your product now won’t play in the new market you want to enter then you can do one of two things:
A.) Decide not to sell in that market
B.) Change your offering to meet the local demand
Overall, this decision is an excellent one to learn from for those looking to branch out to foreign markets.
- Prices – Choosing a Premium or Economy Pricing Strategy
For the most part, if you already have a product or service that is successful in one area of the world, the price point you use won’t vary much in comparison to the competition in that area. If you have a premium product, it’s likely premium elsewhere. If you have a more affordable, economically-friendly product, it’ll be the same in your new market. This is for the sake of consistency. It’s difficult to pull off being associated as a more expensive, premium product in one country, and the complete opposite in another. You may even risk bringing down your brand image as a result.
- Promotion – Choosing Strategies That Work in This New Environment
Figuring out the most effective methods for marketing your product or service abroad is not that much different than doing it domestically. Even if you live where you’re promoting your product, you still have to do some additional research to find out where your target audience is and which mediums they frequent.
- Place – Finding the Sales Avenue That Your Consumers Use
Defining where you’ll be advertising and marketing your product or service is one thing. But finding the right place to actually sell your offering is another. One of the bigger questions you should look to answer is whether or not you’ll be able to sell your product online.
- Packaging – Finding the Right Look
The way you package your product or service may vary a lot from country to country. When you determine how to package your offering, color is an important choice. One reason for this is because different areas of the world associate specific meanings to certain colors.
- Positioning – Determining Which Messages Will Resonate With The Market
Positioning is absolutely critical when entering a new market. If your initial positioning fails, an attempt to reposition your product can be costly and is not guaranteed to be successful. This is why it’s important to get it right the first time. A significant part of your positioning will be evident in the messages you relay in marketing campaigns. The messaging should be derived from your unique value proposition (UVP), which should be made up of the following:
- Physical Evidence – Getting the Ambiance and Mood Right
If you’re looking to enter a new market abroad with a service, listen up because this one is especially for you. Because services are — for the most part — considered intangible when it comes to marketing. So, if there is no product that can be altered or changed to fit the needs and wants of a new market, then you have to pay attention to the physical evidence in the setting where people will receive your service. The physical evidence can be broken into three separate areas.
- Physical Environment
- Ambiance
- Spatial Layout
- Local Teams – Don’t Overlook Them
One of the most disappointing mistakes that companies make is that they hire highly competent, intelligent local people to serve their overseas markets, but then fail to consider their input when making strategic decisions.
- Understanding – Making a Positive Influence on Your New Community.
At the basis of all of these principles, there is a common theme of understanding your consumers. You should constantly be asking what are their needs, wants, pain points, and desires.
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