Going global has never been this easy or exciting in the past. The barriers for the Globalisation has been reduced significantly thanks to encouraging global trade laws and the advancement in the field of technology. For instance, now some businessman in a remote village in India can sell his/her home products in USA through online home e-commerce portal or similar ecommerce ports, all thanks to the advancement of technology and the trade laws.
5 Top Notch Growth Marketing Strategies for 2018
As everyone is going global it is also important to know what needs to be done in terms of marketing strategies that need to be employed on the global scale.
- Think global, act locally: Anyone with little knowledge regarding marketing would have heard the phrase “Think global, act locally”. The first use of the phrase was regarding protection of the environment, however, over the years it has changed significantly. The idea is that every company has to think about what they need to achieve, and what kind of products and services that they need to develop which would be successful on a global scale. In the same way, their marketing strategy has to be such that it must be able to reach to the global audience but it must think about which country it operates in and must create strategies based on the local need, only then the marketing strategy will have any significance and become successful.
- Tie up with local partners/businesses: Mass media marketing is all great but when it comes to globalization understanding every market and acting locally is essential. The best way to achieve that would be by having someone who knows the local market. This means tying up with the local partners or businesses is very essential. This could be a business partnership or could be marketing partnership. The key element is that they are locals who have had years of experience in the field and can help come up strategies based on local factors such as language, culture, religions etc. This would make customers think that you care about them and are willing to work on it which always helps you become successful.
- Make full use of social media platforms: Social media is a great platform which levels the playing field for the big and the small organization. Using social media, the start-ups and the smaller organizations can go toe to toe with the industry giants. The fact that social media advertisements help the companies to segment the market using different factors mean that the companies can target specific demographic so that their products/services reach out to the right audience. Social media platforms are also a great tool to research about countries, and people and understand what they like and what they don’t. This means that companies don’t have to take the product and do the research instead they can research and figure out if the market is helpful and only then can take the products and service to those markets.
- Use the right pricing strategy: What is cheap in one country may turn out to be expensive in the other country. This means that knowing the local market, the economy and other financial factors are very essential for employing the global marketing strategy. For example, what is considered cheap in the United Kingdom may be seen as very expensive in a developing country. Which means even though a company wants to be part of a global industry it cannot employ a common pricing strategy all over, they have to analyze the market and decide what is the competitive price that they can employ. The right pricing strategy could be the difference between the failure and success of companies when they go global.
- Understand the cultural importance: Culture is one thing that varies from one country to another. In bigger countries like India, it changes from one city to another. This means that when employing the global marketing strategy understanding the culture of every market becomes that much more important. There have been many cases where something is innocent in one country ends up being offensive in another country, this could be because of the change in language or the culture. This could derail the entire business and bring in a bad name for the business or could make your business a laughing stock. Taking the help of the locals and researching the cultural importance is very key to a successful global marketing strategy.
The globalization has brought in many challenges for smaller companies and markets who are fighting hard to preserve their culture and business model. However, globalization has also helped companies to reach out far beyond the seas and be successful in their business. All these marketing strategies help companies in figuring out what to do and what not to do. Making the best out of the opportunity means making sure that you understand the dos and the don’ts.