Why is global marketing important?
1. Raises brand familiarity and reputation.
2. It gives businesses new opportunities
to create new streams of income.
3. It gives businesses the opportunity to
gain new knowledge about their products in order to adjust for better quality
service.
Strategies for a successful Global Marketing
The planning part of a business is plays
an important role which helps to grow new markets around the globe.
1.
Using a unified approach of marketing : - When you are targeting a global
market there were no global boundaries as such, for better growth of your
business one analyze a market and then plan their marketing strategies
accordingly.
2. Establish
a popular and well –recognized brand: - When a business is successful and
popular in their native country, curiosity arises in other countries from
foreigners willing to try out their products.
3. Adjust
your approach: - Just because a marketing strategy was a success in a
business native country does not mean that it will translate well in other
country with different values, cultures and languages.
4. Tailor
your products based on where they are going to sell : - (a) Are your
services or products are in any way culturally offensive?
(b) Is your business following foreign
government rules and regulations?
(c) Is your business brand/ trademark
unique to the country in which services are provided?
5. Specify
your message based on your location: - Different people have different
wants/needs, and this is especially true for p
eople that live in different
countries. A business must make sure that their promotions speak to their
customers, whether native or foreign.
There are more strategies also (a) making
a marketing plan (b) personalize promotions (c) keeping branding in mind (d) utilize
the correct technology and software (e) taking advantage of available data etc.
Benefits of Global Marketing
1.
Increase the quality of a product or service: - When a business expands
into a new market, they gain more knowledge. With analytical tools, they
acquire knowledge at a faster pace, which leads to a higher quality of services
or products that are available for customers.
2. Lesser
cost, more saving : - By
establishing a brand in other global markets, a business can acquire more
consumers and get them familiarized with the brand to a point where the
marketing does itself ( recommendations, social media, posts etc. ) Plus by
taking advantage of social media business use less money for promotions. And
also as we know the basic concept of production is if the number of units
increases, the price of per unit decreases.
3. Gain
relationships across borders: - Not only business can form a relationship
or even partnership within their native countries (i.e. Coca-cola and
McDonald’s),but they can also establish alliances with foreign corporation to
sharpen their edge within the global market.
There are other benefits also (a) the
familiarity of brand image (b) raised knowledge about your brand (c) reach a
wider target audience (d) gain the upper hand on your competitors (e) helps to
manifest good strategies faster in a more efficient way (f) influence and scope,
etc.
Some Global Market Examples
1. Coca-Cola
2. Airbnb
3. Domino’s
4. H&M
5. Dunkin’Donuts
6. Kentucky Fried Chicken
7. Starbucks
8. McDonald’s
9. Nike
10. Red Bull
By: Shivani Awasthi (FullFry)
