Creating a global marketing strategy could be an important investment for your company.
Creating a comprehensive global marketing strategy is the most important thing interfering with your company competing on a global scale.
Marketing on a global scale is necessary for many businesses to achieve. When businesses market on a global scale, they increase their client base, their traffic, and their bottom line. Increasing the number of customers that a company has is an effective way to increase sales.
Importance of Global Marketing Strategies
Developing a global marketing strategy helps your business in many ways. The first way is that marketing globally improves the effectiveness of your company’s products and services. As your company grows and learns, the more effective you become at rolling out new and improved products or services. As your company continues to offer your customers better options and offers, your company should share their improvements with a wider audience. Creating a global marketing strategy allows your company to do this.
Another feature of a global marketing strategy is that it creates a stronger competitive advantage for your company. Many companies don’t have a difficult time at competing on a local basis. If your company has no problem competing on a local basis, this is your chance to improve your competitive advantage and compete on a global basis. Competing on a global basis allows customers worldwide to be better-informed and more focused on the products and services you offer. Creating a comprehensive global marketing strategy also allows your company to adapt quickly wherever needed based on customer demands and trends in the global marketplace.
Another benefit of global marketing is that it increases the customer awareness of your company. When customers all around the world are informed about the products or services your company offers, they are able to interact with your company now that they know about your company and the many benefits you have to offer them. The internet has allowed customers to track the progress of products all over the world so if your company steps up its global marketing game, customers around the world will notice.
Creating a comprehensive global marketing strategy can help your company save lots of money. When your company focuses on new markets, they can reduce their cost through standardization. Also, when companies leverage the internet, the cost of them marketing globally is severely reduced. When your company leverages the reach of the internet to interact with millions of customers in other countries, you are able to serve customers better worldwide and all at a low cost.
Global Marketing Examples
Airbnb now has listings in over 190 countries but when they first started out, people were not too enthused about staying in a stranger’s home. Their CMO is the reason for their global success by developing a successful global strategy. Their strategy of localization, with a dedicated localization department, is the reason they’re accessible around the world. They also helped get rid of people’s fears of staying in a stranger’s home with their storytelling tactic which was essential for developing trust between their hosts and travelers.
Apple, Starbucks, and Coca-Cola have established themselves very well in hundreds of countries around the world. They have been able to do this by offering area specific experiences to their customers. While the look and feel of these companies does not change no matter what country they are addressing, they still manage to offer experiences that resonate the best to their customers, no matter where they are in the world.
Ikea offers low prices with their sustainable, functioning and quality products around the world. Like Apple and Coca-Cola, though, they still understand how important it is to know each one of their different international audiences. Ikea has been able to become a well-known store around the world with their ability to examine shifts in societies all over the world, as well as, people’s perception of them.
The importance of international marketing is great because it allows companies to increase the awareness of their brand around the world, increases their competitive advantage and could even be a not so expensive undertaking. When companies begin to offer their products and services on a global scale, they quickly learn that it was only their doubt and fear of failure that was holding them back.