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Before the internet, only a few successful companies needed global marketing strategies. These were the biggest names in business, operating in international markets with employees across the world. One such company is Coca-Cola. The beverage corporation has catered to a worldwide customer base for decades, adapting advertising, distribution, and pricing to fit each market while maintaining its global brand strategy of sharing happiness. Fast forward to the 2000s, and most companies are global from the start. The internet makes it possible for anyone to create an online business presence — whether it's a one-page website, e-commerce shop, or social media profile. With reasonable budgets and marketing creativity, companies of all sizes can launch global marketing campaigns and attract more customers without dedicated marketing teams. It's essential to create a deliberate global marketing strategy before executing global marketing campaigns. A solid strategy increases your chances of connecting with your target market and converting prospects to customers. This article will teach you how to plan a global marketing strategy — but first, let’s cover the basics. What is a global marketing strategy?A global marketing strategy is an overall marketing strategy to expand a business into markets across the world. It's the reference for localized marketing plans to reach various regions and new markets. A global marketing strategy doesn't only cover selling products across borders. It includes layering the 4 Ps of marketing (Product, Pricing, Promotions, and Place) with other marketing processes such as analysis, planning, tracking results, and gathering social proof. Global marketing strategy requires adapting your company's overall marketing strategy and brand style to the culture and conditions in each country or region where you operate. Your strategy should aim to increase global brand awareness, gain a competitive advantage, and position your company as a valuable solution for your customers. It should also highlight your relationships with the communities you operate in and how you give back. How do you plan a global marketing strategy?A significant part of global marketing strategy today is digital. This is primarily divided into owned, paid, and earned marketing channels. Your market demographic and location determine where you spend most of your budget and effort. Ensure your global marketing strategy is consistent with a uniform brand name, similar products, identical packaging, aligned messages, similar pricing, and synchronized product launches. Group similar countries to form a geographical segment and streamline your marketing efforts. To begin creating your global marketing strategy, ask:
The answers to these questions will set you on the right path to creating a well-rounded global marketing strategy. Steps to plan your global marketing strategyThe following steps help you plan a strong global marketing strategy: Conducting market researchGetting a first-hand understanding and judgment of your potential markets is crucial. Study their culture and behaviors. What channels are most appropriate for marketing? Where do they meet online and offline? Conducting thorough market research protects you from making avoidable, costly mistakes. Analyze where your market segments come from and consider the factors contributing to turning prospects into customers. Choose regions where you have the most significant business opportunity. Assemble a teamYour market research will show you which regions work best for your product and company. The next step is to gather the talent and team you need to execute your marketing strategy. It's wise to have some team members with experience and expertise living or working in your target areas. You may choose to hire local freelancers or a marketing agency. Review your budget and decide which option is best. Invite your team into your digital workspace, giving appropriate permissions, access, and visibility to each team member. Create your marketing planNow you've chosen your markets and put together a marketing team, you're ready to put together your global marketing strategy. Begin by identifying your company's goals and fitting them into the landscape of your potential market. Study your marketing personas and communicate the value of your product in your marketing message. Consider your competitors’ positioning and outline a marketing plan that emphasizes your strengths. Your product's value proposition may change in different markets, so adapt accordingly. Uber, for example, promotes cash over cards in developing markets where cash payments are predominant. Localize your brand messageIt's a lazy marketing mistake to assume that every market shares the same characteristics and pain points. What worked in one country may not work in another. Localize your global strategy and adopt prevailing marketing practices. Aim to delight your new market with a tailored-to-fit experience. When creating ads and media assets, focus on connecting with your customers. Get familiar with their desires and make your messaging clear and personalized so there's no confusion about who you are selling to. It's helpful to learn about popular cultural references, events, and holidays to create a truly global, local experience. Tweak and improveA marketing strategy is never a one-and-done task. Split test elements, track marketing analytics, and improve your marketing message to get the best results. Marketing management software like Wrike helps you execute campaigns, extract insights, collaborate with internal and external teams, and re-create what works. Benefits of a global marketing strategyWhile it's never been easier to broadcast your brand worldwide, there are both benefits and challenges to creating a global marketing strategy. Some of the benefits of global marketing strategies include:
Challenges of a global marketing strategyHowever, having a global marketing strategy also comes with some potential problems, which can include:
Examples of successful global marketing strategiesThere's no one-size-fits-all approach to global marketing. You can find many examples when you look at the brands dominating their respective industries. Here are examples of successful global marketing strategies.
What you need to know about global market segmentationGlobal market segmentation is the process of dividing your target market into defined groups with specific characteristics. The purpose of segmentation is to identify distinct groups within your target market so that you can deliver more targeted and niche-focused messaging and products. There are four types of global market segmentation:
When you enter a new market, effective communication is one of the best ways to differentiate your business. Market segmentation helps to pinpoint the messaging that will drive your customers to make a purchase, helping you create better marketing communications. When your marketing campaigns are targeted to specific customer subsets, you get a better response rate than a campaign that uses generic descriptors that apply to anyone but appeal to no one. How to plan a global brand strategy with WrikePlanning a global brand strategy may seem overwhelming at first. Wrike helps simplify this process for you and your team by providing a digital workspace where you can gather market research, put together a team with varied permissions, roles, and access, and detail your marketing strategy. Wrike easily synchronizes with other marketing applications to create a streamlined experience for your team, whether in-office or working remotely. Are you ready to expand to new markets and engage with your target markets? Get started with a two-week free trial of Wrike marketing management software today. Sorry, this content is unavailable due to your privacy settings. To view this content, click the “Cookie Preferences” button and accept Advertising Cookies there. Cookie Preferences What are the two different marketing strategies for global companies?The three key types of global marketing approaches include:. Standardization. In a standardization strategy, you sell the same products in every location. ... . International. An international strategy involves importing and exporting products. ... . Multinational. ... . Localization. ... . Global standardization.. What are the marketing strategies used for global marketing?Beyond its breakdown per country or region, a global marketing strategy almost always consists of several things: (1) uniform brand names; (2) identical packaging; (3) similar products; (4) standardized advertising messages; (5) synchronized pricing; (6) coordinated product launches; and (7) harmonious sales campaigns.
What are the 2 major components of a marketing strategy?Components Of A Marketing Strategy
Target Market: It is the customer segment to whom all the marketing activities are directed. Business Offering: The product or service offered by the business.
What are the 3 strategies for global marketing?What are the three global marketing strategies? They are product, service and pricing. You'll need to tie together these three types of global marketing strategies in order to ensure the widespread international appeal of your product.
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