- October 23, 2017
- Posted by: Wevio
- Category: Wevio Blog
International marketing is as the name implies. It is the application of Marketing principles to more than one countries. However, there are crossovers between international Marketing and Global Marketing.
Global marketing refers to the practice of marketing activities coordinated across multiple country markets. Hence, international marketing and global marketing are sometimes used interchangeably.
International marketing includes planning and execution of conception, pricing and promotion and distribution of ideas, goods and services. Resulting in exchanges, it leads to customer satisfaction and Organisational objectives.
To achieve success in International Marketing, a good international marketing strategy is important.
Here are some of the Important Strategies that you should keep in mind while planning international marketing strategy:
Look Out For the Travelling Of Your Product
It is the first and the foremost step of your international marketing strategy. Internet facilitates to fetch orders overseas. But it is not a good idea to market your products abroad always.
Each and every product need not travel well. Hence, to expand into news teritorries, find out of you can sell it without adapting it.
Research New Territories
To establish yourself internationally, you obviously need to widespread your outreach. Your experience and pre-existing resources enable you not to start again from the scratch. You need to research the new markets and think of logistics, orders and customer service.
Hence, it is indespensable step of international marketing strategy.
Figure Out the Size of Your Market
You need to be aware of your market size along with your competitors. Further, “how big your customers can be” is another important point of concern.
Knowing any potential trade barriers is another important thing!
Work with Local Partners and Check Your Prices
Affiliates, distributers, licensees, partners or Agents help you to furnish in market. Hence, close association with them ensures that your material has local appeal, without mistakes. So, this makes a crucial international marketing strategy.
Next, you need to research price levels in different territories. Your prices must take into account the costs of freight, transport, packaging and agent’s commission.
Well.. this is another important international marketing strategy. The marketing channels vary in each territory. In some countries, you may rely only upon social media and online advertisements. Whereas, in others, you may opt for radio or newspapers.
Local Customs and Right Timing
Customer service that works in one country might not work in the other. This may be due to differences in culture, language, etc. Levels of formalities, business etiquette etc may either make you or break you.
Timing is another important international marketing strategy. What you are selling may be ahead if its time in some countries, while outdated in other.
Exhibiting yourself at trade shows overseas is a good way of making contacts. It also helps to know what your competitors are upto!
Hence, it definitely secures an important place in International Marketing Strategy.
Marketing does not go about unplanned. It requires a set of plans, executions and strategies to bring in success.
So, planning you international marketing strategy checklist becomes vitally important.