How to Improve International Marketing

Penetrating global markets can be rewarding but also intimidating. Studying an international market for market viability requires tremendous energy, capital, and time investment. Furthermore, attracting new customers, increasing sales, and establishing business positioning and stability can be difficult. Still, with a proper marketing plan, you can achieve success. Here are some tips to help ease the process:

Why Do Businesses Penetrate Global Markets?

Companies frequently enter global markets to broaden their reach. To succeed, entrepreneurs must be willing to change and adjust their marketing based on the country into which they are venturing. They will also need a local understanding of the region.

Why is localization so important in international marketing? According to statistics, the most common languages spoken by internet users are Hindi, Chinese, and English, but only 30% of the global population speaks English fluently. So, what do these findings imply for your company?

• Up to 60% of customers are unable to purchase from English-only platforms;
• Over 70% of consumers prefer buying from localized online stores;
• More than 71% of shoppers are comfortable reading websites written in their native language;
• Over 50% of all questions on Google are available in other languages apart from English.

Based on these statistics, businesses must adopt and conform to new languages and cultures in order to survive and succeed in an international market. How then can they improve their global marketing strategies?

Consider Product Pricing

Product prices differ from one region to the next. Consumers will sometimes buy specific products from other countries because they are less expensive, regardless of shipping costs. A critical marketing strategy is to adjust your product prices to fit the new region's market. Conduct extensive research beforehand to determine the pricing.

Identify the Market Opportunity

How huge is the demand for your products or services in the new country? You must know how endorsed it is, the number of competitors, and the customer base.

Ask yourself: what are the possible trade restrictions or barriers? Is this the ideal time to launch my product in the new market? Is the demand stable? Use the answers to these questions as a foundation for your next step.

Collaborate with Local Partners

Local partners have a better understanding of the new market than you do. Working with local agents, distributors, partners, licensees, or even affiliates can assist you in establishing a presence in a new country. Consult with local business partners extensively to ensure that your marketing concept and materials are appealing to local consumers.

Sweet Tips from Ally

Remember, the right international marketing strategy can either make or break your company. Write everything you plan to do in your marketing plan and don’t forget to include your budget, expectations, and timelines. This will give you a starting point in your quest to achieve your global marketing objectives.