Steps of International Marketing Management Process:
- Using Domestic Market to your Advantage
Promoting your brand at global level takes a lot of effort and budget. Those who become successful in making their brand reputed in local markets find it a lot easier to promote their brand outside that localization since they know the full potential of their brand. Furthermore, you can use your local market to build up sales and boost up your resources which will prove to be a lot helpful for your international campaigns promotions and to go further deep down to the end of that international marketing process.
- Getting Familiar to Target Market
Knowing your target audience is as important as getting a know-how of your potential since it is the targeted audience that determines your overall planning for the promotion of your brand. Furthermore, as an exporter, it is important to understand that an active strategy is a lot better than chasing for orders around the world. That’s why before setting up their steps in an unfamiliar market, companies analyze the whole global market and by keeping the strengths and weaknesses of their brand, they narrow down their targets to just three to four markets.
It is a common observation that whenever a new company starts a global level business, it often tries to target a country with an almost similar working environment, legal structures and most importantly, economic factors like Canadian companies preferring US markets.
- Testing the Market
According to the third step of the international marketing process, it is always a wise strategy to start out small if you don’t know how to make a big thing work. Instead of jumping right into the market and spending all of your resources at once, it is better to proceed step by step, starting out from smaller investments and a lesser number of exports. This will help you in getting a better view of that market. If successful, then you can increase the exports promptly. By the time, chances of failure are diminished, and it is easier to make changes to strategy on the go to improve it. Furthermore, favorable results from these timed exports also increase the exporters confidence in dealing with exporting mechanics and as well as costumer’s familiarity with the brand.
- Expanding the Exports
Successful initial sales lead to a lot of expansion chances. And that’s the actual result of that intense market research planning that you did while staying awake at nights and missing your meals. At this point and even earlier, your major focus should be on integrating your networks in stronger forms and spreading them. Participate aggressively in major international trade shows to gain more experience and create good relationships with other marketers while increasing the exports you make. Well! It’s just like every other reputed brand. You make negotiations with other potential partners to create a strong win-win relationship to strengthen your brand. As time passes, your experience also grows and at the present stage, you will be confident enough to take tougher decisions for the advantage of the brand in accordance with international marketing process.
- Increasing the Investments in Foreign Markets
Once the brand grows its roots deep down in overseas markets, the profits become encouraging which lead to even more compelling opportunities. And that’s where a company has to choose whether to expand its effect in the target market or not?
The final step of international marketing process deals with the clarification of that foggy image; the customer has in his mind about your brand. So, for the purpose at hand, companies buy an existing company in that locality, open a local office to deal with their customers and to help them and tighten their relations to the partners. Well! You can say that the target market now serves the purpose of stepping stones for venturing further into other target markets.