IM/U2 Topic 11 International Marketing Strategies
The International market is entirely different from the local market where you just have to take care of a few things like price and quality. But the moment when you get your product out in front of the whole world, it does not only need to be quality perfect, but it also has got to look great, too. Although, the number of factors affecting the business are very high in the international business, but the basic concepts of marketing your brand internationally are same as that of domestic ones.
Types of International Marketing Strategies
- Individualized Marketing Strategy
Individualized marketing, as its name suggests, focuses each and every targeted market in detail which requires the company to gather an extensive amount of research data. Therefore, to maintain the balance between the profit and the costs involved in that research, the focus is kept to, just, two or three countries. Furthermore, a revised version of the product is created to match the needs of all the individual markets by keeping economic, political and social factors in the notice.
- Global Marketing Strategy
Promoting a brand globally enables it to create a unified version of the product by ignoring most or nearly all of the differences between different countries is known as global marketing. Application of such international marketing strategies takes place just because of the reason that the world is now acting like a global village where customers are having a standardized taste and their ideas of assessing a product are getting more and more similar. This strategy cuts the costs of research significantly, but promotion needs enormous efforts to get the word for your product deep down in the markets.
These international marketing strategies are also known as Global Marketing Strategies and almost used in all over the world as marketing product or brand globally.
Tools for International Marketing Strategies
Even though the market gets bigger and bigger as the number of targeted countries increases, but the tools used for promotion are same.
One of the most powerful marketing tools that can help you achieve your dream of converting your product to sales is advertising it through different means. Put the word for your product in international newspapers, radio channels, anything that can get a poster on it and most importantly, the Internet because it houses hundreds of other means of marketing your brands like emails, websites, and many others. Furthermore, you can also run a contest for which entrants will have to share the news about your brand to their friends and family.
- Price Promotions
The best way to get a buzz of the product is by putting up some promotions. Either you can give your product sales a huge boost through discounts or by giving your customers some timed trial or you can couple up your product with a freebie for every purchase.
- Make use of tradeshows
There are many types of products that customers do not buy until they have tested by themselves especially cars. Actually, they are looking for the experience of the product to be purchased and that’s where tradeshows come into play. The company invites its customers to the trade show and let them experience the full potential of the brand.
- B2B Marketing
B2B is an unusual tactic often used by bigger enterprises is to spread the word among individuals and organizations alike which allow them to sell their product to other commercial businesses, institutions, and other agencies, which can then either use this product or resell it.
- Inbound Marketing
Making use of the requests, for the new products, often made by the customers can undoubtedly lead to additional sales of services that you currently have. For example, when a customer contacts the bank to check the account balance, the bank’s contact center takes advantage of the chance and offers its customers to apply for any other service.
- Outbound Marketing
Reaching out to individual target groups is a lot more fruitful than addressing the whole world, since it lets the potential customers know that a particular business exists and can be a lot more advantageous to our cause. For this purpose, a list of prospects is developed that can provide a starting point for the brand and this list is, then, further refined to concentrate the search for new customers. The same was the case of Microsoft when it spread the word of its accounting software.
Limitations of International Marketing Strategies
Although, marketing your product internationally exposes your brand to a wider audience, but there are many constraints that can quickly neutralize your market efforts.
- Language and cultural differences
The difference of the language is what keeps most of the business from entering a market with an alien language. That’s why, most of the advertisements, product guides, and even products themselves (if possible) are converted to the language according to the market. Let’s say you want to release your product in Portugal; then you will have to convert everything from that product’s parent language to the target market’s language (e.g. Portuguese) and not just generic ones, but the refined ones too (like Brazilian Portuguese).
Keeping an eye on the cultural differences is also important and in some cases, it becomes the strongest constraint to the business success. Since, advertising symbolism may mean similar, but due to differences in culture and values, the same thing may appear to be aggressive.
- Media Structure
A newspaper in Latin America, usually, has a deeper and wider reach than television and radio or any other mean of communications. Similarly, cable TV are either not well developed or are entirely absent in some countries. Furthermore, some cable operators also refuse to put advertisements in their connections. That’s how international marketing strategies differ from country to country and so, do the costs involved.
- Rules and Regulations
Each target market has some rules to follow implied by the respective country. The same applies to advertisements and their means. For example, some countries have rules that any advertisement that is to advertise needs to be created in the country, while it is also a fact that comparative marketing is banned almost in every country except USA.