All about global marketing
There are various methods that businesses will use to get their names out into the market. The methods that they choose will depend heavily on what type of business they are and what they can offer their target customers. Because of the rapid influx of technology into the marketing field, one of the newest, but more widely used marketing methods is global marketing. Here is what you need to know about global marketing-
- Global marketing gives you a worldwide view-Global marketing means that your company is able to be viewed around the world. This means that you have expanded the pool of potential customers; by the way you are marketing your company. Most of the focus of global marketing is done through the use of the company's website. Being on the internet is what is able to give most businesses their worldwide exposure to market.
- You may already be involved in global marketing-As mentioned above; you may already be involved in global marketing, if your business is online. However, this is only the first step in using global marketing effectively. You must make sure that your marketing is still effective. There are plenty of marketing companies that can consult you on using global marketing effectively, however, if they do not follow global trends, this information will be of no use to you. You must be able to follow and understand any changes that could be occurring in global market, as they pertain to your industry. In addition, you will also need to be aware of what your competition, is doing in terms of global marketing, so that your business can respond appropriately.
- It's important to understand that the basics still apply-Just because you are now involved in global marketing, it doesn't mean that the basic of marketing have changed. You will still need to consider the 4 "P's" when you are creating your global marketing plan. Product, price, placement and promotion will all have to be considered and dealt with correctly in order to make your global marketing work. It is crucial to take a critical and close look at the products and services, you will be marketing globally to determine who you price them, place them on the market and most importantly how you will promote it.
- Global marketing works best for products that don't have to change-There is no denying that each product can be received very differently in cultures around the world. However, some products are more widely accepted, throughout the world, then others. These are the products that do best with global marketing. You want to market products that do not have to be changed drastically, in order to be accepted. While you may have to change the language on the packaging, or perhaps the size, other more drastic changes should be avoided. If you find that you have to drastically change the product, in order to market it globally, an in-depth cost analysis should be done, in order to determine if this is the most cost effective solution.
- You must understand culture differences in order to effectively use global marketing-Despite the prevalence of American culture and the English language, savvy business owners understand that they must take the time to research the cultures they will be globally marketing to. Failing to do this research can mean that when you launch your product, it is universally panned, due to not understanding the culture reaction. Keep in mind that among other issues, certain colors, logos or even words, can mean different things worldwide. You want to make sure that your product will have worldwide acceptance, once you use global marketing to promote it.