For most businesses, a global marketing strategy is an ultimate dream.
Before entering the global market and becoming world-famous, each top brand name like McDonald’s, Volkswagen, or Samsung (you name it!) had a long and rough journey starting with something small in one country or city.
Today, becoming a part of the worldwide market with an original brand has become less complicated thanks to search engines, digital advertising, social media, and video platforms.
Despite the abundance of marketing channels and the tremendous opportunities of advanced technologies, going to global markets is still a challenge that takes consideration and resources.
In this article, we’ll review everything that concerns global marketing. You’ll discover the main strategy types, the key advantages of conquering international markets, and the core components for creating an international market strategy.
Finding the Balance Between Global and Local
Marketing teams, especially in large businesses, may choose pretty opposite tactics when it comes to the globalization process.
Sometimes, central departments take control over every single local market. In other cases, they focus on a specific local market, fragmenting their efforts and failing to see the whole picture.
Each brand that plans to go global should find the balance between accumulating a profitable business environment in the home country and concentrating marketing efforts in foreign markets.
Let’s consider this question more clearly below.
The Main Types of Global Marketing Strategies
There are a few ways companies can enter the global market:
International marketing features importing and exporting a product or service around the world with the assistance of foreign suppliers while keeping the physical facilities in their homeland. The capital market of an international business is the native country.
Multinational marketing implies the positioning of the company’s offices and facilities across multiple countries intending to produce, promote, and sell a product or service in place and at local prices. Regional offices in multinational companies act separately with no coordination with each other.
Global marketing involves activities of multiple offices in multiple countries that act together under the guidance of the central corporate office that has a global strategy for the brand.
In addition to that, there are two global marketing strategies used to spread brand messaging:
The Core Global Marketing Strategy Components
Here are a few recommendations for building a successful global marketing campaign.
1. Define and Separate Global and Local Activities
A global marketing strategy should include general plans scheduled around the world and specific initiatives that happen on the local level.
Some sectors would rather be guided globally, namely branding policy, overall planning, and budgeting. Other sectors are better managed on a regional level. Such activities may include local campaigns, PR events, tactical initiatives, and communication across social media channels in the region.
Dividing the markets into layers can significantly improve your business perspective. It helps efficiently allocate resources both on global and local levels. Identify various areas within your marketing concern before you’re stuck with time and money issues.
2. Resonate with the Needs of Local Markets
One of the biggest mistakes marketers could make within their global marketing strategy is to ignore regional variousness. Global brands must constantly monitor current trends and the personal needs of customers across local markets.
Global and local teams must develop a single comprehensive approach to gain mutual benefits. The times of one-size-fits-all marketing initiatives applied internationally have gone. It’s no secret that the mentality and cultural background of people from the USA, France, and India differ greatly. Thus, you have to concentrate on different customer values to meet their needs.
3. Build a Proactive Marketing Strategy
Identify marketing areas beforehand. Make an upfront analysis of all business activities from the viewpoint of a certain region. Consider local characteristics and customer behaviors, including legal systems and economic situations. It’ll s`ave you from unreasonable costs and help plan an actionable marketing strategy.
4. Energize Your Local Marketing Campaigns
Local teams to build up an effective and scalable marketing plan. All departments must be well-trained and positively motivated to fulfill brand goals. Find an experienced global campaign manager who can guarantee workflow excellence and successful communication between a central office and affiliates.
Planning business activities must be clear and consistent. All the staff, from global execs to regional employees, must know the work schedule, project objectives, and deadlines. Consider different time zones in the countries where your marketing team will deploy campaigns. Keep your company calendar straight to time changes. Otherwise, everyone will confuse your business plans.
5. Keep Track of All Marketing Processes
Monitoring and coordinating activities in multiple markets. You need reputable brand officers to manage the performance tracking of your marketing campaigns.
Make sure you remember the following:
Build KPI systems based on marketing objectives. Pick the most effective KPIs for global and local teams.
Collect the KPI data separately. That’s how your brand will better understand the contribution level of each team to the overall success.
Make the analytical information accessible on every level and review it regularly. The marketing strategy results will help the teams move in the right direction and drive a good deal of friendly competition between them.
Deliver the best practices to every single department. Keep in touch with in-market teams personally or through your officers to analyze and make current decisions and tactics optimized.
6. Examine the Overall Impact of Marketing Actions
Conclude at the end of each global to local story. Estimate the insights you have gained. Reverse-engineer the most advantageous ideas to avoid pitfalls and outperform in the future. Use automated solutions to deal with customer feedback.
7. Elaborate Consistent In-Between Interactions
Make sure local and global teams stay in touch even when the company has got through with the localization campaign. Close communication helps improve professional growth and keeps everyone informed about industry trends around the world. If your local marketing teams are pretty far from the central office, you can always connect them via digital channels.
Execute a Global Omnichannel Marketing Strategy with Viseven
At Viseven, we’ve assisted dozens of global pharma brands with their marketing strategies.
Are you planning to go global with your pharma company or have issues with a current global campaign? Our professional team will be glad to help you create a marketing strategy from scratch or enhance your existing plan regardless of scale and the level of digital maturity.
Based on an omnichannel marketing approach, modular content approach, and advanced technical infrastructure, we can improve the level of customer experience, reduce time-to-market, and save marketing expenses by:
managing global-to-local content production
covering the entire content lifecycle with KPIs for every channel
streamlining the content localization and adaptation processes
automating the content distribution and delivery
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