Global Marketing is how a business organises and advertise its products or service in a worldwide market.
- What’s a Global Marketing
- Benefits of Global Marketing
- Importance of Global Marketing
- Advantage of Global Marketing
- The disadvantage of Global Marketing
- What are Global Marketing Strategies
- GLOBAL MARKETING CAMPAIGN DEVELOPMENT
- Global Marketing Vs. International Marketing
- GLOBAL MARKETING EXAMPLES
- Global Marketing mistake
What’s Global Marketing?
We usually know, Selling a product internationally is called global marketing. But it is more than that. It is a marketing strategy where your company adjusts its marketing. Moreover, to adopt the condition of other countries. It is a full process of planning, then producing, placing is done, and at last, promoting your products in global markets so that customers can purchase.
Large companies have their offices in countries they are marketing. But with the help of the internet, small companies sell their products/services anywhere in the world.
Even if a business decides not to grow internationally, they can still face some local competition from global companies. This pressure of competition is necessary for companies for creating an international presence.
Benefits of Global Marketing
There are many benefits of global marketing strategies; let’s read it below.
- Create Brand Awareness
Through the internet, your brand gets a sharper image and awareness. Consumers will know your business progress from all over the world. It will increase its Consumer brand awareness.
- Improves the Efficiency
Your company’s efficiency will increase in many aspects as now you will start to deal at a global level. So a lot of new learning will also be developed your company network will also increase. It will increase your company’s efficiency in products and services.
- Competitive advantage
Where every business is competing in local, you are acquiring customers from the global level. Globally, competition is also not so much. If you manage to survive in the international market and your competitors cannot, this will give you an extra edge over the competition.
- Lower marketing costs
This strategy is cost-effective, and you can now acquire customers on the internet. Moreover, you can market your products globally. This will reduce your cost but provide you with a good impression.
Importance of Global Marketing
- It provides a new business opportunity for the business.
- To create a brand image and reputation
- Provide information about the new market and gets feedbacks
- To create new income streams
Advantage and Disadvantage of Global Marketing
There are many advantages and disadvantages of global marketing.
Advantages of Global Marketing
- Less Cost
Marketing expenses reduce as a common message is spread at the international level. It will help to maintain profits level.
- Global Feedback
With the same message shown to the whole globe with feedback. The feedback received is valuable as it defines the product satisfaction. With feedback, a customer gets pleasure throughout the world.
- Global Reach
With the internet boom, you can expend your business on a global level easily. You can now target international clients as well. It is because it allows us to target other countries as well. It creates a brand image in a large area.
Example – Alibaba
Disadvantages of Global Marketing
- Inventory management
Inventory stock is a major problem because it is hard to calculate or judge the demand of ideal customers at a global level, which results in overstock or no stock available in inventory. It will cost high for the company. So, it’s better to research global level instead of hurrying in launching.
- Government Interference
Sometimes, the government changes its policy by which it gives loss to the company. It shifts its manufacturing plant or change in the tax rate. Due to this, companies suffered a lot.
- Cultural Barriers
Your business product can or cannot be suitable for their culture. There is a possibility that the customer won’t like the products because it is against their culture.
Example – KFC has to manage their menu without beef in India.
Global Marketing Strategies
Global Marketing Strategy is a part of marketing where your company expands globally. When expending some of your company aspects don’t change like the name of the company, logo, etc. But the marketing is changed according to their local types like advertisements, messaging, channels, etc
It is an important part of global strategy as you will get recognised by the customers of that country.
Global marketing strategies used by companies are
- Strong Brand Image
Customer’s priorities are a strong brand and consistent image when expanding internationally. With an increase in the level of the internet, brand image has become more than a brand culture. The company brand you support should follow the culture. It will be a loss if you not take care of it at the time of global expending.
- Exporting your product or services
You can enter in the global market by exporting your product or service from your country. This is a common entry strategy to enter in global market level. Exporting from your country and supply work can be handle by your branch there or by agencies.
Franchising is a strategic part in which Frencher provides Frenching distribution service management. It involves offers like capital, market knowledge, involvement in managing. It is a secure and fast-growing business strategy for companies with less capital investment. Franchising license companies can enter a global market. It can come with a local company through a joint venture.
You can invest in a foreign country if you have enough funds. It allows you in the involvement of marketing, management, production, and finance. Or you can directly invest in their assembling facilities. You can do this when the market capitalisation is vast.
GLOBAL MARKETING CAMPAIGN DEVELOPMENT
To developing your global level campaign, you should take care of few things. Let’s read about them.
Understand your market properly
Understand your market properly, understanding their need, their demand, their wants. Different countries have different buying behavior and norms. Detailed market research should be done to understand the market properly how people buy where they buy, etc. The study will make your business grow with less risk.
Create a plan that goes well in their country. You have to make your business plans accordingly to the global market, as the audience has a different mindset or the competition level is high. You need to customise your business according to the local knowledge of there. First, find out your objectives and goals and then make strategies according to it.
Keep change according to the customer.
The techniques or strategies you are using locally don’t need to work on a global level too. As the audience is now from global, they have a different mindset. Global marketing strategies should be modified according to the need or situation.
Language should be local
Language should be local to make the customer understand. If the customer doesn’t understand, then global market strategies won’t work. Thus, it is necessary to use their local language to convey the message to them. You need to know their holidays or event to connect with them and have a personalised experience.
Global Marketing Vs. International Marketing
Although, there is some difference in global marketing and international marketing. They sound similar, but they are different.
Difference between Global Marketing Vs. International Marketing
|Basis of Comparision||Global marketing||International Marketing|
|Target||The whole world is targeted||The specific country is targeted|
|Customer engagement||Less engagement of customers||Customers engagement is high|
|Advertisement||Single advertisement is run globally, means single ads run everywhere||Advertisement is run according to the target and tailored for the local customer.|
|Product type||Same Product globally||Product launches according to market needs and demands.|
GLOBAL MARKETING EXAMPLES
As we have got a lot of information about the global market and its marketing. For Example, let’s know some practical examples of global marketing.
Airbnb is a marketplace where accommodations are booked or listed. It has spread to 34,000+ cities. The main success of company expansion is social media using its first hashtag #onelessStranger. These social experiments allow the user to give random acts of hospitality service with strangers. Also, they can take a photo, a video with them using their hashtag.
Domino’s main attention is on menu innovation which increases global customers’ interest and awareness. Their strategy was that they only change toppings in every market. Instead, they keep their bread, sauce, cheese consistent. This work well and with less tailoring, they capture the almost whole world. Nowadays, if we think of pizza, we remember Dominoes.
Nike is a huge company that is well known for making shoes. Their global marketing strategy was that they give power to the customer for designing their shoe. Customer can self create their shoes by changing colors combination, design of shoes, etc.
Global Marketing mistake
Although, there are some mistakes which companies do. But, avoid these mistakes for better expansion.
No Detailed research
You have to detailed research before entering into the global level. Without proper research, it will be hard to understand customer interests and demand. Thus, this will create a barrier for the company if the customer didn’t show interest in products.
So, find opportunities in the market and fill it.
Generally, if you want to connect on a global level, you need to capture the customer. That’s your ultimate goal. But without using their local language, it will be hard for the company to gain trust. Thus, to represent a well-being brand, the local language translation is a nice strategy. The customer will be emotionally connected and then will purchase the item.
Not creating country-specific language website
If you want to enter in global level, make yourself a brand. A brand has a website in the local language of the customer they want to capture. Although, it will maximise their attention, trust, growth. But, this way, the customer will get details about the company, and the chances of buying the product will rise.
To conclude, the global market is a market where a business can sell their products, services. Gathering of selling in a local country, you can sell a whole global level. There are more customers in comparison to the local level, so profit becomes more.
Expanding business to a newer country need research, and without research, your expansion can be in risk, and the money can be wasted
Although, there are many marketing strategies, you can use for capturing global customers. For Example, Strong Brand Image Manufacturing, Franchising, Exporting your product or services.
The global market is different from the international market because of its priority, target, customers, strategy, etc.
Reaching to the Local customer
Understanding global market needs and demand
The global marketing environment is the factor that affects the company’s efficiency in both product and service distribution: political factors, Customer factors, Competition, Technological factors, Legal factors.
Strong Brand Image Manufacturing
product or services
In short, it is a process of making strategies of your company to acquire a global customer and to adapt in their country condition