International Marketing Strategy Concepts
International marketing is an essential step, if you have global ambitions for your business. It is the cross-border process of planning and executing numerous concepts to gain market share in other countries. Developing your international or global brand will require additional strategies. Your marketing process must be tailored to applicable language and socio-cultural factors. Executing an international marketing plan may require you to choose a competitive strategy as well.
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International Marketing Definition
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International marketing, sometimes referred to as global marketing, is viewed by the American Marketing Association, "as a multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services." Many companies are adding international marketing components to their management strategies as it can offer new opportunities for revenue generation. Furthermore, it allows companies to stay competitive as an increasing number of companies opt to operate on an international level.
International Markets Are Like Start-Ups
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Entering a new international market is similar to starting another company. When you first enter an international market, in many cases, you have no sales, no marketing infrastructure and little or no knowledge of the market place. Companies that treat international marketing as an extension of its current operations are often disappointed at the results or lack thereof. Build a new marketing strategy based on customized data of your target customers to improve your international performance.
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Adapt to Language and Socio-Cultural Factors
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Successful multinational companies like Coca-Cola, Sony and Ferrari recognize that paying close attention to differences in values, customs and currencies can be profitable. Assess the four "P's" of marketing (product, price, place and promotion) to gauge your viability. If your assessment shows that your product does not translate well, then consider the differentiation approach. Differentiation is the process of customizing your product to appeal to different markets.
Competitive Strategy
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Depending on your product or service, it may be advantageous to focus your marketing efforts in a particular region within a country. Identify growth segments in your markets and analyze whether your company is best suited to being the market leader, challenger, or follower. Select a positioning strategy that allows your company to thrive. Your well-planned and executed international marketing strategy may transform your company into a global one.
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