Given that shopping habits, cultural beliefs, and even religious beliefs tend to vary from country to country, creating a successful multinational business can be a challenge. Therefore, when marketing your brand internationally, you need to employ a strategic approach to global markets.
Here are 10 important principles to get you started.
- Change Your Products to Meet New Demands
Customer needs generally vary from one country to another. For instance, some chicken flavors are more likable in some countries than others. If you have to alter your product’s flavor, packaging, or even design to get customers in the new market, it is worth it.
- Choose a Feasible Pricing Strategy
According to experts, consistency plays a great role in building a brand. One way to remain consistent is to maintain your prices within the same range even when entering a new market.
- Understand Customer Behavior
When developing a marketing strategy, you should first understand the behavior of your target customers. These could be anything from their likes and dislikes to their cultural beliefs regarding your products.
- Choose Promotion Strategies That Will Work in New Markets
Business strategies that work in your country may not bear fruits in other countries. The opposite is also true. To succeed internationally, ensure that you are conversant with strategies that will make your business successful in a foreign country.
- Know Where Your Consumers Prefer Shopping
In this digital era, some people prefer shopping online while others still stick to the traditional shopping-in-person style. You should, therefore, determine where you can set up premises for customers to access easily. While at it, incorporate some digital pages where online shoppers will view your products and purchase them.
- Know-How to Present Your Products
While brand consistency is important, it may work to your disadvantage in some cases. For example, some countries associate different colors with certain sentiments, both good and bad. Therefore, if your product color portrays a negative image of your brand in a certain country, you should consider changing it.
- Determine Which Messages Will Resonate with the Market
If the competition in the market is stiff, it is important to position your brand well immediately after you enter the new market. Show the target audience what you will do for them and why they should choose your brand over others.
- Get the Ambiance and Mood Right
If your business is service-based, it may not be easy to alter the services to suit the new environment. Even so, you can design the physical space into an attractive environment that would resonate with the local community’s preferences. This could be anything from music to the choice of interior décor.
- Don’t Overlook Your Local Teams
Local teams are crucial when it comes to marketing in a new environment. They will help you navigate more easily because they understand the market better.
- Know What Your Consumers Need
While you aim to build your brand and increase your profits, you should also ensure that you are valuable to your new community. Customers should be able to point out how you have transformed their lives positively.
How Economic Development Collaborative Can Help
These are some marketing strategies that will help you succeed in the global market. If you need support in launching and running your business, Economic Development Collaborative can help you with the required resources. We offer funds and consultation for businesses in Los Angeles, Santa Barbara, and Ventura County. Contact us today to learn more.