So you're ready to take your company global? That's fantastic news, congratulations! But, before you launch, do you know the specific countries and global marketing strategy you're going to implement? Here's some advice to help you get things off on the right foot.
What are some considerations of global marketing?
Before making any global marketing plans, you must first decide which countries you’re interested in expanding into. There are a couple of considerations that may impact your decision. These include:
The stability and actual value of currency
When first dipping your toe into global expansion, it's wise to choose a country with as stable a currency as possible and remember that multiple things impact currency stability.
Also, consider that like-for-like conversion of the price of your products likely isn't the best approach. Just as things are more expensive in London than in other parts of the UK, the value of the product you're offering may differ in the country and regions you're hoping to break into.
Market research may only take you so far
Don't get us wrong; we know how essential and valuable market research is. But sometimes, data doesn't give you the whole picture. So, do you have any connections that reside in the countries you're considering branching into? And if so, would they be willing to be involved in the project to fill in any gaps your research may have missed?
If not, we may be able to help. We employ people from all over the world to ensure that the translation services we offer are of the highest quality possible. Perhaps we know someone who could help?
The expansion plan
The timing of your global launch doesn't have to all be at the same time, either. You may benefit from expanding into one country at a time and giving it your complete focus.
Imagine launching across numerous countries and monitoring the performance of pricing structure, brand sentiment, products and more. You'll be tweaking your strategy as you go, and the more spinning plates you have, the more chance one may fall and crash.
When deciding whether to slowly roll out your global presence or do everything at once will depend entirely on the size and strength of the team you have.
These are just some of the things you'll have to consider before you get started. Then, once you're comfortable with everything that's involved in your choice of countries to target, make sure your global marketing strategy include these:
What are the 3 global marketing strategies?
While there will be differences in your approach to different countries, such as imagery, tone of voice, language and search term targeting, the essence of a global marketing strategy is uniformity. Your brand, logo and packaging need to be identical. The test of this is whether someone knew your brand in their own country, travelled to another country, and still recognised you even though the language is different.
Similarly, though the vernacular and tone you choose for each country will likely differ, the overall quality of communication must also be uniform across all the countries you’re targeting, whether it’s your customer service or advertising message.
You can use your original marketing strategy as a basis for this, but you'll undoubtedly have to tweak it to complement your new goals.
2) Product selection
If you have multiple products available in the country you launched in, that doesn't mean you should launch all of them globally. Not only may customers in some countries not want or need all of your products, but laws may restrict you from selling certain items in specific countries.
Ensure you seek all the legal counsel you require and use your market research to select one or two products to launch first. You can always expand later down the line or even develop new products for consumers in specific countries with demand.
Understanding profitability will help you in planning which products to roll out, where.
3) Market diversification
Are you going to target a country as a whole or by region? In some circumstances, a glocal approach may be better than a global one. Going too broad may mean you actually entice fewer people to buy your products rather than more.
As part of your marketing plans, ascertain which countries may require a broader global approach and which may need a more filtered, glocal strategy.
If you're looking for a bit of inspiration, check out five of our favourite global marketing strategies from some big brands.
At Jublo, we specialise in helping businesses expand their product offerings globally. We can help you ensure you’re targeting your audience with the right message and help with your marketing plans. Get in touch to discuss how we can help.