Before the Internet, few successful companies needed global marketing strategies. These were the biggest names in the industry, operating in international markets with collaborators located around the world.
One such company is Coca-Cola. The beverage company has served a global customer base for decades, customizing advertising, distribution and pricing for each market while maintaining its global brand strategy of sharing happiness.
Fast forward to the 2000s and most companies are global from the start. The Internet makes it possible for anyone to create an onlinebusiness presence– whether it is a one-page website, an e-commerce store or a social media profile.
With proper budgets and marketing creativity, businesses of all sizes can launch global marketing campaigns and acquire more customers without dedicated marketing teams.
It is important to create a conscious globalmarketing strategybefore conducting global marketing campaigns. A solid strategy increases your chances of connecting and converting with your target marketprospects to customers.
In this article, you'll learn how to plan a global marketing strategy — but first, let's cover the basics.
What is a global marketing strategy?
A global marketing strategy is a comprehensive marketing strategy to expand a business into markets around the world. It is the reference for localizedmarketing plansto reach different regions and new markets.
A global marketing strategy is not just about selling products across borders. It involves layering the4 P Marketing(product, pricing, promotions and location) with other marketing processes such as analytics,planning, track results and collect social proof.
A global marketing strategy requires adapting yourthe company's overall marketing strategyandbrand stylethe culture and conditions in each country or region in which you operate.
Your strategy should aim to increase global brand awareness, gain a competitive advantage, and position your business as a valuable solution for your customers. It should also highlight your relationships with the communities in which you operate and how you give back.
How to plan a global marketing strategy?
A significant part of global marketing strategy today is digital. This is primarily divided intoowned, paid and earnedMarketing Channels. Your market demographics and location will dictate where you spend most of your budget and effort.
Ensure your global marketing strategy is consistent with a consistent brand name, similar products, identical packaging, aligned messaging, similar pricing and synchronized product launches. Group similar countries together to form a geographic segment and streamline your marketing efforts.
To start creating your global marketing strategy, ask yourself the following questions:
- What is your company trying to achieve in the global market?
- Are you creating a new market or tapping into an existing one?
- Which countries or regions support your company the most?
- What is the majority demographic in your market?
- Why do customers love your product?
- Where are your competitors most active?
- What is your competitive advantage in potential markets?
- How can you improve and scale what works best?
- What are the specifics of your potential markets?
- Should you have a single brand story or different messages for different markets?
The answers to these questions will put you on the right path to developing a well-rounded global marketing strategy.
Steps to plan your global marketing strategy
The following steps will help you plan a strong global marketing strategy:
Conducting market research
It is crucial to get a first-hand understanding and assessment of your potential markets. Study their culture and behavior. Which channels are best for marketing? Where do they meet online and offline? Thorough market research protects you from avoidable, costly mistakes.
Analyze where your market segments are coming from and consider the factors that help convert prospects into customers. Select regions where you have the most significant business opportunities.
Assemble a team
Your market research will show you which regions best suit your product and company. The next step is to assemble the talent and team you need to execute your marketing strategy.
It is advisable to have some team members with experience and expertise living or working in your target areas. You can choose to hire local freelancers or a marketing agency. Check your budget and decide which option is the best. Invite your team to yoursdigital workplaceby giving each team member appropriate permissions, access, and visibility.
Create your marketing plan
Now you've selected your markets and put one togetherMarketing-Team, you are ready to put together your global marketing strategy. Start by identifying your company's goals and fitting them into the landscape of your potential market.
Study yoursMarketing-Personasand communicate the value of your product in your marketing message. Consider the positioning of your competitors and outline aMarketing planthat emphasizes your strengths.
Your product's value proposition may change in different markets, so adjust accordingly. For example, Uber is promoting cash-over-cards in developing markets where cash payments are prevalent.
Localize your brand message
It's a marketing mistake to assume that every market has the same characteristics and pain points. What worked in one country may not work in another. Localize your global strategy and adopt prevailing marketing practices. Try to delight your new market with a customized experience.
When creating ads and media content, focus on connecting with your customers. Get familiar with what they want and make your messages clear and personalized so there's no confusion about who you're selling to. It's helpful to learn about popular cultural references, events, and holidays to create a truly global, local experience.
Optimize and improve
A marketing strategy is never a one-and-done thingtask. Divided test elements, trackThe marketing analysis, and improve your marketing message to get the best results.Marketing management software like Wrikehelps you run campaigns, uncover insights, collaborate with internal and external teams, and recreate what works.
Benefits of a global marketing strategy
While spreading your brand globally has never been easier, there are both benefits and challenges to developing a global marketing strategy.
The benefits of global marketing strategies include:
- Increased brand awareness:What brand doesn't want the brand recognition and customer base of McDonald's or Starbucks? A global marketing strategy allows you to place your product in markets that you would otherwise not be able to reach.
- Improved productquality:The knowledge you gain from expanding into new markets allows you to fine-tune your products and processes, resulting in added value for your customers.
- Advantage over competitors:Doing business globally gives you the upper hand over local competitors who cannot and do not have a global marketing strategy. You can also quickly adapt to customer requirements or market trends.
- Lower costs:Customers from all corners of the world can find you online, reducing your marketing and advertising costs. These savings can be used to better serve your new customers.
Challenges of a global marketing strategy
However, a global marketing strategy also comes with some potential problems, including:
- Compliance-Probleme:Different markets have different privacy and security rules, such asGDPRin the European Union and the California Consumer Privacy Act (CCPA). You need to make sure your company is compliant when doing business in other countries.
- Adaptation to new markets:It's important to adapt your marketing strategy to new geographic locations. Ever wonder whyStarbucks is not that ubiquitousin Australia as in the rest of the world? Now that local coffee is king in the Australian coffee market, people found the chain too expensive. Localizing your strategy is critical to success.
- language barriers:Businesses have to be extra diligent when there are language barriers. A local agency should approve all translations to avoid embarrassment - for example, if Pepsi lintroduced the slogan"Pepsi Brings You Back to Life" means "Pepsi brings you back from the grave" in Chinese.
Examples of successful global marketing strategies
There is no one-size-fits-all approach to global marketing. You can find many examples by looking at the brands that are dominating their respective industries. Here are examples of successful global marketing strategies.
- Starbuckscapitalizes on what excites local audiences and offers localized menus — like Dragon Dumplings in Hong Kong.
- laymenadapts flavor offerings to local tastes and uses different brand names: Lay's in the US, Smith's in Australia, and Walkers in the UK. This approach is based on maintaining consumer connections with the branding they already know.
- Netflixcommissions local productions within a global infrastructure. The company's massive global marketing underscores the value of linguistic and cultural connections.
- Dominoschanges toppings to reflect the tastes of each market. The basic pizza recipe remains the same, but the toppings add local appeal.
- Airbnbuses the power of social media. Their #OneLessStranger campaign reached three million people around the world in three weeks.
- Nikeattracts global attention through the careful selection of international sponsorships. Demand increases seasonally due to triggers such as world championships and tournaments.
- Shopifycreates websites with localized language and content. For each region, you will be redirected to a fully localized website. Localized content marketing is helping Shopify grow massively across the globe.
- Aboveseamlessly adapts to local customs and spending habits. As the company expands into new markets, it offers solutions for every context. In some places where cash is preferred over card payments, Uber has adjusted its product and marketing messaging accordingly.
What you need to know about global market segmentation
Global market segmentation is the process of dividing your target market into defined groups with specific characteristics. The purpose of segmentation is to identify specific groups within your target market so you can deliver more targeted and niche messages and products. There are four types of global market segmentation:
- Behavioral Segmentation:Behavioral market segmentation categorizes your market based on its past behavior with your brand. Some of the characteristics within this type include buying patterns, past purchases, awareness of your business, and product rating.
- Demographic breakdown:Demographic market segmentation focuses on who the customer is. The characteristics placed in this segment depend on whether you are running a B2B or a B2C business. B2B companies would include industry type, company size, years of practice, and revenue range. Characteristics in a B2C company include age, education, gender, occupation, marital status and income.
- Geographic Segmentation:Geographic market segmentation allows you to segment your market audience based on their location, which is sometimes a helpful factor in making a purchasing decision.
- Psychographic Segmentation:Psychographic market segmentation separates markets based on their personality. Characteristics within this segmentation include lifestyle, attitudes, values and interests.
When entering a new market, effective communication is one of the best ways to differentiate your business. Market segmentation helps pinpoint the messages that are driving your customers to buy and helps you do bettermarketing communications. If your marketing campaigns target specific customer subgroups, you'll get a better response rate than a campaign that uses generic descriptors that apply to everyone but don't appeal to anyone.
How to plan a global brand strategy with Wrike
Planning a global brand strategy may seem overwhelming at first. Wrike simplifies this process for you and your team by providing a digital workspace where you can gather market research, assemble a team with diverse permissions, roles, and access rights, and detail your marketing strategy.
Wrike easily syncs withother marketing applicationsto create a streamlined experience for your team, whether in the office orwork remotely.
Are you ready to expand into new markets and connect with your target markets? Start with atwo-week free trialby WrikeMarketing-Managementsoftware today.
A global marketing strategy doesn't only cover selling products across borders. It includes layering the 4 Ps of marketing (Product, Pricing, Promotions, and Place) with other marketing processes such as analysis, planning, tracking results, and gathering social proof.What are the 3 strategies for global marketing? ›
What are the three global marketing strategies? They are product, service and pricing. You'll need to tie together these three types of global marketing strategies in order to ensure the widespread international appeal of your product.What are the marketing strategies in global market? ›
Beyond its breakdown per country or region, a global marketing strategy almost always consists of several things: (1) uniform brand names; (2) identical packaging; (3) similar products; (4) standardized advertising messages; (5) synchronized pricing; (6) coordinated product launches; and (7) harmonious sales campaigns.What are the seven 7 strategies of marketing and explain each? ›
The 7Ps of marketing are – product, pricing, place, promotion, physical evidence, people, and processes. The 7 Ps make up the necessary marketing mix that a business must have to advertise a product or service.What are the 5 main marketing strategies? ›
The 5 P's of marketing are part of what is often referred to as a “marketing mix”. A marketing mix is the actions brands take to market their products and services by using a specific framework with the five biggest components of successful marketing: product, place, price, promotion, and people.What are the 5 stages of global marketing? ›
- Domestic marketing. Companies in this category are primarily preoccupied with their domestic markets and management is typically not interested in exporting. ...
- Pre-export stage. ...
- Experimental involvement. ...
- Active involvement. ...
- Committed involvement.
The four Ps of marketing: product, price, place and promotion.What are the 4 factors in assessing global markets? ›
Four key factors in selecting global markets are (a) a market's size and growth rate, (b) a particular country or region's institutional contexts, (c) a region's competitive environment, and (d) a market's cultural, administrative, geographic, and economic distance from other markets the company serves.