Are your Strategies Changing Along with the Emerging Markets?

Here are a few guidelines to get you started if your company is looking to make changes to its marketing strategy for emerging markets.

First, you should define what type of emerging market your company is going after.  It may be a completely new country that you will need to create a new strategy for, or it could be a new set of buyers in an already established market. This would require tweaking your strategy to better fit their specific needs.

Next, you should establish the need for your industry in that emerging market and whether or not it will reach the level of success that is ideal.  Consider the strategy that would be used and if it is within the desired budget.

The locals in emerging countries know the market better than anyone because they are producing the tools that we are using.  As a company, you need to recognize the local services and adapt your marketing strategy to what that country is using and wants.

Once the emerging market that you want to enter is established, focus in on a more specific target market and find ways to specifically reach them.  What may work in one market and with one group won’t necessarily work in another.

As a company, you must be willing to adjust quickly and constantly to compete with local businesses in the emerging market.  Price is a huge factor in new markets, so keep that in mind when going head to head against local competitors.

Although price is important, customizing the user’s experience is also important when altering a marketing strategy.  Offer quality and a unique experience that will grab their attention and eventually put your product in their evoked set.

Most of the population in emerging markets is young and experienced with social media.  However, the type of social media used will vary from country to country so it is important to know what the leading platform is and include it within your strategy.

Your company needs to decide the reasoning for entering an emerging market in the first place.  Whether you are trying to gain new customers or just stay a few steps ahead of the competition, it is important to measure the success or failures that may occur. Keeping track of analytics will help make better business decisions in the future.

Your strategy will change over time depending on the position of the product and the success in this emerging market.  These suggestions can help your company create a successful marketing strategy for the targeted emerging market and create more opportunities for the future.

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Making Global Marketing Work

Your global marketing strategy may be full of good ideas, but are you implementing it the right way?

One way to help your global market strategy is to focus on not only your global plans, but your local plans as well.  Both compliment each other and in order to have success in another market, you can’t forget how your business initially started and what the core values include.  The global portion is directly driven by what is done locally.

By dividing the responsibilities of the global and local market, your business will run into fewer issues with defined territories.  By defining these upfront, this will minimize issues from starting.

Many companies believe that expanding globally is a way to generate more revenue using their specific product or service and have no plans to adapt to what the local markets are like and how the culture might interpret the product.  Businesses that are expanding globally need to take the time to learn the culture and lifestyle in order to better understand their target market.

It is suggested that companies form relationships with local marketing teams and trust them to know the local markets the best and to take their expert advice.  Businesses can’t assume that what might work in their local market, will work somewhere else in the world.  Making changes for the specific market is a necessary task.

Once specific global marketing plans have been established, it is important to seek feedback prior to the campaign and make sure no legal issues are there that may prevent future work in the market.  Starting this early will offer the opportunity to make changes that might be seen as a problem in the future.

Once the campaign is planned to go in effect, it is important for a business to be very specific about responsibilities and deadlines.  Making sure everyone involved is aware of the expectations will make it easier to stay on task at a global level.  Working across multiple channels can be difficult but communication is key and must be implemented by all levels involved at the local and global level.

Working globally requires a lot of effort, but it can be extremely beneficial to your company as well.  It gives your company the chance to work across multiple markets and learn from each of them and improve the company and products.  The feedback that is given from different campaigns will help your company better adapt and can help lead to long term success of your company at not only a local, but a global level as well.

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