Where would your business be trading? MarissaMorr05
Infographic by Mercer Insights“>
Aging populations affect many countries and their economy. @MarissaMorr05
Global growth is driven by mobility of employees. @MarissaMorr05
Content that can be understood on any device is important anywhere in the world. @MarissaMorr05
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.