In today’s environment, markets have no boundaries. We are not set by the limits of distance anymore but only by our own capabilities within our products or services we offer. While language and culture are challenging, information and technology make it possible to leverage global opportunities. Global marketing is key.
Why Global Marketing is Essential in today’s market?
For organizations, it starts with branding to creating value. Branding is important for the success of any product or service. The image of your organization helps determine the trust and value you provide not only to your customers but also all stakeholders involved in your product or service. From your owners, employees, shareholders, vendors, partners, customers, and your future customers, they are all involved with the success of your brand. Your customers could be local but in order to sustain growth, you need new customers outside your geographical market that may need your products or services. While you may not be directly branding globally, you are visible globally with the use of technology and global branding enhances the value of your product or service.
It is also about market share. Organizations need to reach new markets to expand their products or services to drive growth especially in domestic saturated markets. It is important to properly brand and target these markets to successfully tap into new customers and elevate your brand on a global level. Global market share offers vast opportunities to increase your customer base depending on what products or services you sell and what segments you are reaching.
For consumers, it’s all about choices. Competition makes our products and services more competitive, safer, better, more cost efficient and creates more options to choose from in the market. Global marketing allows products and services from all around the globe to compete for your business and bring you options that fit within your needs.
Domestic markets continue to become saturated so new markets are needed to drive growth. Growth becomes hampered with competition and the limitation of new customers. New global markets open up the door to new opportunities. While distribution and new competition along with language and culture must be considered, different effective strategies to reach this new market make it possible. Global marketing allows you to reach new markets, drive demand and effectively communicate the product or service value. Emerging markets play a key role in leveraging opportunities and tapping into these new markets as they become more industrialized and need solutions to build their economy. Not to mention, the massive population numbers in countries like China and India and other emerging markets such as Russia and Brazil not far behind.
Diversifying your customer markets helps offset potential stagnate markets and improves cash flow opportunities in down times. Multiple markets create new lines of revenue and also can build your product portfolio by identifying new opportunities within a global market. Seasonal products now become annual products based on location and products at the end of their life cycle may become new products in different countries.
As you enter new markets, you are not only selling your product or service but you are also elevating your brand. The more valuable your brand, the more demand creates a higher price people are willing to pay for a trusted brand thus enhancing your profit margins and bottom line.
The Future is Now
Technology makes global business easier, productive and less risky. Just online shopping alone has changed the way business is done today. Communication through technology is convenient, inexpensive and accessible through most smart phones. Travel is now economically feasible compared to the last 10 years making it easy to quickly visit global markets. Global marketing also is more reliable and measurable to track marketing investment and ROI to validate effective marketing efforts. Unifying your domestic and global marketing efforts into an integrated global marketing strategy can effectively create marketing economies of scale, enhance your marketing ROI over time and create value on different levels for your organization through global branding, global growth initiatives with multiple revenue sources, reduction overall market risk, fostering innovation through global insights and now a global player.
Building a better organization
Building global relations help build better business organizations. Providing products and services overseas helps organizations develop a better global understanding to attitudes, beliefs, cultures, languages, ideals and expectations. This creates an open-minded organization and fosters new ideas and innovation on a global scale. At the same time, it allows the organization to share its products or services and provide quality choices to its global customers and improve their quality of life, especially in emerging markets.
Research continues to show the positive effects of globalization and trade between countries and how agreements are improving the quality of products available to global consumers.
Frank Anastacio Trevino Jr
Founder and CEO of iLLUMULUS, a Global Marketing & Customer Strategy firm. I live in Denver, Colorado. You can find me on Linkedin.