4 Key Aspects of Effective International Marketing Strategy
Expanding overseas can be a smart growth strategy for businesses that can take them to new heights.
05:03 04 July 2022
Expanding overseas can be a smart growth strategy for businesses that can take them to new heights, but international development is not without its challenges.
Marketing in particular can be a problem because what works at home may not be an effective tactic for foreign cultures. There are dozens of calamitous examples of marketing gone wrong during international expansion efforts, even by some of the world’s leading corporations. Prime examples include KFC’s famous “finger-lickin’ good” slogan reading as “eat your fingers off” when they opened their first franchise in China, and Mercedes’s “Bensi” brand name translating to “rush to die” - certainly not something that you want to be promoting as a vehicle manufacturer.
When expanding overseas, it is important to get expert advice to create strategies for business growth abroad to ensure that you develop an effective strategy for promoting products to your new market. Make sure that your plan covers all bases by focusing on these four key aspects of effective international marketing strategy:
- Market Analysis
First and foremost, you need to do in-depth market analysis. It is vital to understand and respect that different countries have different cultures, traditions, priorities, consumer habits, and etiquette. You need to have a strong grasp of all of this so that you can find the most effective ways to engage your target market, and above all avoid causing confusion or offence.
- Product Research
It is also important to conduct product research as a foreign marketplace will be a different environment to the one you are used to operating in. Check what products you will be competing against, identify any gaps in the market, and research the success and failure rate of similar international products that have been introduced. You don’t want to be caught out repeating past mistakes! It is also necessary to compare the cost of similar products so you can set a competitive price for your offering.
- Product Adaptation
Sometimes, entering a new market means that you will need to adapt your product slightly in order for it to appeal to an international audience. It is helpful to get expert local insight through advisors and to conduct investigative consumer surveys, plus you may also want to check for any cultural faux pas that must be avoided at all costs.
- Promotion Methods
Last but certainly not least, you need to find the right promotion methods for the country that you are expanding into. Social media platform preferences can vary depending on the country that you are in, as can search engine software, so you want to make sure that you are using the right channels to communicate with your new audience. Additionally, you might find it helpful to include offline marketing strategies such as organising an in-person event to launch the product. This is an effective way to engage with your target market and raise word-of-mouth recommendations within your new pool of consumers.
International expansion can take your business to new heights and help you to compete at a much higher level. It is not without its challenges, but with an effective marketing strategy you can successfully take your product overseas and reap the benefits of working with a broader range of customers. Just remember what has happened to even the most successful corporate companies when expanding abroad and take care to avoid any mistakes or faux pas that could damage your reputation.