The Benefits of Global Marketing with the Biggest Impact
The concept of globalization has increasingly become a prime marketing strategy for many businesses. And the benefits of global marketing are vast. From increasing market reach to providing greater revenue potential, expanding globally can bring positive change for a business.
What Is Global Marketing?
Global marketing is the act of promoting a business’s products, brand, or services to a worldwide market. The process involves planning, promoting, and focusing a product or service on the needs of potential buyers in other countries. If done effectively, global marketing can:
- Create new streams of income
- Increase brand awareness
- Improve company reputation
- Provide new marketing insights
Whether your company is looking to expand to two other countries or one hundred countries, expanding across borders results in global marketing, but successful global marketing begins with a concrete strategy. When entering an international market, it is essential to consider all factors before beginning.
Top Considerations for Global Marketing Success
If you want to expand your marketing strategy globally, it is crucial to have a clear plan in place. Every market is fundamentally different from the other, and how your business addresses each one is critical to your success. While your business may have had an effective marketing strategy in the U.S., it may not translate well to other countries. Each market will have different demographics and a deeper layer that you must confront. Key considerations:
- Who is your target audience?
- Where will your product or service be successful?
- What is your localization strategy?
- Does the pricing compute?
- What rules and regulations does that country require?
Once you have identified crucial points to your strategy and taken all considerations into account, your company will be on its way to global market success.
Benefits of Global Marketing
Beginning a global marketing strategy may seem daunting, but the positives significantly outweigh the concerns. The benefits of global marketing include:
Increased Revenue Stream
As your company’s audience grows, so does the potential for an increased revenue stream. Expanding to a global market can be seen as an investment opportunity to protect a company’s bottom line. If done correctly, there is potential for a positive financial return.
Larger Audience Reach
While you may have a large audience base in one country, expanding globally creates new opportunities. The critical consideration is to ensure you are marketing correctly to your audience. Translating content internationally can be complicated, and language is constantly changing. It’s vital that your marketing content portrays the correct message and evokes emotion in potential customers. Using a localization strategy can help your marketing team pick the right strategy, display the right tone, choose optimized keywords, and confirm a brand image that resonates with your target market.
The expansion into a global market leaves your business with the esteemed title of an international company. But ensuring brand reputation is key. Brands such as Coca-Cola and McDonalds have mastered the art of global marketing by catering their products to a specific market. Their global standardization strategy also stood to be successful in numerous countries. The same cannot be said for another brand whose content strategy fell through the cracks. For example, when Pepsi crafted the slogan, “Pepsi Brings You Back to Life,” it did not translate well for the Chinese market. Pepsi's slogan was perceived as "Pepsi Brings Your Ancestors Back From The Grave,” which did not go over well for Chinese consumers who hold great respect for their ancestors. A critical success factor to global expansion is understanding how the content approach can change as you enter other markets.
Expanding globally can bring valuable marketing insights to your business. According to Global Newswire, the global market research services market is expected to grow at a compound annual growth rate (CAGR) of 8.1% this year. As a result, data from a global market is valuable for a business. Understanding how your product or service is perceived and the effectiveness of your global market campaign is critical in defining a target audience.
Secure Global Market Success with Bureau Works Localization Management Platform
The key to a successful global campaign is a localized marketing strategy. Localization can help your marketing team adapt a product or service translation to a target market. It is about ensuring the message is communicated just right. At Bureau Works, we offer exceptional marketing translation services to assist your company in delivering the right message with accuracy that is true to your brand. Our process is simple, and we seek out brand enthusiasts who are familiar with the brand and the industry to provide their expert opinions. In addition, we use in-country collaboration so the in-country review unit can custom-make their translation team based on who they enjoy working with the most. Furthermore, our robust platform streamlines translation with direct, transparent communication. Your company can remain involved through every step of the process. With the right localization management platform that understands your brand and target markets, you’ll succeed in your new global expansion.Bureau Works provides expert translation for marketing materials by connecting you with brand enthusiasts who speak the language of your target market. To learn more about the benefits of global marketing, contact our team.