Expanding internationally is an extremely exciting time for any business - new opportunities are on the horizon and it’s time to gear up for a whole new market. Before you run headfirst into a global market, there’s a lot of preparation to be done - particularly when it comes to marketing.
There are a number of elements to consider when it comes to creating an international marketing strategy. You’ll need to create a marketing strategy that has been specifically customized and tailored for the new audience. In other words, using the marketing strategy you have for your local business just won’t cut it.
So, what exactly can you do to ensure that your marketing strategy is tailored to your new market? Keep reading to find out.
Market research is absolutely vital to ensuring the delivery of a successful marketing strategy - we can’t stress this enough. Without knowing what your customers want and how to differentiate yourself from the competition, you’ll struggle to infiltrate a new market. You absolutely must take the time to get to know the ins and outs of the market. The results that you receive from your research can then be used to help you create an international marketing strategy tailored specifically to the needs of your new market.
Cultural awareness is the recognition of practices that are specific to a certain ethnicity, race or nationality. When creating your marketing strategy, being aware of any cultural customs or faux pas is extremely important. The last thing you want is to put people off your business because you’ve used a cultural blunder in your branding.
So, before you create your international marketing strategy, take some time to research the cultural differences between your current market and the new market. That way, you can be sure to incorporate any necessary elements into your marketing activities and avoid any mishaps - one wrong move could jeopardize your entire expansion.
If you’ve never come across the term transcreation before, don’t worry - it’s fairly similar to translation but particularly focuses on the style and tone of the text. By using transcreation, the message and intent of your text will be considered when it’s translated, thus providing your content with a sense of authenticity that can be hard to achieve with simple translation - especially in comparison to automated translation.
To make sure that your marketing materials, website, advertisement and any other copy is the best it can be, consider hiring a professional translation agency to provide a transcreation service. By using transcreation, you’ll be able to adapt your brand for a new market all the while maintaining your brand message.
Form local partnerships
If you’re going to market your business in a new and unfamiliar market, having relationships with local businesses and suppliers is always a good thing. Not only will it help you fully understand the dos and don’ts of the international market, but it’ll also substantiate your business as a reputable organization for potential customers.
To find a partner in your new market, it’d be a good idea to attend local business exhibitions and networking events. That way, you can get to know the business face-to-face and get a feel for how the relationship would work. If you do find an organization you’d like to partner with, make sure you do your research before formally establishing the partnership. Do they have experience working with an overseas partner? Have they received good reviews online? Are they a successful business with a good reputation? Bear in mind that you’ll have little knowledge about the new market, so making sure that you partner with the right local organization is vital!
When expanding into a new market, we recommend that you use penetration pricing – this means using a low introductory price to attract new customers. This will help you penetrate the market quickly and effectively, encouraging customers to familiarize themselves with your brand and favor your product over competitor. In doing so, you should start to gain an increase in market share from your competitors and establish yourself as a real contender.
Once you’ve successfully launched with penetration pricing, you can then think about changing your pricing strategy to offer something slightly more premium.
Adapt your sales and marketing channels
When it comes to actually using platforms to advertise and sell your product or service, you’ll need to make sure that you’re using the right ones. For example, let’s say that in your current market you often use YouTube to advertise to potential customers and direct them to your website. But what about if your new market don’t use, or can’t use, this platform? Countries such as China, Iran, Pakistan, Turkey, Syria and Sudan currently have a ban on YouTube. And if one of these countries are your target market, you’ve got a problem!
Make sure you have a thorough understanding of the platforms that are available in your target market. Your international marketing strategy will need to take this into account, and your marketing activities will need to be adapted accordingly.
Create a marketing plan
Now that you’ve done your research and prepared yourself for the new market, it’s time to get down to business - creating the international b2b marketing strategy! We’ve given you an overview of some of the most important elements to consider when writing your strategy, but don’t be afraid to refer to your local marketing strategy as a starting point. Just make sure that you think about the differences you’ll need to address, and how to incorporate different tactics that are tailored specifically to your new market.
How to create an international marketing strategy?
- Market Research
- Cultural Awareness
- Local Partnerships
- Competitive Pricing
- Adapt Sales and Marketing Channels
- Create a marketing plan
Topics: Sales & Marketing