International marketing Steps
Global marketing involves promoting and selling products or services across borders. Here are some key steps and considerations for successful international marketing:
1. INDUSTRY MARKET RESEARCH
• Understand the target market: Conduct thorough research on the target country’s culture, demographics, economic conditions, and consumer behavior.
• Analyze the competition: Identify competitors in the target market and assess their strategies and tactics.
2. ADJUST YOUR PRODUCTS AND SERVICES
• Tailor you’re offering: Adapt your product or service to meet the specific needs and preferences of the target market.
• Consider cultural differences: Ensure that your marketing messages and product features align with cultural norms and values.
3. LEGAL & REGULATORY COMPLIANCE
• Understand local regulations: Be aware of laws and regulations related to marketing, advertising, and product/service offerings in the target countries.
• Comply with trade policies: Adhere to import/export regulations, tariffs, and trade restrictions.
4. LOCALIZATION OF MARKETING MATERIALS
• Translate content: Ensure that all brand marketing materials including: websites, social media, email, advertisements and product information are accurately translated into the local languages.
• Use cultural visuals: Consider country sensitivities when using visuals in your marketing materials.
5. DEFINE DISTRIBUTION CHANNELS
• By way of the competitor and target audience research define the appropriate marketing channels: Select distribution channels that are effective in the target market as well. This may involve establishing your own presence or working with online distributors/partnerships.
6. PRICING STRATEGY
• Garner your competitors pricing both online and one-to-one sales. Additionally take into account factors such as local purchasing power, competition, and economic conditions when determining pricing.
• Consistently update competitor research and adjust pricing strategies based on market feedback and changes.
7. IMPLEMENT MARKETING:
Utilize local media: Choose advertising channels that are popular and effective in the target market.
Consider cultural nuances: Ensure that your promotional messages are culturally sensitive and resonate with the local audience.
8. BUILD YOUR SALES & MARKETING STRATEGY:
• Network locally: Establish relationships with local businesses, partners, and influencers to build trust and credibility.
• Attend industry events: Participate in relevant trade shows and events to connect with potential customers and partners.
• Create any marketing materials that helps sales get in the door with potential customers.
9. CREATE RETENTION PROGRAMS
• Keep your customers buying from you with loyalty programs, discounts and special pricing for larger orders.
• Upsell products with like-kind goods.
10. MONITOR & OPTIMIZE
• Track performance: Regularly monitor the effectiveness of your international marketing efforts and make adjustments based on market feedback and changing conditions.