How Can a Global Marketing Strategy Benefit Your Company?
A global marketing strategy can broaden your company’s consumer base and enhance its reputation. It’s just one component of a global business strategy, and must be carefully developed to take into account every aspect of the differing markets in the country where you hope to do business. Your global marketing strategy must have a concrete objective and a clear vision of the weaknesses and strengths present in each overseas market, and how you will cope with them or turn them to your advantage.
When you enter an online degree program for a Bachelor of Arts in Management, you’ll learn all you need to know about developing a global marketing strategy. You will graduate from your program with a keen understanding of the many benefits of a global marketing strategy, including increased brand awareness, accelerated growth and greater opportunities. Let’s take a closer look at some of the ways a global marketing strategy can benefit your company.
Your Company Will Grow and Develop Faster
An effective global marketing strategy allows your company to grow, and that speeds development, because the bigger your company grows, the more you learn about how to best serve your customers. In order to successfully expand into new markets, your company will need to learn how to maximize revenue from their existing markets and develop new strategies that will harness the potential of the new marketplace.
As you grow more and learn more, you’ll be able to develop more and better new products faster and offer new services more often. This will contribute to increased profits and a bigger market share. In the meantime, you can market your older products in markets where consumer demand hasn’t caught up with technology. This will allow you to continue to turn a profit on leftover stock even as technology zooms forward.
You’ll Enjoy a Better Reputation and Increased Brand Awareness
When you expand into new markets you’ll enjoy a larger consumer base and increased brand awareness as consumers in the new market become aware of your products and services. Expanding into the global marketplace can also enhance your company’s reputation, by virtue of its ubiquity alone. As a global concern, you’ll enjoy a competitive advantage over local companies because customers will assume that you’re selling a better product or providing a better service than companies that provide basically the same products or services on a local level. Consumers get more excited about widely-available products and the ability of consumers around the globe to track and report on your company’s progress will only inflate your reputation the more.
You’ll Save on Marketing Costs
It might seem counterintuitive to say that a global marketing campaign will save you money over a local campaign, but in fact a global campaign can cut marketing costs by allowing you to harness the power of the Internet to promote your products. You’ll achieve economies of scale when you increase production to meet the new demands from your overseas markets and economies of scope when you’re able to lower costs for producing multiple products. Your company will benefit from online buzz when customers talk about your products on social media, and you can use points of contact online — a website, blog, Facebook page or Twitter account, for example — to reach customers in every market around the world.
You’ll Have More Opportunities
Expanding into global markets makes it possible for your company to connect, not just with new customers but with new business partners around the world. Work with local companies to cut costs and expand your market share while increasing profits for everyone. Establish relationships with new vendors overseas and expand your workforce when you establish overseas headquarters and factories. Pick up new technologies and ways of doing things that can maximize your company’s productivity. When you break into a new market, you’ll learn new ways to streamline your business operations and find new areas for growth.
Expanding into new markets with a global marketing strategy can help your business build its consumer base, grow its reputation, increase brand awareness, operate more efficiently and grow at an accelerated rate. Of course, it’s also a great way to boost profits. If you aspire to a career in business leadership, you’ll need to know how to design and implement an effective global marketing strategy.
About the Author: Contributing blogger Tom LaRose holds an MBA and has more than 10 years of leadership experience in multi-national corporations.