Geographical borders no longer limit businesses. Technological innovations and competition have led businesses to look at the world as their marketplace. While it’s not easy to expand globally, it gives longevity to a business operation besides generating revenues.
- Decide on a single country for expansion. Growth should be phased and steady.
- Study the need within that economy first. A product will sell only if there is a need.
- Study your target audience. If your product targets teenagers, it may be a good idea to model your marketing strategy accordingly.
- Conduct an exhaustive research of your market. Use all possible resources. Check with the Department of Commerce for accurate and updated information on your market.
- Know the law. Often tax structures and duties can hit your operations hard if you have not planned well.
- Be clear about the manufacturing and packaging regulations of your target market. Failure to adhere to those regulations could land you in a legal mess.
- Make the most of great incentives offered by several countries for foreign investment.
- Devise effective distribution channels through overseas franchisees, foreign units, joint ventures or by employing agents.
- Think global by going local. Fashion your communication with the trends and linguistic patterns of your target market. Little mistakes can sometimes hit the image of your product hard.
The Best Way To Market Products Globally
- Create a user-friendly, functional Web site.
- Optimize your Web site for search engines. Most prospective customers would find your Web site through search engines. Ensure that you have a good search engine optimization strategy so that your Web site ranks high in popular search engines.
- Use other Internet marketing tools. Most Internet marketing strategies cost significantly less compared to traditional marketing techniques. These include email promotion, marketing through ezines, marketing your products to affiliates, and advertising on pay-per-click programs such as Google AdWords.
- Get feedback from existing customers. Feedback, in the form of testimonials, works great in marketing products. You should always post a few testimonials on your product Web page.
- Use viral marketing strategies. Viral marketing techniques are much like word-of-mouth. They don’t cost anything and usually provide great results. For instance, build a weekly or monthly newsletter that provides good information on various topics, ideally those related to your product. Send the newsletter out to as many people as you can. The key is to advertise your product in the newsletter and reference your website. Readers who find the information useful would, in turn, distribute the newsletter to their friends, family and colleagues. Consequently, they spread the word for you.
- Develop a database of prospective customers and market your products using different Internet marketing strategies to them.