International marketing means expansion to your customer reach and also competing at a global level. Thus the services should be top notch and the services should be unquestionably the best. It is good to consider the difference in taste and preferences.
As technology creates leaps in communication, transportation, and financial flows, the world continues to feel smaller and smaller. It is possible for companies and consumers to conduct business in almost any country around the world thanks to advances in international trade. According to the World Trade Organization, the volume of international merchandise trade increased 33 times between 1951 and 2010.
However, globalization has created just as many challenges as opportunities for brands that venture overseas. Because consumers have so many more options for similar products, companies must ensure that their products are high in quality and affordability. Additionally, these products cannot be marketed identically across the globe. (See also Global Marketing) International marketing takes more into consideration than just language – it involves culture, market saturation, and customer behaviors. American and European companies especially have turned their international marketing efforts into something more than just exporting – they have adapted their branding to account for differences in consumers, demographics, and world markets.
Companies who have done this very well include Coca-Cola, who discovered that the word ‘Diet’ carries a negative connotation in Latin America and changed the name of their zero-calorie product to ‘Coke Lite’ for those countries. UPS, known in America for their brown trucks, issued a fleet of a different color after learning that their flagship brown trucks resembled Spanish hearses.
Though international marketing the brand of the business is strengthened thus creating a better position for future prospects. Going international is normally the best room for expansion and in most case it means more profits.
International marketing, also known as global marketing, is the process of overseas advertising of the products that a company sells. International marketing provides a host of benefits to a business, from helping to broaden the customer base to improving the reputation of the brand. Understanding these advantages can help businesses of all sizes to plan their international sales strategies and to focus their customer service efforts.
The most obvious advantage of marketing internationally is the expansion of a company’s market. Expanding the places where a company does business and advertises its products and services opens up a larger customer base and potentially greater profit margins. While small businesses may find that marketing internationally is cost prohibitive, technology such as social media and online newspapers and advertising services have made the process of international marketing even more attractive. Customers can now buy from virtually anywhere in the world via the Internet, making market expansion through international marketing a highly useful skill for businesses to master.
International marketing can have a unique advantage of helping to boost a brand’s reputation. Right or wrong, customers perceive a brand that’s selling in multiple markets to be of higher quality and better service than brands that just sell locally. Major technology companies, global automobile models and multinational banks are proof of this. People are keen to buy products that are widely available.
Expanding into a global market gives a business the distinct advantage of connecting with new customers and new business partners. A company doing business in Eastern Europe, for instance, may find a cheaper workforce, less-stringent tax laws or even less-expensive modes of advertising in local newspapers, television stations and radio programs. In other words, the opportunities for networking internationally are limitless. The logic behind this is simple: the more “places” your business is, the more connections it can make.
Opening the Door for Future Opportunities
International marketing can also open the door to future business expansion opportunities. Not only does global marketing expand a company’s sales base, it also helps the business to connect to new vendors, a larger workforce and new technologies and ways of doing business. American companies investing in Japan, for instance, have found programs such as Six Sigma and Theory Z to be highly useful in shaping their business strategies. Being in a new market improves the business’s efficiency and helps open the management’s eyes to previously undiscovered opportunities for growth.