As a whole, the world is better informed, communicates more efficiently, and, due to e-commerce makes products and services readily available anywhere in the world.
With this in mind, branding across borders is ever more relevant to businesses. This applies not only to physical goods but also to emotional triggers depending on each market while adjusting to each culture and aspect of their customer journey.
Brands need to invest in research to create a strong foundation before deciding to take the jump into the deep end of the world's growing marketplaces.
From the start, any business must consider a number of key factors like defining the target customer and determining the rate of demand for their product or service.
Developing a marketing strategy around how to service a new audience further depends on determining the most effective method to use to appeal to a particular market where your new offer will differentiate itself.
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Once this is in place, growth targets need to be set along with how to achieve them within an estimated budget.
Global Markets Vary
Think about what customers want and how you can deliver it. Expanding across borders poses a number of challenges to resolve since each region has its own set of languages, customs, purchasing behaviors, and government regulations.
Grow Local Partnerships
Local partners allow brands to enter a new market and make use of local resources and connections immediately. This strategy allows access to an existing customer database that already maintains a trusted relationship with the local business.
Identify Leading Media Outlets
This move helps focus marketing dollars effectively by getting placements in the most relevant local media outlets.
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Understand the political and current events in a region to prioritize your target area
If the region is undergoing political, economic, or social unrest, you may want to reconsider your approach or even entering into this new territory at all due to fluctuating ROI (return on investment).
Personalize marketing content to emotionally connect with customers and find out what motivates them to make a purchase.
Use the local language of the country you are going in as the more seamlessly you integrate into the local community, the more loyalty you will gain as well as sales.
Most marketing trends emphasize that sentiment is one of the top three most valuable aspects of the customer experience so take the time to get to know your customer, their environment, and as many outside factors as possible to prepare your brand for crossing borders.
Author's Bio -
Rachel Meuleman & Eiléen Lee Connor are the founders of Smarketing International. A marketing & sales consulting company that has helped many companies strategize and implement their creative vision.