Essential tips for entering the global market
By Rilind Elijaz
Due to the advent of technology in the last decade with innovations in communication and logistics coming to the forefront, it has eliminated the restrictions imposed by the geographic borders on various businesses trying to expand their horizons on a global scale. You can see a rise in the number of businesses entering newer markets and going global. These companies are using solid global marketing strategies for expanding their business. Here are some global marketing tips that will come in handy.
1. Preparation for international expansion
It may seem obvious but having a solid marketing strategy is essential and you will be surprised to find that several companies fail to do this. The products and services you have created need a proper marketing plan that can assure success. This might involve having to invest in many market research approaches used by the marketers. For instance, most western products and services are easily accepted in overseas markets although even some of them have to face controversy of some sort.
2. Getting local help
Partners, affiliates, distributors, and local agents are extremely useful in getting a better feel of the local scene. It is one of the global marketing aspects you must stand by because no quantity of remote predictions can get you close to the actual picture. You can also undertake consultations to discover whether the preferred marketing material has any local appeal. It is a great way of identifying the advertising media channels that can be used and those that need to be avoided.
3. Be aware of the local situation
There are many important local factors you have to take into consideration such as customs, values, and languages while working with newer markets. This is particularly important when it comes to advertising. You need to know what works out for a given demographic. This is also something the local people working in the business scenario can help you with. Therefore, it is a good idea to create a team that has the right knowledge and understanding for gathering the info and providing valuable insight.
4. Decide whether the pricing is right
As you are going global, you will have to take into consideration the different local currencies. Apart from that, you will also have to think about the right pricing for your products and services. You are likely to end up facing different pricing in every country where you are marketing your products and services. This is because certain areas have higher overhead costs or you may have to pay more for packaging, transport, and commissions. The pricing you settle for a country or a region has to be sustainable for the overall marketing plans otherwise the business will not succeed.
5. Be aware of the right mix
Some countries are likely to be more beneficial because of online advertising or social media campaigns. While other places might produce better results via conventional marketing approaches such as outdoor advertising, radio ads, or newspaper press releases. You will also have to determine which social media platform rocks in a certain country. You may even come across some platforms you had never heard of during your research. For the German market, Xing is the best social media bet for developing your online presence while for the Chinese market it is Tudou.
Building a global business for a property management company
It doesn't matter whether you are new to the property management line of business or an established NYC property management company, you will face a situation at some point in time where you will need to go global to get new clients for your business growth. So, what are the most effective ways of expanding your property management business globally to drive more sales? Here are some property management company marketing ideas.
● Boost the SEO of your website by using schema markup.
● Implement IoT for achieving business growth.
● Build your employer branding online by using online reputation management tools.
● Develop a website with a mobile-friendly design.
● Get in touch with local businesses to improve market reach.
All the brands that successfully execute their global marketing strategy have one thing in common. They have a strong local identity and are consistent across many areas. This is because global marketing involves knowing what works in the local market. It is similar to doing market research for the location. But keep in mind that there is no one-size-fits-all approach for global marketing.