The global marketplace offers vast opportunities for brands that are planning to incorporate internationalisation and globalisation into their marketing strategy, and seeking to source their products worldwide. Businesses that set out to expand globally have varying objectives, but normally follow a standard business development and marketing entry strategy when tapping into the highly competitive international market. Although the word internationalisation used to be often associated with big companies and corporations, technology advancements like the Internet came along and redefined the way brands do business. Through digital marketing, large companies, startups, and SMEs have bigger chances of success in selling their products globally. Brands have learned the significance of utilising platform management tools, using blogger engagement as a marketing strategy or promoting their products through social media ads or media amplification on Facebook , Instagram or the Chinese microblogging site, Weibo.
The Internet is truly a game-changer as it provides brands a wide array of marketing options to enhance brand awareness and even create a strong international presence. But what really drives businesses to go global? And what are the future benefits of taking an internationalisation approach to marketing?
Businesses that initially found success in the domestic market see the potential of growth overseas. Companies that faced depleted sales in the local market, on the other hand, can achieve stability in the export market. If your product has a unique feature or technological advantage, the chances of success on a global scale are high. Reaching out to the global market will likely increase your revenue. The key is to customise your marketing template and integrate internationalisation to meet the demands of the overseas market.
Knowledge & innovation
Expanding globally helps businesses gain more insights about the diversity of the international market, as well as on how to seamlessly penetrate it and accomplish business goals. Though it is important to ensure a consistent branding, adapting to the new environment is the key to increase international success. Moreover, internationalisation provides a chance for brands to acquire or finance new product development, on top of gaining knowledge about the global marketplace.
A bigger market equates to more customers. In addition, you might find that many export markets are not as competitive as the local market if your product has enough unique features to stay afloat. And when the local market suddenly takes a nosedive, businesses can find stability and increased revenue by exporting their services or products abroad to compensate for the sales decline.
Economies of scale
Exporting provides plenty of opportunities to introduce products that can be widely accepted across the globe. Highlighting the uniqueness of the service model, brand or patented product allows for greater scales of economy.
Many factors have to be considered when planning on breaking into the global market. If you want to gain more competitive advantage, let iRiver Advertising guide you in promoting your brand and raising awareness overseas through effective digital marketing services. Contact us for more information.