Global marketing, a burgeoning subject in the modern business world now becomes a necessity for the survival of the economy.
We’re living in a world where most of the things can be made or sold anywhere. Global marketing is a phrase that defines markets across the globe. While planning a marketing strategy across different countries, strategic management professionals need to know who their audience might be.
While doing their research, factors such as demographics, the behavior of the target audience, and psychographics will help analyze whether the organization is ready to penetrate the market. Likewise, how the brand or the product will be able to connect with the market. Thus, such factors are crucial for the organization while moving into a global market.
Having said that, global marketing is no longer restricted for brands having big money and neither it is a burden for managers with a truckload of responsibilities.
How do you define a good global marketing strategy?
A good global marketing strategy eventually comes down to one factor i.e. the “audience.”
For the business to survive it is crucial to know the kind of audience who will need your product, the kind of delivery system they prefer as such it strengthens the brand reflecting the needs of the community.
A business strategist must understand this, for a marketing strategy to work, it will need a new market and the countries where the business is liable to become a success.
Reflecting on the past, we can take a look at some of the best companies that got their business strategy right. From developing a business strategy to adapting these strategies and adjusting to the needs of a diversified community – these brands have taken the business world into a higher degree of success.
Are you looking for inspiration? Here are the names of the companies that made it big in the business world.
The joy of eating a pizza counts on the type of bread, toppings, cheese, and the sauce – that’s the recipe for a great pizza. However, China won’t be included since dairy was never included in their diet.
Domino follows the menu innovation strategy increasing awareness as well as interests in the international market.
Based on the market to market, the toppings can be changed accordingly. For instance, in India its curry, in Asia, it’s fish and seafood. However, half the toppings are standard across the globe.
In efforts to understand the preferences of the various market, Domino can easily deliver in a diverse pattern well enough to understand the market’s expectations and preferences.
- Red Bull
Red Bull (an Australian) brand has been in constant success with its global marketing strategy as such that even many Americans think it’s a local brand.
Their marketing is mainly done by conducting sports events across the globe. From Red Bull Indianapolis (Grand Prix) to the Red Bull Soapbox Race in Jordan to the Red Bull Air Race in the U.K. The brand is so strong that it allows them to travel from one place to another
Besides conducting events, the packaging also plays a major significance in the global economy. And the fact remains true, the constant prices of packaging is another significant factor which is why Red Bull’s drink is globally recognized.
In the world of modern business, strategic management professionals must indeed understand that the economy is rapidly changing, thus building a spontaneous business strategy can help these businesses become a success.
Launched in 2008 in San Francisco, Airbnb had managed to drastically grow beyond 1,500,000 listings in more than 34,000 cities worldwide. This business even managed to launch its first social media campaign around the hashtag called #OneLessStranger in January 2015. This company offers a community of marketplace for people to list down and book homely accommodations. The campaign was referred to as – global and social experiment allowing the community to perform acts of hospitality toward strangers, take the video and share it using the hashtag.
It was not until three weeks to the launch of the campaign that the company saw an engagement of about 3,000,000+ people worldwide.
Nike was quite skeptical in selecting their brand’s sponsorship with a long-standing relationship like how they had with Manchester United, the reason why they only select a few specific brands.
Although the sponsorship pricing at times can become unpredictable, the demand costs could rise due to certain triggers like tournaments and championships. Getting sponsors from big brands have helped Nike gain attention around the world.
Not to mention, they also offer the complete advantage of placing the power of design in their consumer’s hands, doing so has allowed them to stay aligned with different styles and cultural preferences.
McDonald’s has always been a success as a global brand.
Their “glocal” approach was of great help to the company, placing is no.9 among the Interbrand’s best global brand in 2014.
With the glocal approach, McDonald could merge the local flavor into the menu that was region-specific while keeping the overarching branding consistent.
Other renowned companies with the best business strategies include names like Innocent Drinks, Dunkin Donuts, Rezdy, Pearse Trust, Spotify, Coca-Cola, and World Wildlife Foundation.
As a business strategist, you need to be an innovative thinker and think ahead of time, develop strategic planning, along with operational strategizing.
Are your aspirations inclined toward the global market? Adequate strategy planning ahead of time is the key to a successful business.