The Internet has turned our big world into a smaller one. The global marketing industry is at its clear viewing space. The Global market no longer got reservations for the big brands with heavy pockets. This drastic change has brought the presence of possibility for any business.
Creative strategies, understanding of the world market, new revenues opportunities, brand awareness, improvisation in your product, customer analytics and a lot more is brought by digital marketing only.
The rapid and drastic change is building a substantial amount of new outcomes and challenges. One of the greatest examples is the “pandemic”, where the world stopped and the only thing that was roaming around was digital media
Example – Netflix with an expansion of over 190 countries and 97 million subscribers. In this report, we will be covering the artefacts of the global marketing trends, requirements, benefits and major players of this field.
What is global marketing?
Prominence of Global Marketing
Marketing strategies are applied when goods or services are needed to get launched either local or global. The global marketing definition broadens when it is applied globally. The selling or trading of products beyond boundaries requires global marketing strategies.
Advantage and why is Global Marketing required in any business?
This involves accessing the three vital distinct features that are definitely required by any business. The three most vital features are PRODUCT, COST AND BRAND. Global marketing hits directly in these three features.
PRODUCT – Any product making company requires a high rate of selling that involves more customers. Thus more customers mean a faster selling ratio and thus validating the better product building.
COST – Global marketing has shown tremendous performance in cost-cutting, by expanding your products or services in the market one can easily level down the cost by utilising the economic scale and new technology and material.
BRAND – Hitting in the international market boosts global brand awareness and taps into more customer interaction. Increases customer growth with a hike in brand reputation.
What sort of companies can use GLOBAL MARKETING?
Companies that are likely to create an international product demand deems for Global exposure. Global marketing is required for fast-moving consumers. These products are non-durable products that rely on low cost and sells efficiently. The products have a low-profit margin ratio but due to high consumption speed, it’s considered as fast-moving products or FMCG.
Example: Gum, fruits and vegetables, soda, beer, tequila, drugs such as paracetamol or aspirins, toilet papers, electronic gadgets, and a lot more. Not only, these products can benefit global marketing but also a software company that got a solution for the problems that are happening around the globe can also be a part of global marketing. Small users or big users no-deal global marketing has left a way of benefiting the bold users. Both can equally participate in it.
Stepping into the global marketing requires 4 stairs of process.
Step 1 – Emphasising more on the domestic market ensure to squaring boundary and develops trust and sense of security among the consumers, later these consumers plays a vital role in sharing the product reviews global and internal.
Step 2 – After step 1 company steps into the national operations and covers Specific nations to explore and expand their products market as well. Home focused.(Check the figure below for better understanding)
Step 3 – Secondary market business becomes vital with respect to the financially and must be viable enough for a user acting with the global marketing strategies.
(For example, the site content must understand the native language or content for that website along with the chatbot must support the native language.)
Step 4 – Involves the fully focused overseas endeavour with a complete aim of creating value over the products and program to serve all across the globe.
Note: Variation is the biggest factor in the global marketing process, one cannot fit the same strategy in all his companies. Things work differently in the global scenario, thus one size does not fit all.
How global marketing changed over years?
The most dominant factor of any business today is “change”. A true marketer will definitely understand its importance. Change can be mastered with only “management skills“.
Besides, marketers do not understand the underlying cause to increase their sales and thus fail their services/products. In the year 2019 around 42.37% of startups failed due to their mismatching of services and demand. However, still, the question remains the same how has global marketing strategy techniques changed over the past years. Let’s cover the highlights for better-sighted understanding.
a. Influence of Social Media
On the other hand, businesses came to acknowledge the importance of social media in the global marketing. They found it a “game–changer“. Around 40% of global businessmen make use of social media for their business purpose. The highest user rate ratio is from Indonesia with 65% and the lowest is in Israel with 13%.
India: 47.1% use it for business.
Canada: 31% use it for business.
Australia: 30% use it for business.
USA: 27% use it for business.
US – 27% use it for business.
a.a. Finding the most used social media platform
| Network | Active users (MM) |
| 2701 | |
| YouTube | 2000 |
| 2000 | |
| Messenger | 1300 |
| 1203 | |
| 1082 | |
| TikTok | 800 |
| 691 | |
| Sina Weibo | 550 |
| Qzone | 517 |
| 430 | |
| Kuaishou | 400 |
| Snapchat | 397 |
| 367 | |
| 326 |
b. Visual interaction with users
Alternatively, the best concept to hit the market is by entering directly into the customer mind. It’s an old saying that what we see we remember, what we listen to is always forgotten. Undoubedtly, The main reason for this approach is that humans are designed to respond more to visual than oral communication.
For example – The Kingfisher theme song and their approach of remembering it, but you forgot your nursery rhymes.
c. Hike in the marketing cost
Clearly, a boost in technology has changed the investing pattern of any business. The business starts offering high dramatics larger budgets to stay ahead of the competitors. Digital acceptance has also brought more business investment and thus providing more reach to businesses.
d. Customer Thinking
- Customer mood vary and are not flexiblee and always demanding. For example – Observe the past evolution in wood business and you will get the exact idea how change is always welcomed by the people.
- Demographic change holds more significane towards the producer and consumer of goods.
- In the market disproportionate growth is always observed for education, travel, personal services and recreational services (Golf, Skating, Tennis, Bowling, Video Games).
- Customer Dominance is also collactable due to the dividing of sales potential.
e. Extortionate use of Test marketing involvement
Subsequently, two major key influencers for the expansion of the test marketing are – COST and investment in the RESEARCH for DEVELOPMENT A NEW PRODUCT. Indeed, this develops the short life cycle of the product and tampers the payout time for them respectively. The main idea behind test marketing is to involve less impact on the product global.
An Basic assimilation towards GLOBAL MARKETING.
Before building any part of business it requires a blueprint and thus it helps in entering and developing the crucial and essential steps/insights. The following step might provide a brief idea.
A. Sense the Market
Before breaking the ground a new business must understand the gravel where you are standing and what efforts will be required to push those values. Every country has its set of rules regulations and rituals thus acknowledging it becomes vital and crucial for every step. Indeed, before pushing any deal and ideas know the set of rules whether your business stands in the range or out of the range.
The research team should focus on the challenges listed below:
- Location or site of work: Low internet usage rate is the biggest threat to the global marketing. Understanding the importance of internet usage. Thus location based marketing strategy is acceptable and must be followed.
- Different marketing strategies: Various countries do not follow the same trend across the globe. Many countries got their own channel thus expanding or provoking massive advertisements strategy is not necessary required. For example: The south East Asian countries population mostly prefer Viper, WeChat and Line. While the countries like alaska, Maine, Vermont and Hawaii has banned billboard advertisement.
- Product and Price: Products are also related in the same way. Product should fulfil the legal requirements of any country as well as fulfil the cultural aspects.
For new competitive market businesses must focus more involved around the tough competition and should focus more on the pricing scheme for particular country.
For the fallen customers or products support the business move their step towards e-mail marketing.
B. Developing a Marketing Plan
Undoubtedly, Brands require rigid definitions and an enormous amount of dedication and definitions. Business cannot stick to the years back strategies and thus requires a synchronous change with respect to the market. On the other hand, a business cannot push their products easily thus requires support to create less catastrophic failure with the help of another company.
For example – Starbucks shakes hands with the Tata Groups to mobilise their coffee chain in India.
Note: The way to partnership might involve the risk of sharing secrets with the other company. Thus it is a risk-oriented offering with potential rivals.
Besides, few companies would do it differently. Like creating promotional buzz, events and webinars for their products. After a few years of struggle and creating a strong image among the local audience. The company idolizes the basic anatomy of pushing their ideal image across the globe, thus partners with the marketing agencies to collaborate for better futures.
The involvement of media planning, lumpy campaigns with hoardings and innovative understanding all comes under global marketing. As well as must involve the importance of local language and the content must be relevant to the described market.
For example – Coca-cola in China is a bit confusing If it is translated in Chinese language it turns out to be “Ke-Kou-Ke-La” which means – “Bite the Was Tadpole”. Who would consume the product who sounds like it. That’s why coca-cola changed their name and turned that to “ko-Kou-Ko-le” which means “Happiness In the Mouth”.Similarly for the KFC (Kentucky Fried Chicken) tagline “Finger-Lickin’Good” sounds in mandarin language like “We’ll Eat your Fingers off”.
C. Message Delivery
Without a doubt, conveying a message in that way the people understand the product is local and raised from the same ground. Many U.S. based customers find red bull as a local brand but unfortunately, its roots are from Austria. Global marketing strategies make the brand sound more local. Especially, companies used to tailor messages for a specific audience but the global field requires a steady message.
For Example Airbnb – #Onelessstranger. A simple message delivering system enhances the global optimal value. The menu card of McDonald’s anyone from across the globe can order the MC burger with ease.
C. Improper balance or lack between marketing channels and sales
Furthermore, content marketing becomes vital while dealing the sales. Around 84% of people always expect a multinational brand to deliver content that is filled with entertainment and somehow might add value to their living habits. Near about 69.78% believed to learn more about the products through readable content but not with ads.
Best Global Marketing Players
- Airbnb
- Red Bull
- Domino’s
- Dunkin Donuts
- Rezdy
- Nike
- WORLD WILDLIFE FOUNDATION
- Innocent Drinks
- McDonald’s
- Coca-Cola
- Spotify
- PearseTrust
Pre-Between-Post COVID-19 Impact on the global marketing
A. Before(2018-2019)
In the year 2018-19, Global Marketing was at its peak, though data protection regulations turned the table for many brands somehow they rethinks about it and revised their approach in a new way. New features arrived in the market like AI, Machine learning-based services, live streams, Voice search, Podcasts and a lot more to look into.
SEO
SEO gets updates whenever Google updates itself. In 2018, CEO of SparkToro, Rand Fishkin delivered a speech in which he talked about SEO and the no clicks increased by 20% in the past year. Because that lecture came to an end it was acknowledged with the three steps of information:
- To increase the high trend interested traffic for website – One must have to pull the long-bushy-intentional traffic then must acquire the complete knowledge of the flow of graph.
- To generate traffic – A website must be mobile friendly. This technique is widely used in China and Japan.
- Optimization of the relevant content for the google form of writing.
INK (came back)
The power of INK is never diminished. This trend is carried out by big and small firms. Where they used to show cast and target the audience those who are away from the insight of digital media. Sometimes the power of INK is a need in many businesses like KFC did it in the past year. – Read the story to know more.
Local insight and Data importance
Undoubtedly, traditional methods and data mixture was the game-changer for Global marketing. Local insight and data brought the marketing firm to optimise as per their content and work accordingly. This somehow changed the way of working by reflecting the right idea in front of the right people.
Moreover, the year 2019 attained the championship title using data. The content developed after the mixture of both came out to be crafted in excellent, scaled and engaging content. the content was somehow able to attain customers attention. That is what the marketing industry wanted.
Social media (Focused on Content Quality)
The volume never defined social media but quality content did. The brands recently but submissively understood the importance of quality content thus the number of posts for Twitter, Facebook, Instagram and others attracted the ideal audience. In 2019, companies moved their way of thinking and started working as an influencer to cultivate a strong relationship with the audience.
B. Pandemic Session(2019-2021)
In spite of global marketing started thriving when the pandemic started. Companies start seeking the best and trusted resources to handle the situation. Companies are tremendously working hand-to-hand to ensure to be in a better position when the pandemic ends. This can be recovering/continue-targeted growth.
Centralized product experience
Whereas, technology dependency has shown the merits to many businesses. In this phase, software-based company providers made their products more accessible. This offering was free with some features and premium account clients got more features but less cost to pay. Alternatively, this helped businesses to save numerous money and yet be budget-friendly. To facilitate remote working companies like Google, Webex, Microsoft, Zoom, LogMein and Cisco created advertisement buzz in their focused/targeted markets.
This strategy allows users to entice a new platform and further sell them with discounted featured value services. Break free and reliable services are the prominent features of Global marketing. Companies are finding ways to generate more capacity for delivering their services. This sensitivity towards the customer need is required in global marketing which definitely steer the long term success ratio.
As covid-19 entered there was a hike in the demand for entertainment and app across the countries. Companies started investing in “app–localisation” to serve better and increase discoverability and optimization. This set the companies to set into a new phase for the future and continue making revenue.
Event Marketing fulcrums to digital experience
For any marketer, a webinar is known to be the cornerstone that generates strategies. In the pandemic, the boom of “live” went high in the sky. Companies tentatively acknowledge to gain more users attention and thus they understand the experience service concept and will definitely succeed shortly.
Industries thriving in Covid-19
Covid-19 has certainly observed a cascading impact on various industries, but other industries were at their prominent growth.
- E-commerce
- Mobile Apps
- Information Technology
- Video Conferencing
Alternative to Social Media Marketing
The recent rumours of shutdown related to social media have provoked the importance of alternative media. Thus knowing the alternative platforms of social media becomes crucial.
- Digital Advertisement – Social media requires nurturing, re-targeting, mechanism, machine learning, and marketing automation this much effort results in paying customers. But the on an average PPC(Pay per click) takes down the social media in a one gesture. PPC is stated as a programmatic advertisement technique that only covers the targeted audience.
- Content Production – Written and video content always targets the right and interested audience. As the interest in the client becomes a key factor to purchase of product. Thus the writer directly pushes the readers mind to attain its attention through the right gestured words and proper SEO optimisation.
This content can be uploaded on any website or small advertisements or on reading documents. Writers prefer to post the product oriented content awareness in the down section of any website mostly in the last paragraph. - Industries website listing – Many websites talk the same and provide the desired services through their website. All you have to do is search for the services and it will take you to the top 50 websites of that particular services.
- E-Mail Marketing – E-mail marketing avoids the litter of the social media and as an output it share a 100% to share the companies voice. E-mail marketing offers a tremendous amount of certainty by offering many discounted product prices, latest updates, new arrivals and unbeatable prices.
- Own domain website – Yes, company website is the own world of presentation towards your client. With the good mix of quality content and video one can easily utilise to target the right audience.
Conclusion
Indeed, combination and creative workflow can only make things happen in the present covid-19 crisis. As many companies are failing to attain profit while in response to this many have crossed (Gained profit) their profit margin. This only happened because they adopted a new and active way to respond to the current situation. Understanding the consumer pattern will definitely clarify the production ratio.
After all, this consuming pattern companies should emphasise the local first to gather a responsive and high demand. This definitely cut down the global marketing expenses and leverages the moral support of a company. No doubt customers are skipping the product quality and quantity now but clashes will be there wonder and examine it afterwards. This can a beneficial part of many companies to attain that trust back.
After the global crisis ends there will be a complete dependency on electronic gadgets and this dependency is future profitable. Future-oriented plan strategies are required in a company due to the hike in the dependency on electronics gadgets.
In conclusion, this usage will decrease as the lockdown completely goes but the habit of consumers will sustain and thus making strategies accordingly will definitely give better results. Quality, short and time managed content/strategies are required to gain maximum coverage in less time. Thus understanding the local requirements and their expectations is definitely recommended. Though brand purpose, elevated customer experience, user-oriented content, conversational marketing, adoption of programmatic advertisement, developing answer based strategy.
