As technology has enhanced communication, transportation and financial flows, international trade has also travelled uphill. According to the World Trade Organisation, international merchandise trade went up by 33 times between 1951 and 2010. Read on to find out what international marketing is and what it entails!
Today, businesses are aspiring to go global and mark their footprints in different countries. This is, indeed, a time-consuming development and is only possible through international marketing.
When you expand your scope of business within the boundaries of your country, domestic marketing is used. On the other hand, if you want your business to go international, you will have to employ international marketing strategies.
International marketing, in simple terms, means marketing products or services in different countries. However, if you go into the details you will realise that international marketing is, in fact, a little complex. Just like international markets are different from domestic markets, strategies involved in the two marketing techniques are also different.
The aim of employing marketing strategies at the international level is to lead global branding efforts to ensure higher sales, serve a diverse consumer audience, and generate high revenues.
What are the components of an effective international marketing plan?
A marketing plan is successful only if effective strategies are in place to support it. Following are the components of an effective global marketing plan:
Research is a critical component of marketing, irrespective of whether it is for the global or domestic market. However, it becomes more essential in an international setting, as your business is new to the environment. It is important that you know who your target audience is and what their needs are.
Sturdy infrastructure is vital in order to streamline the process of international marketing. This includes activities such as reserving international domains for local language sites, registering trademarks, etc.
A lot of strategies are already in play in the domestic scenario and some of them apply to the international market too. So, you can transition these strategic approaches to an international setting. This can help you get a head start in terms of achieving global marketing goals.
The products that are popular in the domestic market might not do as well in the global In this scenario, messages are tailored to suit the new demographics and consumer group.
All kinds of markets, domestic as well as international, are constantly changing. Hence, it is essential to conduct continuous market research so that you are up-to-date with the latest trends.
Skills are the essence of any profession, irrespective of whether it is in the global domain or domestic domain. There are some skills that all international marketing managers must have under their belt, in order to be successful. Take a look:
The responsibilities of professionals with international marketing jobs are drawn out carefully in order to cater to the goal of becoming a global success. The responsibilities of an international marketing manager include:
If an international business has attracted your attention and you are planning to take up a course in this field, let us help you seal the deal.
According to payscale.com, the average salary of a global marketing manager is about €39,302 per year. However, factors such as experience and skill set influence this.
Owing to factors such as high remuneration, international exposure and fast-paced growth, this job role is becoming increasingly very popular. For fulfilling students’ dream of going international with their marketing skills, premium institutes have tapped into the industry’s potential.