International marketing management has become increasingly important in today’s marketplace. For many businesses, global expansion can be the difference between making it and going under, but it doesn’t happen without careful planning and consideration of local customs and norms. Learn about what works and what doesn’t when it comes to international marketing by reading through this guide from an experienced international marketing manager who has travelled all over the world to meet with clients and potential partners.
International marketing management is a bit more complicated than domestic marketing. There are several factors that make international marketing different, as well as several best practices that should be followed. This guide will help you get up to speed with international marketing, providing you with everything you need to know about what works and what doesn’t. Let’s jump right in!
Go Beyond Language
A lot of global companies find language barriers in foreign countries challenging—and it can become a frustration that’s hard to overcome. A survey by The Economist Intelligence Unit showed that 33% of international companies saw weak or failed communication as a top problem in their international business efforts. This is an issue both globally and on an organizational level; managing cultural barriers should be one of your primary roles as an international marketing manager. That’s because strong communication skills are essential for overcoming these problems, especially when handling important overseas clients or overseeing different teams in different offices. But what about language barriers? While strong communication skills are essential for overcoming these problems, having knowledge of key languages can also be extremely beneficial for business success abroad.
Every country has its own ways of doing things, whether it’s at work or in their daily lives. Cultural differences can be a huge barrier for foreign companies looking to do business abroad. To succeed in international markets, managers must first recognize that every country is different—and these differences matter. Without an understanding of local values, beliefs, customs, and business practices, companies risk failure; businesses need tailored strategies for each market if they want success. The best place to start is by getting out there! The more you immerse yourself in another culture, the better you’ll understand how it works—and what doesn’t work when entering it.
International marketing managers
you’ve heard of them. You know you’re one. But what are they, really? And how do you fit into your company’s overall strategy? Do you even want to? Here’s a quick guide. What’s so great about international marketing managers? There is an ever-increasing focus on global marketing management, given that markets are growing more fragmented while access is increasing across regions. International marketing managers may be creative strategists who develop products/services with cross-border reach in mind; insightful researchers who understand regional differences and cultural nuances; or savvy negotiators who make deals in foreign countries. Those who wield power over entire departments at corporate headquarters may be responsible for bringing their companies’ brands abroad through distribution channels—regardless of whether those channels were created specifically for export purposes or not.
Importance of international marketing
Did you know that international marketing accounts for approximately 20% of all US exports? Or that it is estimated that international markets could represent an increase of up to 50% of total US sales within just a few years? The significance of international marketing is becoming increasingly apparent, as domestic companies realize that their success requires knowledge about global markets. This is why many businesses are turning towards international marketing managers, who oversee everything from product development and production to advertising in other countries. Understanding how best to approach these markets – while still remaining faithful to your brand – can help you tap into a whole new world of business opportunities.
Global marketing management (GMM)
Everything from developing your product, packaging it, advertising it, setting pricing, establishing distribution channels and supporting your customer base is affected by global marketing management. And if you don’t have a firm grasp on GMM best practices for your industry sector—or whether those guidelines even apply to you—you could be passing up opportunities for growth. But what does good GMM look like? How do you ensure that your company has got it down? The next post in our series will address just that!
What works and what doesn’t
To understand what works and what doesn’t, it’s important to understand why international marketing is different from domestic marketing. The strategies that work well in one country may not translate as well elsewhere. For example, word-of-mouth advertising is a great strategy for many countries; however, it can be ineffective in China. Because of censorship laws, consumers there cannot get their news through traditional mediums. Instead, they have social media. Chinese companies are using social media to advertise products instead of relying on word-of-mouth promotion. In Russia we often see product placements done without proper translations on television shows because they don’t pay much attention to copyright infringement laws.
International Marketing Management Tips
A global market is a powerful thing. In fact, according to estimates from McKinsey & Company, about 85 percent of all incremental economic growth outside of China will come from emerging markets in Asia, Latin America, Africa, and Eastern Europe. That growth is projected to exceed $24 trillion over the next decade. This huge opportunity should be plenty of reason for businesses looking to expand globally or get into international markets altogether. In some ways, it is simpler than ever before thanks to an interconnected world with technology making cross-border communication so much easier than it used to be years ago. With that in mind, there are some international marketing management tips that you can use that might prove invaluable when starting your own business venture abroad.
Well, now that you’ve got a good idea of what works and what doesn’t when it comes to international marketing, we hope you’ll take steps (pun intended) toward expanding your international marketing knowledge. There are many resources at your disposal – reading up on books is always a great place to start, but online resources like blogs can also be excellent sources of information. If you’re looking for somewhere specific to start with online resources, check out our list of Top 20 International Marketing Websites. And as always, we welcome any feedback in terms of what has or hasn’t worked for you or any other advice or tips – so feel free to comment below!