In an increasingly global economy, growing revenue will depend on successfully establishing a brand presence across many regions and cultures. Though it may be easier to use the same marketing campaign globally, it makes more sense financially to have a flexible marketing strategy. Even though having a variety of marketing strategies is initially a larger investment, many potential consumers will be able to see your company’s products in the context of their own lives.
When marketing campaigns are tailored to certain cultures, consumers are more engaged with a brand than when a global approach is used. Having many diverse marketing campaigns can be a hassle, but here are a few tips to help maximize revenue in the global market:
Focus On The Consumer
This is one I have made a mantra — People want to be served, NOT sold. Stop thinking about what you’re selling and think about WHO you’re selling it to!
Marketing is usually focused on the product being sold. Whether it focuses on excellence in quality, affordability or innovation, successful marketing is all about the product. The future of marketing, however, will need to be about the consumer and how the product is a part of the consumer’s community. Accomplishing this goal will depend heavily on each diverse target market due to the fact that the world is such a diverse place.
For example (a very simple one), a company may have had a lot of success with a marketing campaign in India based on a cricket game. This campaign might also work in the U.K., but it would not work in the U.S. This is because Americans do not typically follow cricket. A similar marketing campaign based on the sport of baseball would have generated a lot more consumer interest in the U.S. Knowing the consumers and their values is essential to increasing profit through sales.
The average consumer wants to feel like the products he or she uses represent his or her values and lifestyle. Failure to properly recognize this need results in lost opportunities and lost revenue.
Trust In Specialized Teams
Far too many people choose to go it alone, and end up baffled when they don’t see results.
In order to focus more on the communities in which consumers live, it is useful to have marketing produced by individuals who are well versed in that community. If marketing is done in-house, it would be most effective to have small teams focused on many communities rather than one large marketing department. This way, the focus of the marketing material does not alienate the target consumer due to cultural misunderstandings.
If marketing is outsourced to a marketing firm, a competent staff will be able to identify the core values of the brand and create content appropriate for the target market. Marketing firms inherently understand that a campaign with a good return on investment must reach as many potential consumers as possible. These firms usually offer expertise for many industries and locations so their employees are already extremely adept at creating content for a variety of markets. Due to their expertise in a range of markets, it may be more cost-effective to use a marketing firm rather than having in-house teams.
Whether created in-house or by a firm, content still has to properly represent the overall brand. Marketing for China should represent the brand, but in a way that jives with Chinese culture. Effective marketing should make the product seem like it is already a part of the consumer’s life. Additionally, the brand values should fit in with the consumer’s values. These goals can only be accomplished by thoroughly understanding and effectively communicating information about a product in the “local dialect”.
With loads of information rapidly becoming available to consumers globally, a marketing campaign needs to be pliable. Customers want to be engaged with and informed about the brands they spend their money on. Since consumers think locally but buy globally, successful marketing will need to be able to evolve to stay relevant within specific communities.
To stay relevant across multiple continents and cultures while also staying on brand is a huge challenge. Gaining revenue from targeted marketing will require a diverse group of individuals led by a Chief Marketing Officer or an excellent marketing firm like Virtue Marketing. Great brands stay ahead of their competition by finding revenue where others do not.
An infinite amount of potential revenue exists in the growing global economy, and a great marketing department goes after every penny. By connecting with many different communities worldwide, businesses can access previously untapped sources of revenue ahead of their competition.