Launching
a new product is never easy, especially when you are trying to enter new
markets with possible cultural differences. Which is why you need to perform
global marketing research and adopt the best global promotion strategies to
guarantee success.
First things first, you need to understand the local market by conducting market research. Through market research, you can find the answers to the following:
- What are the needs of your
target audience? - What are their interests and
preferences? - How do local customs and
traditions affect purchase behavior? - What motivates them to buy a
product? - At what price are they
willing to buy the product? - What is your USP over local
competitors?
Once
you have answered the above questions and tweaked your product specifications
and pricing accordingly, it’s time to start promoting your product.
Here are the top five realistic ways to promote your product globally:
1. Leverage the Power of Storytelling
Stories
sell products. You need to help people understand how your products add value
to their lives. People pay for value; not for products.
Storytelling
is a powerful medium to capture audience attention and to remain in their minds
forever. The best stories can never be forgotten.
Create
a story based on the entire buying journey of your customers,
right from the product identification stage to the product buying stage.
Add characters to your story and make your target audience the hero of your story. When people see themselves as the hero of the story, they are keener to try the product themselves. Add conflict and emotions and bring up social issues in your story.
Toms
was able to expand their shoe manufacturing business worldwide because they
combined storytelling with cause marketing.
Toms shoes shares the story of their founder, Blake Mycoskie, witnessing children growing up without shoes while travelling in Argentina. He decided to donate a pair of shoes for every new sale. This is a true story with a good cause – a recipe for successful global marketing.
2. Use Local Influencers to Build Product Awareness
In order to expand to a new market, you will need endorsements from influencers. Social media is the best place to find local influencers who can endorse your products and build brand awareness.
This
doesn’t necessarily have to be expensive either. According to Influence.co, you
can hire macro influencers on Instagram with over 1M+ followers by spending
around $1400 for a sponsored post. The
rates are even lower for influencers who have smaller followings.
Just
imagine the level of engagement you will receive by using the power of
influencers. However, finding influencers might not be easy. To simplify this
process, have the right influencers come to you rather than having to seek them
out yourself.
You
can use platforms like iFluenz
to set up your influencer marketing campaign and start receiving proposals from
interested influencers within minutes.
Influencer
marketing campaigns are perfect, even if you’re on a tight budget. And they can
help build credibility since an influential personality is vouching for you – a
necessity in a new market.
You can also use influencers to get more user-generated content for additional social proof. You can have the influencers encourage their followers to submit their own photos or videos featuring your products.
This could drive more UGC to establish a strong community and gain the trust of new customers.
3. Take Advantage of Advertising (Both Online and Offline)
Advertising
helps improve brand loyalty, which further results in repeat purchases. There
are endless options that you can use to promote your product.
The best ones include:
- Run a newspaper display ad in
the local newspaper. - Advertise using online PPC,
display, and banner ads. - Invest in sponsored social
media ad campaigns or run banner ads on Facebook. - Use retargeting ads for
prospects who have visited your site before. - Run social media contests to
get new customers. - Advertise your products on
radio or television. - Catch your prospect’s
attention via billboard advertisements.
To understand what kind of visual content works best for your audience, you can use a tool like Cortex. Its AI-powered analytics can help you select the best visual content to use in your ads.
4. Partner With Established Businesses in Your Target Market
If
you are looking to enter into a new market, you must never underestimate the
power of other businesses who already have a good understanding of the local
market.
You
can partner with them to maximize your chances of product success.
Some of the top foreign business partners you should seek for potential partnerships include:
- Business associates to acquire new sources of capital and local target markets.
- Local industry associations or the local Chamber of Commerce.
- Qualified business mentors.
Recently,
McDonald’s launched home delivery in the UK
after partnering with the ridesharing company, Uber.
And Suzuki signed an agreement with Toyota
to expand their presence in Europe, which is a large market for electric
vehicles. Under the contract, Toyota will provide two electric vehicle models
to Suzuki for market release in Europe.
Mutual collaborations like these are extremely effective at expanding the reach of new products in the shortest possible time.
Event
sponsorships are another effective way to reach potential audiences who might
be interested in buying your products.
You
can get your product front and center at a mega event if you become one of the
sponsors. This will help you drive effective brand awareness along with media
exposure.
Sponsorship
also allows you to distinguish yourself from your competitors as you network
with other prominent personalities in your target market.
You can sponsor an event, a trade show, a fashion show, or a charity cause. Try sponsoring events that have the maximum attendees and is widely popular in the target location. This way, you can get your products in front of a huge audience in no time.
Conclusion
A
product that is popular in one country doesn’t necessarily become a
game-changer in another. You need to adapt your product according to the
customs and likes of your local audiences.
You can also use the above strategies to present your product in the best possible manner in front of your prospects. Global marketing is not successful unless you add lots of local marketing into it. Follow these five ways to promote your products in any market of your choice.
