Marketing Mistakes When Expanding Globally

When expanding into the global market, there are some mistakes that are commonly made that could be easily avoided.

A great way for companies to gain competitive advantage in the global market is to focus their marketing efforts on targeting the proper markets and adapting their products and services to the local customers. It is important for them to make sure that they can market to the people in these countries. They need to consider things such as how to display local currency, how to e-mail customers in their time zone, and how to support the languages the customers speak. While this may seem basic to some, there are a few mistakes that marketers make when trying to expand globally.

Be specific.

One of the first mistakes that marketers make is not specifying which country they are trying to expand into. They do this by oversimplifying what they would like to do and use vague regional terms. “Customers identify at the national level, and marketers need to remember that every country has its own local laws, cultural norms, forms of currency and payment, and unique business practices.” By breaking up broader geographic markets into their respective countries, executives can prioritize one market over another, create a staffing plan, and allocate the necessary resources to help the company achieve its desired goals. It is simple for companies to fail to think about these basics and overlook things such as strong local competitors when entering the new markets.

Look at your internal data!

Second, not paying enough attention to internal data is a mistake that can also be made by marketers. It is important to focus on how much estimated opportunity is available, how easy it can be for your company to do business in that market, and how much success you’ve already had with that market. Analyzing your own company’s data will help you to determine whether you have a strong product market fit. “Third party data sources don’t know your customer or understand your brand.”

Be adaptable.

Another mistake that marketers can make is not adapting their sales and marketing channels. A marketer cannot go into a new market following the same things that brought them success in their own country. Marketers need to adapt their methods according to how each market behaves. You should always explore what delivers the best result by conducting marketing research.

Be adaptable with your products, too.

The fourth mistake that marketers make when entering a new market is not adapting the product offering. This ties in with the previous mistake in which marketers stick to their ways that once brought them success. “Instead, they should start with a more basic version of their product to get people accustomed to it.”

Let locals take the lead.

The next mistake that marketers make is not letting local teams lead the way. Not only is it important to hire individuals who are intelligent, competent local people, but it is important to listen to what they have to say. Not only do they know the country that you are targeting, they know your business. “The marketing team must therefore put a system in place to help ensure that local views are captured and disseminated frequently enough.”

Think logistically.

The last mistake that marketers make when entering a new market is not thinking through the global logistics. Marketers follow certain steps to market to their domestic audiences, but the same tools don’t support every market. “Maybe your payment solutions only work for a few countries but yet your CRM is filled with contacts from more than 100 countries.”

Overall, it is important for marketers to pay attention to every aspect when entering a new global market. While some things may have worked domestically, they may have adverse effects when put in place in a different region or country. By avoiding these mistakes, you can ensure your company’s success.

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