These days, companies face more challenges due to international competition. If truth be told, there is more opportunities for competitors. In other words, marketing is no longer restricted to national borders.
Market research is a key part of developing marketing strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competitors are doing.
Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts.
-Marketing Strategy Definition
A marketing strategy is a company’s long-term plan that aims to promote its products and services, gain a competitive advantage, and meet their business goals.
You can distinguish between marketing strategy and marketing plan, though. The main goal of a marketing plan is to attract new customers and turn them into loyal buyers. As your marketing plan should be firmly rooted in your company’s value proposition, it helps you to market your products or services to consumers in a more compelling way.
The main difference between the two concepts is that a marketing strategy is a long-term idea, while a marketing plan typically deals with short-term issues.
-How to Create an Effective Marketing Strategy?
Once you are able to define what is understood by a marketing strategy, it’s time to begin forming a powerful strategy for your business.
The beginning of the strategy-building process can be daunting for many business owners. To help take some of the guesswork out of the process, we've divided the standard marketing strategy into three different components.
1- Competitive Strategies
One of the most important point to take into consideration is the competitive side because the main purpose of a marketing approach is to gain an advantage over your competitors.
As you form your company marketing strategy, be sure to think about how your business can create a competitive advantage in order to succeed.
2-Conduct market research
Market research is a key part of developing your marketing strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing.
Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts.
3- Growth Strategies
A successful marketing plan will enable you to expand your business in various ways and begin increasing revenue. To directly support this growth, you need to determine how you want your company to grow in the long run. This is where growth strategies come in.
Growth strategies, also known as product-market strategies, aim to increase your market share and persuade more customers to invest in your products or services.
4-Develop your business brand
Every business, regardless of size, is likely to need a brand. A brand is more than a logo, colour or tagline. A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for and what you can deliver.
Marketing goals will help you to define what you want to achieve through your marketing activities. Your goals should be smart, specific, measurable, attainable, relevant and time-based.
Consider your target audience when you are determining which to use.
Options include:
a business website
social media
blogging
print advertising
-INTERNATIONAL MARKETING
These days, companies face a lot more challenges due to international competition. If truth be told, there exist way more opportunities too. Many people are now happy to buy products that come from foreign countries. In Other words, marketing is no longer restricted to national borders.
Still, to satisfy the needs and wants of different people from different countries all around the globe, it’s vital you customize your products and your marketing strategies. And that’s precisely what international marketing is all about.
1-what is INTERNATIONAL MARKETING?
International marketing is a marketing approach that implies carrying out your company’s marketing principles in more than one country. It involves planning, promotion, and distribution, among other things. And it aims at satisfying the needs of varied types of customers across national borders.
Therefore, international marketing not only takes place across borders, but it also involves creating unique strategies for each foreign country. And this can not be done without a thorough research process.
2-WHO IS INTERNATIONAL MARKETING FOR?
Many people wrongly think that international marketing is only for big enterprises. However, every company willing to internationalize can do so as long as they put into place the right marketing strategy.
Bear in mind that depending on what you sell, there might be some customs restrictions, as it happens with food. Still, international marketing brings you a new world full of opportunities. You can sell products or services that foreign countries wouldn’t have access to otherwise.
Monitor and review
It is important to regularly monitor and review your marketing activities to determine whether they are achieving the desired outcome, such as increased sales. Initially you should review your marketing plan every three months to ensure your activities are supporting your strategy. Once your business becomes more established review your plan when you introduce a new product or service, if a new competitor enters the market or if an issue arises that affects your industry.
Monitoring activities may include reviewing your sales figures on a regular basis (monthly) or monitoring customer activity during an advertising campaign. You can also access and review free analytic tools to determine the effectiveness of your social media or website. Thanks to the internet, it is easier than ever to promote your products or services online. Ensure you know the rules and regulations and whether what you sell can be marketed in other countries.
Do not forget to determine some objectives you’d like to accomplish. And create a plan to put your strategy into practice. Afterward, check whether you reached your goals.
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