Global Marketing Research Tips
By switching their marketing efforts to global markets, many consumer goods companies are seeing sustainable growth. If your company is based in the United States it is a smart decision to seek international business because well over 90% of the world's population is located outside of America. The potential for successful business ventures outside of the country depends on how well you can analyze and research the foreign market consumers.
The following are some global marketing research tips that will give you a leg up on the competition.
- There are many cultural differences between the United States and other countries. Make sure that you research all the subtle differences that could be the difference between success and failure. If your brand name or company do not transfer favorably to the country you are targeting, consider making slight changes to the name. I recommend hiring a marketing research firm that has done work within the country so that you will be well prepared for the culture.
- Not all products can be shipped overseas in their prepackaged form. Do research to find out whether you can send your product as a whole or if you have to do some modifications before they will allow you to ship it. Also make sure the target country will like the packaging and labeling.
- Do research on the current prices of similar or related products. Determine how much the people are willing to pay, and what benefits your product will have over your competitor's.
- After you have researched or have used a marketing research firm, decide whether or not a general marketing strategy will work for the area you are targeting. Make alterations at this point.
- Do research to find out how consumers are currently purchasing products that are closely related to yours. Determine whether or not your company can competitively offer sell your merchandise in the same manner. Also, check into whether or not there is an alternative means of distribution that is not currently being utilized. You may achieve a competitive advantage.
- Once you have all of your marketing messages ready to send out, pretest them with a small subject group. This will ensure that the message will be translated accurately and effectively. Continue to monitor the marketing campaign after your product launches to tweak any miss-communication.
To successfully market consumer goods across the globe, you must be committed long term. It could take a long time to establish an identity in a new market. Because of the improvements being made in technology and communication, it is becoming not only easy to do business in a new country, but can be extremely profitable as well.
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