International marketing is the marketing of products or services outside of your brand’s domestic audience. Think of it as a type of international trade. By expanding into foreign territories, brands are able to increase their brand awareness, develop a global audience, and of course, grow their business. Show The complexity of international marketing comes in the details. While domestic marketing takes place in the same country, international
marketing is anything that happens outside that nation’s boundaries, with a focus on the nuance of speaking to that international audience and trying to understand the culture, language (where applicable), and customs that may not be familiar to your brand. 8 REASONS TO EXPAND INTERNATIONALLY IN 2020 Have you been considering taking your business global? 1 INCREASE REVENUE POTENTIAL When businesses have exhausted growth opportunities at home, they turn to global expansion to help grow their business. For many companies, international expansion offers a chance to explore markets and gain access to millions of customers, thus increasing sales. 2 ENTRY TO NEW MARKETS Once your company has been successful in your home country, it’s time to look at markets overseas. However, before you enter the new market, it’s vital to do research. Whether it’s looking at emerging markets in South America, advanced technology hubs in Asia or exploring developed markets in Europe, each region offers plenty of opportunities for expansion success. 3 NEW CUSTOMER BASE Another benefit of expanding abroad is that it gives the opportunity to not only sell your current product or service to a new customer base but also to invest and introduce new products/services. With a much broader customer base, you can generate more business and increase sales. 4 EXPANSION ALLOWS YOU TO DIVERSIFY Keeping your business in the home market can limit potential for profit. One of the downsides companies face when they operate in only one country is the exposure to market changes. Taking your business international allows you the opportunity to diversify your markets, so your revenue is more stable. If your domestic market is slowing down, having the advantage of a global market will help cushion the company during slower economic times. 5 GREATER ACCESS TO TALENT Another excellent benefit of taking your business global is that you get access to a much greater pool of talent. Hiring international talent can bring many advantages including advanced language skills and diverse educational backgrounds. In addition, expanding globally also allows companies to employ local workers who have the expertise to communicate and serve your clients (within the same time zone) without any complications. 6 GAIN COMPETITIVE ADVANTAGE Go to market before your competitors do. Expanding abroad allows you to get out of a saturated market. Expanding abroad gives you access to new customers and in a market where your competitors do not operate. 7 IMPROVE YOUR COMPANY'S REPUTATION One of the reasons why businesses expand globally is to be able to provide a reliable service to their international clients. A good global reputation will attract new customers. Expanding abroad allows a company to build name brand recognition and establish credibility internationally. 8 COST SAVINGS By setting up in a new country, a business will be able to lower their operational costs and save money. Many companies have found its advantageous to move some of their manufacturing operations to other markets due to cheaper labour costs and more affordable talent. When considering expanding internationally, many businesses think that the only way to achieve their global goal is by setting up their own entity in a foreign country. It is true that if a company is building
infrastructure and has set long-term plans for the country, then establishing an entity may well be the best solution. CONTACT US TO FIND OUT HOW WE CAN WORK TOGETHER What are 3 reasons a company might move into an international market?For businesses and organizations still undecided about entering foreign markets, here are five compelling reasons why companies go global.. Lower Your Competition in Growing Markets. ... . Offset Fluctuations in Your Local Market. ... . Improve Your Margins. ... . Jump on a Unique Opportunity. ... . Respond to Demand.. What are the reasons for international marketing?Reasons for entering international markets. large market size.. stability through diversification.. profit potential.. unsolicited orders.. proximity of market.. excess capacity.. offer by foreign distributor.. increasing growth rate.. What are the benefits of companies engaged in international business?Advantages of International Expansion. Entry to new markets. ... . Access to local talent. ... . Increased business growth. ... . Stay ahead of the competition. ... . Regional centres. ... . Cost of establishing and termination of an entity. ... . Compliance risk. ... . Business practices and cultural barriers.. How firms engage in the international marketing?Small businesses can enter the global market by selling directly to customers in export territories, marketing products through a local distributor, participating in a joint venture with a local business partner, or selling through a website.
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