With immediate and extensive access to information, today’s consumers are aware of all the details of products, its pros & cons and reviews well before purchase. Here’s where customizing the marketing efforts come into play. This is especially significant when it comes to local marketing vs global marketing.
Local Marketing
Sales & marketing of a product locally has its advantages in that the support of local economy is promoted. Being local, the language of marketing and story behind the product, service, company & brand is organically relatable.
There is an affinity that local businesses naturally enjoy so the marketing efforts must be primarily centered around the natural affiliation.
Product & Service
There are also factors such as the type of the product and or service that affect marketing efforts and popularity among consumers. There may be certain products that consumers prefer from a local market while other products may be preferred of a foreign make or origin. Depending on the market survey & consumer survey, marketing efforts will have to be customized accordingly.
Start-ups Vs Established Brands
Another factor that defines marketing & sales strategies is whether the company is starting out or well established. Incumbents into the market should plan for distinguishing themselves in the market while also strategizing for optimal growth. Established brands, while having the advantage of being well known, must strategize for increasing competition, evolving market, technology and changing consumer interests.
Global Marketing
Taking your brand, product / service or company internationally is a heavy financial commitment. It requires strategic research, planning & development to enter and then establish oneself in the target market. Unlike local marketing, there is no advantage of local consumer base affinity towards the brand or product. However, with information being available at the touch of a button, today’s consumers are aware of most international brands. One strategy then is to start targeted digital marketing well in advance of the move. This will not only test the waters but also help understand consumer needs of the target market so that sales & marketing activities can be customized accordingly.
Establishing the Brand, Product / Service
The one factor that remains constant whether it is local or global marketing is understanding the needs of the customer. Flexibility to adapt to consumer needs and market accordingly is key to brand loyalty and growing the consumer base, thereby increasing revenue.
As a growing company, there are many aspects that need your daily focus and attention. Especially as a start-up, there are pitfalls to avoid and best practices to learn from. That is where we can help you as your trusted Business Advisory Partner. Book your FREE consultation with us today and together let’s take your business to the next level.