Globalization and communications technology have created a greater market opportunity for businesses to market their products and services internationally. Today, to be successful in the business world, you have to have a global vision and not just focus your efforts at the national level.
But with more markets there are more obstacles to manage. Culture, climate, regulation, ethnicity, politics: these are some of the many elements that differ from one country to another and have a great influence on consumer behavior. This is where the importance of developing an international marketing plan comes in.
In this post, we will see the elements of the international marketing plan , something that you can learn in more detail if you choose to study a Master in International Business or a Course in International Marketing at the European University.
What is an international marketing plan?
As you can imagine, an international marketing plan is a marketing plan intended for the global expansion of product sales and brand recognition of a business. In essence, international marketing aims to personalize or adapt products, marketing and sales tactics in the international market in which they are expanding. Rather than broadcasting the same media ads to multiple countries, each country or market segment should receive different marketing messages to appeal to that particular community.
The international marketing plan is a fundamental element for any business that decides to expand globally. Without it, they will not be successful.
Elements of the international marketing plan
To build an international marketing plan, it is not simply a matter of translating messages into the local language. There are several examples of multinational companies that have made that basic mistake. When Pepsi used their motto, Live! You are in the Pepsi Generation in China, hadn’t realized that the literal translation meant, Pepsi will bring your ancestors back from the dead! The campaign did not last long.
So there are several things to keep in mind to build an international marketing plan. Some of them are:
- The research: It doesn’t require much explanation, but there is a long list of points to check, such as – Are cookies allowed ? How will people in the target demographic differ in a new market? Is email penetration adequate or will SMS be more effective? How viral is the culture and the target group? What search engines are most used?
- Competitor Analysis: It is important to review the competitive landscape. Companies need to identify and study competitors in depth. What are your strengths and weaknesses? What kind of marketing are they doing? It is effective?
- Identify the audiences or target: to be successful, a company must identify and know its main targets. Know who these people are, how they communicate, for example. Businesses should categorize these audiences into groups, so they can better understand how to reach them and what messages to use. While one group may be active on Facebook, another group may prefer email communication.
- Set Goals and Objectives: Using research on the market, competitors, and audiences, companies can set their goals and objectives. There must be both short-term and long-term goals and objectives that drive a business to achieve its marketing goals, but are also achievable.
- Define specific strategies and actions: with all the information mentioned above, companies are in a position to develop specific marketing strategies and define the necessary actions for each stage.
- Analysis and evaluation: businesses will not know what marketing strategies and actions are effective if they do not implement some type of evaluation or tracking. This is an important point for long-term plans to be successful. Without the results, you cannot plan well.
Study international business and marketing at the European University
In this post we have seen, in a generalized way, how to make an international marketing plan. At the European University, we offer you the opportunity to develop your knowledge and skills to lead in the world of international business and marketing. In addition to the programs already mentioned, we have a portfolio of programs so that you can advance in your professional career and meet your own challenges. Some of them are:
- Master in International Trade Madrid
- Higher Degree in International Trade
- Higher Degree International Trade at a distance
- Higher Degree in International Trade Valencia
- Master in Marketing Madrid
- Master in Online Marketing