The Definitive Guide to Global Marketing Strategy
Clarke Ricks School of Business,
Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Hicks
October 2, 2022
The Definitive Guide to Global Marketing Strategy
Before the internet, only a few successful companies needed global marketing strategies.
These were the biggest names in business, operating in international markets with employees
across the world.
One such company is Coca-Cola. The beverage corporation has catered to a worldwide
customer base for decades, adapting advertising, distribution, and pricing to fit each market
while maintaining its global brand strategy of sharing happiness. Fast forward to the 2000s, and
most companies are global from the start. The internet makes it possible for anyone to create
an online business presence — whether it is a one-page website, e-commerce shop, or social
media profile.
With reasonable budgets and marketing creativity, companies of all sizes can launch global
marketing campaigns and attract more customers without dedicated marketing teams. It's
essential to create a deliberate global marketing strategy before executing global marketing
campaigns. A solid strategy increases your chances of connecting with your target market and
converting prospects to customers. This article will teach you how to plan a global marketing
strategy — but first, let us cover the basics.
What is a global marketing strategy?
A global marketing strategy is an overall marketing strategy to expand a business into
markets across the world. It's the reference for localized marketing plans to reach various
regions and new markets. A global marketing strategy doesn't only cover selling products across
borders. It includes layering the 4 Ps of marketing (Product, Pricing, Promotions, and Place) with
other marketing processes such as analysis, planning, tracking results, and gathering social
proof.
Global marketing strategy requires adapting your company's overall marketing
strategy and brand style to the culture and conditions in each country or region where you
operate.
Your strategy should aim to increase global brand awareness, gain a competitive
advantage, and position your company as a valuable solution for your customers. It should also
highlight your relationships with the communities you operate in and how you give back.
How do you plan a global marketing strategy?
A significant part of global marketing strategy today is digital. This is primarily divided
into owned, paid, and earned marketing channels. Your market demographic and location
determine where you spend most of your budget and effort.
Ensure your global marketing strategy is consistent with a uniform brand name, similar
products, identical packaging, aligned messages, similar pricing, and synchronized product
launches. Group similar countries to form a geographical segment and streamline your
marketing efforts.
To begin creating your global marketing strategy, ask:
1. What is your organization trying to achieve in the global market?
2. Are you creating a new market or tapping into an existing one?
3. Which countries or regions support your business most?
4. What's the majority demographic in your market?
5. Why do customers love your product?
6. Where are your competitors most active?
7. What is your competitive advantage in potential markets?
8. How can you improve and scale what works best?
9. What are the peculiarities of your potential markets?
10. Should you have a single brand story or different messaging for different
markets?
The answers to these questions will set you on the right path to creating a well-rounded
global marketing strategy.
Steps to plan your global marketing strategy
The following steps help you plan a strong global marketing strategy:
Conducting market research
Getting a first-hand understanding and judgment of your potential markets is crucial. Study
their culture and behaviors. What channels are most appropriate for marketing? Where do they
meet online and offline? Conducting thorough market research protects you from making
avoidable, costly mistakes.
Analyze where your market segments come from and consider the factors contributing to
turning prospects into customers. Choose regions where you have the most significant business
opportunity.
Assemble a team
Your market research will show you which regions work best for your product and
company. The next step is to gather the talent and team you need to execute your marketing
strategy.
It is wise to have some team members with experience and expertise living or working in
your target areas. You may choose to hire local freelancers or a marketing agency. Review your
budget and decide which option is best. Invite your team into your digital workspace, giving
appropriate permissions, access, and visibility to each team member.
Create your marketing plan
Now you have chosen your markets and put together a marketing team, you're ready to
put together your global marketing strategy. Begin by identifying your company's goals and
fitting them into the landscape of your potential market.
Study your marketing personas and communicate the value of your product in your
marketing message. Consider your competitors’ positioning and outline a marketing plan that
emphasizes your strengths.
Your product's value proposition may change in different markets, so adapt accordingly.
Uber, for example, promotes cash over cards in developing markets where cash payments are
predominant.
Localize your brand message
It is a lazy marketing mistake to assume that every market shares the same characteristics
and pain points. What worked in one country may not work in another. Localize your global
strategy and adopt prevailing marketing practices. Aim to delight your new market with a
tailored-to-fit experience.
When creating ads and media assets, focus on connecting with your customers. Get
familiar with their desires and make your messaging clear and personalized so there's no
confusion about who you are selling to. It is helpful to learn about popular cultural references,
events, and holidays to create a truly global, local experience.
Tweak and improve
A marketing strategy is never a one-and-done task. Split test elements, track marketing
analytics, and improve your marketing message to get the best results. Marketing management
software like Wrike helps you execute campaigns, extract insights, collaborate with internal and
external teams, and re-create what works.
Benefits of a global marketing strategy
While it has never been easier to broadcast your brand worldwide, there are both benefits
and challenges to creating a global marketing strategy.
Some of the benefits of global marketing strategies include:
Increased brand awareness: What brand wouldn't want the name recognition and
customer base of McDonald's or Starbucks? A global marketing strategy allows you to place
your product in markets you couldn't reach otherwise.
Improved product quality: The knowledge you gain from expanding into new markets
enables you to fine-tune your product and processes, leading to more value for your customers.
Advantage over competitors: Conducting business worldwide gives you the upper hand
over local competitors who can't or don't have a global marketing strategy. It also enables you
to adapt quickly to customer demands or market trends.
Lower costs: Customers from all corners of the world can find you online, lowering your
marketing and promotion costs. These savings can be funneled into serving your new
customers better.
