Global economic growth is a reason to market outside US, experts say

Companies wanting to expand outside the US need a clear marketing strategy

Marketing

By Allie Sanchez

The spread of economic progress across the globe is making a strong argument for US firms to expand globally.

A 2015 Pew Market Research report noted that the world’s “middle income” population grew to 13% in 2011 from 7% in 2001 due to growth in consumer markets. Also, segments classified as “poor” across the world dropped to 15% from 29% over the same 10 year period.

However, Aric Saulka, Euromonitor International manager for North America client development, noted in a report that companies wanting to expand globally need to have a clear strategy to make the most use of their marketing dollars.

First on a company’s to-do list should be finding the right markets, and objectively assessing these markets is necessary. He said firms must find a specific demographic within a market that would be worth the marketing time, effort, and resources.

New territory also requires keen market research, particularly gap analysis, which involves getting multiple perspectives of a potential new market. Commissioning custom reports could help identify potential blind spots that may exist between market requirements and a company’s product and service portfolio.

Apart from the economic aspect, cultural and linguistic nuances likewise need to be understood from market to market, Saulka said.

Technology could also give campaigns a boost, doing away or minimising the need to set up a bricks and mortar shop a company wants to enter. Mobile phone and internet penetration demographics could be most useful in planning a digital marketing campaign to reach new audiences, Saulka stressed.
 

Keep up with the latest news and events

Join our mailing list, it’s free!