What is Global Marketing?

Changing shopping habits during the pandemic has allowed e-commerce to expand and flourish even further. As a result, the value of many online marketplaces that can be accessed from almost any country is increasing. If you are going to promote your products to foreign markets in order to increase your sales, it will be of great benefit to you to have a good grasp of the concept of global marketing. The definition, strategies and benefits of global marketing appear as helpful opportunities to better understand the concept of global marketing.

First, let's take a look at the definition of the concept of global marketing. To put it simply, the concept of global marketing is the name of the strategy and method used by companies to spread their products from their domestic markets to a wider international population. More specifically: Global marketing is a concept that includes all the necessary processes to sell your product in the international market. Processes such as the production, placement, planning, localization and promotion of company products around the world are the processes of the global marketing concept.

Why is Global Marketing Important?

Global marketing is a very important concept for brands that produce or sell products and services with global demand and potential. Because global marketing acts as a bridge connecting marketing and globalization. Marketing concept; It is the name given to the potential to analyze the market well, determine what consumers want, and learn how to seize the market with the right pricing. The next step is to produce the products and evaluate the returns by offering these products for sale. The concept of global marketing is of great importance as a part of marketing that includes these processes.

Global marketing includes many different products and opportunities. For this reason, it is not possible to organize products for him based on a single human profile. A global company should develop multiple profiles for each region in its business in different regions. Depending on the product, customers can now be reached almost anywhere in the world. For this purpose, multinational companies cooperate with local distribution networks. While certain companies thrive in certain markets, some companies may set up their own networks. Companies trying to enter the global market often start in densely populated urban centers.

Electronic export companies can reach any target market in the world through online stores. There are dozens of startups, hundreds of organizations and thousands of tools to support this process. What needs to be done carefully in this regard; is to show that products or services suitable for customer profiles and customer profiles in the targeted market are worth buying by people. At this stage, the concept of global marketing comes into play. Thanks to the internet, cross-border e-commerce has become a big part of the global marketing concept.

What are the Points to Consider While Performing Global Marketing?

Global marketing stands out as an area that requires special effort. It requires a process developed by people who are experts in marketing. Depending on the concept of global marketing, many different strategies can be applied. Which strategies will be implemented depends on the goals of the company to be embarked on the global marketing business.

The important points to be considered while doing global marketing are listed below.

• For companies that want to enter the global market, it is not enough to just offer good products to the market. Developing a marketing strategy suitable for the entered market in terms of culture and language is one of the most important steps to be taken.
• The marketing strategy implemented by the company in the domestic market may not achieve the same success in the global market. Therefore, strategies must be developed for specific markets.
• Due to differences in local competition, the global market has to adopt different pricing strategies.
• A technical and logistical infrastructure; It is an important global marketing element that includes important factors such as the inclusion of the production of products in the digital process or delivery.
• In some markets, it is more profitable to use local facilities or local solution partners for production. In some markets, it may be cheaper to manufacture and ship products at the company's headquarters.
• Partnering with local companies is an important step towards opening up to the single market, but in another market such partnerships can harm the brand.
• Global marketing experts who want to step in professionally should establish a strategy on these issues by reviewing all the details of the marketing industry by establishing intercultural communication.
• A multinational company should carefully study each market and be prepared to make changes to its products, information, packaging and branding as needed.
• In order to bring a product or brand to the global market, a good message or slogan must be presented to the consumers. However, due to the cultural elements of the targeted market or differences in cultural expectations, each advertisement and slogan may not be sufficient to ensure a good return.
• Electronic exporters who want to engage in global marketing need to master the language of the market in order to better direct and manage their business relations with local companies. For example, one or more websites used in the region should be localized with the support of local stakeholders.
• Marketers entering the global marketing business must visit their target markets and live there for a while to analyze the visited market well. During these visits, local contacts should be established and how things should be conducted in the region should be investigated. In these studies, the cultural sensitivity of the region should also be understood.

Why is Global Marketing Management Necessary?

You can find out why global marketing management is a necessary concept in the sections below.

1. Global Marketing Influences All Humanity.

In short, the concept of global marketing affects all of us directly or indirectly. It doesn't matter whether you work for an international company or run a small chain business in your city. It would be wise to pay attention to what companies in other countries are doing. Decisions made by foreign companies and markets will affect your local business. Even if you're not impressed, it's better to be smarter about global marketing. Ignorance by no means pays off as a good strategy.

2. Global Marketing Helps Open New Doors.

Taking your business across borders can create tremendous opportunities. You see, the domestic market tends to stagnate after a while. Therefore, doing business abroad can be a good way to boost your business.

3. Increases in Efficiency with Global Marketing.

Developing a global marketing strategy can help your business in many ways. In this case, the first step to take into consideration is to improve the effectiveness of your company's products and services, which adopts the global marketing strategy. As your company grows and learns, you will more effectively promote new and improved products or services. As your company continues to offer better options and offers to customers, your company needs to share its developments with a wider audience. Creating a global marketing strategy allows your company to do just that.

4. Global Marketing Offers A Competitive Advantage.

Another prominent feature of the global marketing strategy is that it offers a strong competitive environment among companies. Many companies do not have to face the challenges of local competition. If your company has no problem competing locally, this is your opportunity to increase your competitive advantage and compete globally. Competing on a global scale allows customers around the world to better understand the situation and focus more on the products and services you provide. Creating a comprehensive global marketing strategy allows your company to quickly adapt to any needs based on customer needs and global market trends.

5. Global Marketing Enables Increasing Customer Awareness.

Another benefit of global marketing is that it can increase customers' awareness of your company. When customers around the world learn about the products or services your company provides, they may engage with your company because they understand your company and the many benefits you have to offer them. The Internet allows customers to track the progress of products all over the world, so if your company strengthens its global marketing game, customers around the world will notice.

6. Global Marketing Opens Ways to Earn More.

Developing a global marketing strategy that appeals to a wide audience offers a great opportunity for your company to make a lot of money. Also, when a company uses the internet, global marketing costs will be greatly reduced. When your company uses Internet access to interact with millions of customers in other countries/regions, you will be able to provide better and more affordable services to customers around the world.

What is the Role of Digitization in Global Marketing?

Global marketing refers to marketing activities carried out on a global scale. With the development of digitalization, the concept of global marketing has also developed. Digitization is global in nature. In other words, digitalization is of great importance for the promotion of marketing activities globally. Nowadays, almost everyone uses the internet and everything is taking great steps towards digitization. Therefore, globalization and digitalization have affected each other positively.

In an increasingly globalized world, marketing activities have developed and the process has tended to progress in parallel with digitalization. Especially digital marketing and global marketing are two methods that complement each other. At this stage, we can say that the concept of global marketing is unthinkable without digitalization. Therefore, it is important to use these two elements for marketing activities.