Global companies spend a large amount of money on marketing. With the best marketing principles, they can entice people to buy their products and services. For taking into account marketing strategy, you must know that all marketing strategies move around the people. People will buy the products and services if they are provided in the language they understand. For example, if you want to market your products in China then you have to take assistance from Chinese translation services. Let’s have a look at the fundamental principles of marketing.
People: Understanding the Consumer Behavior
Marketers can best sell their products if they know how people think and feel about products. For this marketers must understand consumer behavior. Consumer behavior can best be understood in the native language. Thus, if you want to understand the consumer behavior of Korean people then Korean translation services can be of great help.
Marketers analyze consumer behavior by analyzing demographics. For this, they have to collect statistics regarding age, income, and education level. The survey that was conducted in 2022 concluded that millennials respond best to word-of-mouth recommendations.
Marketers can know about buyers’ preferences and need through different research methods like surveys and interview. This can make them understand how consumers perceive the marketing information and how they shop. Asking the right question in the language that the consumer understands makes consumer behavior research easy.
Product: Altering the Product According to the Needs of the New Market
If you know that the product you are offering is not according to the requirements of the people then you will not enter the market without altering the product. The best example of this case is Mcdonalds’. Do you know that this magnificent fast food has 34,480 restaurants which are operating in 119 countries? To serve the people according to tastes, they have altered their menu for each country. Mcdonald’s works hard to understand the people and tries to serve them according to their taste buds. In March 2022, it suspended its operations in Russia because of the invasion of Ukraine. Professional Russian translation services must have helped them in taking such a big decision.
Pricing-Selecting an Economy or Premium Pricing Strategy
The product or service that you are charging high in one location cannot be charged a premium in another location. It is called price differentiation. According to this principle, the price is charged according to the region. Some people live in posh areas whereas other lives in slump areas. With price differentiation, you can make people buy products and services from both the high and low classes.
Promotion: Selecting Strategies that Work in New Environment
Finding out the ways for marketing the product or services abroad is not that much different from marketing the products and services domestically. If you want to promote the product in your area then you have to research to know which medium they frequently use. Let’s take the example of Brazil, China, Russia, Poland, and Vietnam. You will be surprised to know that in these countries Facebook is not the most popular social media site. Instead, they use Orkut or Twitter. For understanding there more use of these social media platforms, you must take the assistance of translation agencies. Information in your native language will help you understand how people in different countries use regional platforms.
Place: Finding the Suitable Place for Consumer Use
Advertising and marketing your product is one thing. However, finding a suitable place to sell your products and services is another. It is an era of digitalization. Therefore, you must define whether you want to sell products and services online. Surprisingly, there are many European countries where people prefer shopping in person than online. It varies from country to country. Many people like to purchase products by touching them. The other reason is that they are loyal to the shop. People living in Montenegrins, Romania, Cyprus, and Bulgaria like to shop in person. Whereas countries like the US, UK, and France like to shop online. The size and layout of your store matter a lot. The decision to invest at brick and mortar stores or invest in e-commerce is a big decision that marketers have to make.
Packaging: Making the Products Presentable
The packaging of the products varies from country to country. Color holds a very important part in packaging. Do you want to know why? This is because colors symbolize different meanings. For example, in Eastern and Asian cultures, red is associated with happiness, joy, and celebrations. In contrary to it, in the Middle East, red is considered a sign of warning and danger. Moreover, some people considered it as a color of evil.
For selecting the color for the packaging of the product, marketers have to do extensive research on the psychological effects of color in each target market.
Positioning: Placement of the Products
Posting is very important especially when you are entering a new market. If the positioning of the product fails then repositioning the product can be more expensive. Therefore, it is essential to get it right the first time. The positioning of the product determines the message of the marketing campaign. The marketing message is according to the unique value proposition and contains attributes like relevancy, value, and differentiation.
According to the Harvard Business Review article, the biggest mistake that global marketing heads made is that they don’t listen to local teams. While marketing your brand internationally and using marketing principles, you should brainstorm and give importance to the ideas of local marketers because they know on-ground market situations. Don’t get your marketing efforts destroyed by not being flexible.