“International marketing”. The name itself gives an idea of what it entails. International marketing is simply the sales of goods and services across national boundaries.
Due to technology advancement in recent times, international marketing has become a
business strategy that virtually anyone can venture into without having to be in different customers’ countries physically. International marketing is open to anyone provided you have internet.
As an entrepreneur, you might start considering international marketing as your business grows. There are various reasons why people venture into international marketing. It could be to increase customer size, to satisfy needs of different people in different geographical location, to further grow your brand or for any other business reasons.
Most people who are involved in online marketing or e-business usually carryout international marketing.
Note that the internet alone is not the only consideration when starting international marketing. Various other considerations include; understanding the business rules and regulations of other countries, modification of your product to suit the demand of consumers in different geographical locations, little adjustments in prices and availability of your products.
There are different ways one can venture into international marketing. It could be by merging your company with another similar or different company in a different geographical location. Merging of companies is also referred to as joint venture. Many businesses have blossom through this means.
Another way of venturing into international company can be by buying or acquiring another business which exits in a different geographical location. The acquired business is merged with yours to form a new improved organization that still retains your company name.
Lastly, you can decide to go into international marketing without merging or acquiring a new company but by direct exportation of your products from your original location to various target countries. You can also acquire various distributors who would buy your products from you and then export these products to various geographical locations for sale.
Note that advertising your product online is a good way to reach out to a lot of people from different corners of the world. Thanks to technology.
However, there are several challenges in starting international marketing. These challenges could be understanding and having to adjust to the laws of different countries, adjusting to consumer needs, language barrier, and improving quality and uniqueness of your products especially if there are many similar products.
If you intend to go into international marketing today, take out time to make research about your target countries as it relates to marketing in general and the demand of your product by different people in different places.
You have any questions or comments? Feel free to get in touch. I’ll be waiting.