There are many companies that feel now is the right time to expand internationally. According to data from the International Monetary Fund’s World Economic Outlook, emerging markets are growing at notable projected rate of 4.5%. And with some industries becoming saturated in the US, companies are looking to take advantage of an opportune time.
There appears to be a common belief that successful multinational companies have a mixture of brand standardization and localization. The Journal of Accounting & Marketing outlines both the advantages and disadvantages of employing a strategy of brand standardization:
- Economies of scale
- Transfer of experience
- Uniform global image
- Easier control, monitoring, and coordination
- Variances of marketing infrastructure from region to region
- Pricing structure of local competition
- Interaction or interdependence with other product/service lines
Business platform Cleverism asserts that when done right, global marketing can not only improve the effectiveness of your product or service, it can also provide you with a strong competitive advantage and positively increase brand awareness. According to Cleverism, a global marketing strategy should contain the following: uniform brand names, identical packaging, similar products, standardized advertising messages, synchronized pricing, coordinated product launches, and harmonious sales campaigns.
While it is important to unify your brand across global networks, Econtent advises maintaining some level of localization within your marketing strategy. The team of people working inside an international country plays a crucial role.
HubSpot has compiled a list of 13 companies who have “brilliant” global marketing strategies. The companies have been able to adapt their strategies to translate across multiple cultures: A few examples include:
- Red Bull
- Dunkin Donuts
To create a strong brand that can be recognized globally, but is localized enough that it can be adapted to your international market of interest takes a thorough understanding of the global and local economy. Access/Information has a wealth of experience studying the ins and outs of various regions across the globe.