5 Global Marketing Strategies From Well-Known Brands
To effectively expand into foreign markets, companies must first identify their goals and fit them into the landscape of the target market. Once they’ve done this, they can outline a marketing plan highlighting their strengths. It is also crucial to consider how competitors position themselves and their products. Different markets will have different needs and wants, and a product’s value proposition will differ. For example, in developing countries, Uber promotes cash payments over cards. Global Marketing Strategies From Well-Known Brands
Product-based global marketing strategy
One of the most effective global marketing strategies is a product-based one. A well-known brand’s name is very familiar to consumers around the world. When the brand enters a new market, the marketing strategy usually changes consumer preferences by adding new features, promoting them, or lowering prices. This marketing strategy has worked well for IKEA, a Swedish company that has revolutionized the furniture market in many countries. Starbucks, another well-known brand, has expanded into more mature markets with new menus and shop layouts.
Similarly, a product-based global marketing strategy is effective for Airbnb. This online marketplace began in San Francisco in 2008 and has since expanded worldwide. Today, there are more than seven million listings across more than 100 cities worldwide. But, again, the success of Airbnb can be attributed to its social media presence.
Localization vs. global standardization
Global marketing strategies from well-known brands often combine localization and international standardization. The best approach for your company depends on your products, target markets, and budget. Choosing a mix of both systems can help you reach new customers and win existing ones.
Localization strategies are suited to specific geographic markets, while global standardization strategies work best for global product marketing. The key is developing a plan matching your objectives and goals, then implementing the appropriate procedures. In addition, localization strategies require unique local approaches to marketing, which can include using proper technologies and applications.
In addition, standardization strategies benefit more prominent companies that operate in multiple countries. Using one global system for multiple markets can save money, as companies can produce materials worldwide.
Domino’s Pizza’s menu innovation
Domino’s is known for its intense focus on product quality, which attracts new customers in large numbers and improves customer retention. The company has a long-term record of growth in consumer traffic, reorder rates, and sales, largely thanks to its core hand-tossed pizza recipe. The brand has also innovated several times over its 60-year history.
One of the strategies Domino implemented to grow its share in the carry-out segment was a pivot to a tech company. The company partnered with Toyota and became the first pizza delivery company with self-driving trucks. Innovation is essential to Domino’s DNA, and the company focuses on new technologies to improve the customer experience.
Nike’s co-creation platform
The global marketing strategy of Nike is an excellent example of how a well-known brand can leverage co-creation and consumer feedback to reach the next level of success. The company sells its products through a variety of channels, including wholesalers and retailers throughout the world. It also sells directly to consumers through its website. The company has also introduced a new digital platform dubbed Nike Digital Sport, through which customers can provide feedback and share their experiences with the products.
One of the goals of Nike’s global marketing strategy is to create demand by promoting sports and running. As an expert storyteller, Nike can inspire consumers to pursue sports and lead a healthy lifestyle. In addition, the brand supports social inclusion and women empowerment through various sports. Nike also commits to global sustainability. Ultimately, it wants to dominate the market and grow internationally; to do that; it needs to become closer to consumers and create products tailored to their needs.
Pepsi’s comparative marketing strategy
Pepsi was founded in 1898 and has since expanded its global footprint to over 200 countries. While its marketing strategy is based on consumer research and analysis, the company also dramatically values its relationships with distributors. Pepsi has a network of restaurants, retail outlets, and supermarkets and uses these relationships to ensure its products are widely available to consumers. It is not the case with Coca-Cola, which is accessible to only a select market.
Pepsi has also used its brand to tap into hot-button social and political issues. For example, the company’s “It’s OK to Ask for a Coke” campaign used a celebrity to tap into the zeitgeist. The company also used Black Lives Matter to tap into a hot topic that was gaining traction with the public.