Total global e-commerce retail sales will reach $6.1 trillion in 2023. So if you’re looking at ways to expand your revenue, you might want to consider international marketing.
However, tapping into a foreign market isn’t as easy as flipping a switch.
In this guide, we’ll explain everything you need to know about international marketing and share some global marketing strategies.
International marketing is the process of marketing your products or services to an audience beyond your own country’s borders. Also known as global marketing, international marketing requires a lot more research and planning than domestic marketing.
What are the benefits of international marketing
The main benefit of international marketing is that it helps you reach potential customers around the world. You can use international marketing to raise global awareness of your brand or target customers in specific countries.
When you have customers in multiple countries, your revenue stream isn’t dependent solely on economic and buying trends in your home country.
International marketing strategies to consider
Here are a few international marketing strategies to consider. Keep in mind that entering a foreign market looks totally different from business to business.
Exporting your product directly to customers abroad allows you to enter a new market without totally transforming the way you do business. Exporting may be a good approach if you can handle the marketing and shipping costs.
Similar to fast food or retail franchise, this concept is simple: Someone else pays for the opportunity to sell your product locally or on your behalf. You determine the franchising rules, but international franchising also requires you to create agreements that conform to laws in the foreign location.
Similar to franchising, licensing allows a business partner to sell your intellectual property or brand in exchange for a fee.
Through piggybacking, you essentially allow a larger, non-competing business to sell your product as part of their inventory. Think of this almost as a form of channel sales, but it requires a lot of trust in how your products will be marketed abroad.
A joint venture represents a business partnership where two companies come together to create a unique product or service. Although this requires the most risk of the options above, it also has great potential for returns. ♦