Tuesday, May 13, 2014
Marketers: Learn How to Handle International Markets
When you are addressing how to take your marketing strategy worldwide, there will be the temptation to use a cookie cutter approach; this temptation must be squelched. As a student in integrated marketing at Northwestern University, I have seen how understanding a nation’s cultural values will allow your strategy to truly flourish.
A Look At Marketing In Brazil
Finding the right product for a unique marketplace means having to invest far less in your offering, as the product will match up with the wants and needs of your target market. For instance, open a new page to look at Metro’s article on this Brazilian offering: http://bit.ly/1mYdoSi. Outsiders see a ridiculous luxury item. Brazilians see a chance to cherish their heritage in their beautiful game. The upcoming 2014 World Cup will sell a unique souvenir: Pele’s hair crystallized into diamond form. The soccer superstar’s hair is taken and transformed into 1,283 diamonds (equaling his goal tally) and will be on sale for £4,500.
Coca-Cola shows a second example of understanding an international market, more specifically the feelings of said market. Coca-Cola plans on scaling back its upbeat marketing campaign leading up to the World Cup. Coca-Cola realizes that if there is a discord between their campaign and the overall sentiment of Brazil, their company image will suffer. Take a second to look at Fox’s article on this strategy in a new page: http://fxn.ws/1iuunpI. As a result, Coca-Cola moves stride in stride with their target market.
So, marketing internationally must align the values of the market with the offerings of the company. When looking at how to move forward, a CMO and marketing department must work to fulfill these points:
1. Market Towards Specific Markets: Like Pele's diamonds, if you find a way to focus on what your target market desires, the selling point becomes much easier
2. Capitalize on Current Events: Partnering your company with major events in your market is a great way to permeate the market
3. Sync marketing strategy with market emotions: Consumers want to see that the company they are buying from understands them. Take a page out of Coca-Cola's book and partner your company's status with the state of your target market
Seamus Naughton is an Economics and Integrated Marketing Communications student at Northwestern University. He is interested in both business internationally and more specifically in the Lusophone world. He studies the Portuguese language and operates a twitter feed on the topic. Follow him at @Lusophonenews on Twitter.