Need global credentials
If you are selling a brand that is placed in a global market it would be imperative that you initiate effective global marketing strategies. Global marketing strategies would differ from local or regional marketing strategies.
In a global market your brand would be competing with other global brands and would need a different strategy to survive. Though some of the basics may be common there would be others that would need a complete overhaul in thinking.
To ensure you place your brand strategically in the global market it should have the right credentials to compete with other brands. It may not be prudent to take a brand that would not be fit even in a regional market to be placed on the global platform. To be on the global market it would need to have a strong local and regional presence. Without either it would be futile to try and compete in a global market as it would be suicidal. There are major brands which have established themselves hence going with a substandard product would be just a waste of time, effort and money.
Safeguarding local and regional markets
On the contrary if your brand is not strong in the local and regional market it could be vulnerable to international brands which could creep into your market and grab your market share. These international brands in their quest for expansive international presence would extend globally encroaching into your market as well. Hence it would not be in your better interest to confine your brand only within a local and regional market because globalization is now encompassing every nook and corner of the world.
In such a context every brand has to pull up its socks and think of the bigger picture and improve their product and reach out globally because there is no other choice. If you tend to be like a frog in the well you would remain in the well and never get out of it. Hence it would be strategic thinking to have a strong local and regional presence and then reach out globally. In such a scenario it would be easier strategically to safeguard your local and regional markets whilst giving international brands a good run for their money. They would try battling you on the international platform and probably leave you undisturbed in your home terrains.
Initiating global strategies
Once you have a good home base and it is under control it would be prudent to take on the global marketplace. To do so you would need to draw up the right marketing strategies. It would be your prerogative to hold the bull by its horns and take on the market leader rather than going after the small players. It would be strategic to place your brand alongside the market leader. Some professional marketers would try to take on the smaller players and then work upwards but it would be challenging the market leader which would give you recognition.
To do so you would need to elevate your brand to super brand status, which you could aspire if you have an established local and regional presence. To challenge the market leader it would be advisable to do what they are presently doing which would instantaneously identify your brand with the market leader. It would be somewhat like piggy backing but as long as you would not infringe on any brand or legal parameters.
The following would be a good place to start with your global marketing strategies.
#1. Select a brand name identical to the leader
If you are to challenge the market leader your brand too would need to be identified as being in the same genre. Your brand would first need to be showcased as the first alternative to the market leader. It would be difficult to break through if you do not have a global base and it is to establish that, would you have to toe a second line with the leader.
There are no rules to prevent you from challenging the market leader and doing so would be your best option to gain recognition alongside the market leader.
#2. Try to initiate uniformity in packaging or presentation
Your packaging or presentation should be in uniformity with what the leader is practicing and by doing so you would be offering an alternative brand to the customer. Your pricing should also fall in line with this concept and wait to pick up from the leader. This is perfectly ethical because you would pack or show your product as the best alternative to the market leader.
#3. Offer standardized products or offers
The product or service that you would offer, which would also be doled out by the leader should be standardized again this strategy is to ensure that you stand behind the leader till the opportune time arrives. It is perfectly ethical to wait in the shadows of the leader until such time the time comes to pounce and take a part of the leader’s market share.
#4. Price your product alongside the market leader
You need to aim high if you are to succeed and that is what you should be doing when it comes down to price too. As long as your product has global standardization you could challenge the leader on a head to head strategic initiative. Keeping the price alongside the leader would give your brand the notion that it is as good as the leader.
#5. Emulate product launches
Try to gain market intelligence and emulate the market leaders with product launches to coincide with theirs, so that your brand would not be left out in the cold. Keeping up with the Jones is what you should be doing.
#6. Coordinate sales campaigns
Compete with the market leader at every opportunity and ensure that your sales campaigns are duly challenged out in the field. Be ready to launch sales campaign as soon as they launch theirs.
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