This guest blog post is provided by the Canadian Trade Commissioner Service (TCS) which helps companies navigate the complexities of international markets and make better business decisions.
The new Spotlight on International Marketing from the Canadian Trade Commissioner Service (TCS) is here to help ensure your export marketing plan is a success. When selling a product or service abroad, there are 5 key considerations you must take into account that will determine the effectiveness of your marketing efforts.
1. Unique Selling Proposition (USP)
Your USP is a summary of what makes your business unique and valuable to your target market. When entering new markets, you will be up against new competitors and need to know how you can differentiate yourself and effectively communicate your value.
2. Product Localization
Your product or service may also need some tweaking before it's ready for a new geographic audience. Whether it's catering to local laws and regulations or variations in consumer preferences, make sure your offering is primed for success.
3. Finding the Right Price
Choosing a proper pricing strategy is a crucial part of market entry. It sets customers' expectations for the product or service and affects their appraisal of the purchase, including perception of value. You will also need to have policies in place to account for fluctuations in foreign currency exchange rates.
4. Distribution: Channel Strategy
Your target market abroad may have different shopping habits than your domestic one and it's important to know where and how it likes to make purchases. There are also steps in the transportation process to consider. How long will your distribution channel be? Will you partner up with established local players?
5. Promotion: Getting the Word Out
Promotion is commonly referred to as 'marketing' despite being just one part of a marketing strategy. It's important to effectively place and communicate your messaging so that your target audience knows your offering is available and perceives your company in the way that you desire.
For a more in depth look at these topics and a breakdown of the 9 additional Ps of export marketing, download your free copy of the Spotlight on International Marketing. This short guide offers proven strategies, applicable examples, actionable solutions and helpful resources.