Why is it changing?
Marketing plays a vital role in making space for a new brand in the market. However, the fact that marketing and the way it is done is constantly evolving from time to time has been a challenge for marketers. The biggest change that has been noticed in overall marketing is customer expectations. Almost 80% of the customers claim that the service and experience provided by the company are as much important as its product or service. Due to more choices, options, information and mainly due to the availability of everything at fingerprints has made it more challenging to attract and retain a customer.
Before entering the Global marketing and even before knowing the priorities, challenges, trends, and technologies of global marketing it is very much important for you to know your market. Every region of marketing has its own strategies. Create a perfect marketing plan that covers every aspect of your product or service. Understand your audience, their traditions, and needs. Strategy that perfectly works for one country may not work for another. To create a more personalized experience, the company must have knowledge about the holidays, behavior as well as the important events of location they intend to target.
With the change in time, the priorities of global marketers are also changing. They now focus on their customer service as much as they focus on their product. Words of mouth are the most powerful way of marketing; hence influencer marketing is on the rise. The first and foremost task for a marketer is to convert the contacts into a loyal customer by attracting them to the business using different approaches. After gaining customers through contacts, the second step is to grow the traffic of the website. It can be done by marketing the product in several ways. This is the point where marketers focus on return on investment on the business. After receiving some ROI, the next challenge is to increase the revenue from already existing customers, either by providing sales or by increasing the range of products. The more the customers will engage, the more will be the traffic and so the profit. Keeping the customers engaged with a product or service is always a challenging priority.
Challenges for a marketer
In today’s marketing world, creating an effective and more efficient marketing campaign to reach the specific people of the specific age is a colossal dare. According to Forbes, one of the most common challenges faced by global marketers in order to make a campaign is “people”. Marketers are already facing difficulties in making campaigns for people of a specific area. So in order to make marketing campaigns for the whole world, two things must be taken care of, planning and knowledge. People around the world use different languages. All the software are so accurate that they provide almost perfect translation but still, translation is a massive task for marketers. For example, a famous slogan of Pepsi,” Pepsi brings you back to life” was translated in Chinese as “Pepsi brings you back from the grave”. Budget has always been a hectic and a huge challenge for marketers. Providing a solid proof of return on investment as well as providing revenue model is a good technique to tackle this challenge.
The most common mistake made by global marketers when they newly target a market is not having enough knowledge about global Logistics. To make a successful business one must have deep knowledge about its customers, their time zones, languages of the consumer and their ethics. Even if a company is marketing its products on a global level, it is very much important to specify them country wise. Product appreciated by people of one country may not be liked by people of other countries.
Trends of modern global marketing
The main responsibility of global marketers is to market the product or service in every possible corner of the world. Companies are focusing on translating their services in every language by using automated translation platforms. Although translation is one of the biggest challenges faced by marketers as automated translation platforms do not translate the idioms and phrases perfectly in every language.
Besides, in order to make genuine and authentic interaction with the customers, marketers are preferring videos over written text and images. Furthermore, artificial intelligence got the attention as soon as it became available for public use. In order to make the customer service more useful and memorable, marketers are using artificial intelligence implemented chat bots. They are designed in such a way to provide a customer with all the answers making him satisfied with the service. This enhances the user’s trust and experience.
Technologies used by global marketers
Artificial intelligence is a vast field which has revolutionized the marketing strategies, challenges as well as the trends. Global marketers are using artificial intelligence to reach the audience, to gain their attention and to turn them into loyal customers by providing them a better experience. However, alone it may not leave a bigger impact. Artificial intelligence mixed with big data enables hyper-personalization. The second most powerful Technology that gives a better experience to the today uses is augmented reality and virtual reality. Extended reality is making its way into the near future as it provides realistic experience. People are more likely to attract to a thing that makes them feel that they are in power.
A strong relationship has been noticed between information technology, competitive advantage, and marketing. The better the technology and knowledge, the better will be the marketing product. Hence providing a competitive advantage over the other competitors. In order to create a loyal relationship with the customers, the company must establish brand loyalty, engage with the customers and keep bringing new as well as better products to the market. Information and information technology are of high importance for a Global Business as it provides them with a chance to lead their competitors in the long run.
World is going through a 4th industrial revolution, which is driven by technology. In this era, if marketers want to succeed, they need to embrace technological changes and start working on building marketing tech stack that help them in overcoming their challenges, sufficiently planning their strategic priorities, and staying in par with the competition. Don’t forget to watch on what digital marketing experts have to say for 2019 below: