Types of Strategies Used in Export Marketing

[Md. Anikuzzaman]

The basic difference between export marketing and domestic marketing is that export marketing focuses on marketing your product in other countries instead of your own. Although it applies strategies that are similar to domestic marketing, export marketing tends to be more challenging, since you must appeal to different cultures, ideals and tastes. Laws and regulations are also different from place to place. Export marketing may entail a greater risk and effort, and may require substantial financial resources.

Effective Marketing Action Plan
A calculated and aggressive marketing strategy is essential to export marketing. To implement export marketing correctly, you must do it in correct stages to ensure export sales growth. According to Export.gov, it is vital for a company's international business plan to define where it stands relative to potential markets, and to clearly lay out its objectives for them. A strategic action plan focuses marketing targets by collecting and analyzing relevant information, accounting for restrictions, and laying out the steps for an action approach. A company must formulate obtainable objectives, as well as a corresponding timetable to make them reality, and maintain the flexibility to adjust objectives if conditions change.

Pricing Strategies
Pricing strategy refers to changes in the prices of products that business owners make to persuade consumers to buy their products. Pricing strategies are useful for export marketing if you do not have many competitors in the target country that offer the same product as you do, or if you are new to that specific market and you want consumers to try your product. Types of pricing strategies include discounts, promotions, membership special pricing and bundle pricing.

Online Marketing
Online marketing is just as crucial today for an export business as it is for a national business, since people in most countries have some level of access to the Internet and its benefits, and online shopping is still a growing trend. Online marketing includes online ads, websites and email marketing. Facebook and Google ads are some of the most common online marketing strategies, and people in most countries have access to them. You can purchase advertising on specific websites, but most online ads work through keywords. Your ad appears when a user uses words similar to those from your ad in a search, or navigates to similar sites.

Traditional Marketing
Traditional marketing strategies can be just as effective in promoting your products in other countries as they are in your own country. Banners, billboards, pamphlets, print advertising, word-of-mouth and business cards are some of the most common forms of traditional marketing. A key difference is that to apply this type of marketing strategy to an export business, you must study the culture of your target market, and tailor your message to the market. Your marketing strategies are only as effective as they are relevant to your consumers' lives.

Source: http://smallbusiness.chron.com/types-strategies-used-export-marketing-14167.html