Cracking global markets is a tricky thing for a business to do. Your company needs to have established itself in the local market in order to broaden the trading horizons to foreign countries as well. Your company must thrive on a unique selling point (USP) before paving your ways further. In the year 2013, the global market was estimated to have more than seven billion potential end users who were considered as key vendors, distributors, customers, and retailers.
Following are some of the major marketing strategies to expand sales from distant markets:
- Licensing and Franchising
For a strong export management system, it is vital to establish a marketing presence and generating foreign user rights for encouraging the distribution of your services in other countries is identified as the first step in entering global markets. It requires dedicated time and efforts for the acquaintance of legal rights as it involves a complex regulatory procedure. For being able to bear the high tariffs and other trade blocks, having the right chain of franchising comes into the picture.
- Joint Ventures and Strategic Alliances
Companies tie up with each other for trade regulations and plan joint ventures to commonly culminate the mantra for successful trades. The ability of joint ventures and collaboration has helped construct a business association to collectively achieve goals that would be otherwise challenging to attain. Merger and acquisition activities help you to gain a firm grip on the new markets and effectively expand your trades.
- Export goods
Direct exporting is pretty much easier than any other steps in global marketing. For example, you want to sell your products in Brazil, you acquire your licensing to ship logistics and goods and then witness for yourself how effectively your business strategy works for the Brazilian economy. Trying to foothold in these newer markets, direct exporting gives you a transparent scenario of the foreign markets.