Introduction

The idea of having global branding invites the idea of entering the foreign market. Global branding helps Many elements can influence such decisions as higher rivalry in the regional market, geographical diversification, or having the urge to enter the new market for the growth endeavor of the company. Reasons for entering the global market are not confined to these factors. 

A company has to look forward to various measures while approaching global branding to sell its product to a new audience. Global branding helps the organization to reach out to a new audience. It guides the organization to understand the environment of the market. Organizations always look forward to new audiences through global branding.

Entering the new market to create a brand image comes with the responsibility of analyzing the market condition before entering it. Organizations need to have a complete look at economic stability, Literacy rate, age, preferences, etc.

These are some of the ways through which an organization can have the branding of its product placed into the minds of the customers globally.

Quality of the product:

The quality of a product is one of the prominent selling points for any business. Customers want a quality product that can make their lives easy.

Quality check helps the organizations to be up to the mark. Fulfillment of customers’ expectations is necessary while entering the new market.

Quality is a strategic tool that could help reduce the customers’ complaints. Constant monitoring of the quality of the product helps to rectify the mistakes on the spot.

Organizations are using it as a tool to analyze competition and to have an increased market share.

A quality product in the product line will always increase the market share by attracting more customers.

These days, only product is not enough for customer retention. Customers want extra value addition in a product with the primary product. Those features accompanied by the primary product can prove to be the deciding factor to purchase that product. Companies use additional features as a tool to fulfill the different requirements of the customers. The reliability of the product is important as the customer is buying that product for long-term use.

Promotion: 

Promotion can be difficult because of cultural differences. A region can interpret an ad in a different way than another region.

The mode of promotion changes with the change in age, orientation, or geographical conditions. If the company’s targeted audience is between 16-32, they need to target the places where this age group is. Businesses can attract teenagers to social events or colleges. If the audience is older than 32, chances are, ads running on T.V or newspapers can be the best buy for the money.

The demographical conditions of the audience also play a significant role as someone living in a rural area, where television is not that prevalent, running ads on the radio/ newspaper/ through pamphlets seems to be a viable decision.

Pricing:

Pricing creates a tricky situation for a company by putting them in the conundrum of choosing the right price. There are two paths, one is local pricing, and the other one is global pricing.

Many problems may occur while pricing the product for a foreign audience. One of them being heavy taxes and shipping charges on foreign goods. The increased cost of the product makes the customers hesitant to buy the same product at extra cost for absolutely the same product in the local market.

To reduce these increased costs, companies have to start compromising either the features or the build quality. 

Pricing also depends upon the level of competition. To save the market share, companies have to price their product similar to their competitor.

Selling the product

Selling a product is something for which companies start their venture. Selling the product can be different for different regions. The sale of the product in a showroom seems to be the perfect way of branding the product. The showroom gives them the live experience of the product.

With the emergence of e-commerce, people are moving towards buying products online. Online became a global marketplace, where anyone can buy anything from anywhere in the world.

Amazon/Walmart/eBay are a few such examples of online shopping.

A distribution channel is also crucial for an organization. An organization needs to take a call on whether to create the goods in the local market or open a manufacturing unit in the overseas market they are sending the goods.

Opening a manufacturing unit is a viable option when the demand for the product is very high. It also helps to reduce some costs of the company.

Location:

Location plays a significant role in a business. Visibility of the business is not only good for the sale of the product, but it is also helpful in creating a relationship with the customer.

As the organization is approaching the foreign market, it is necessary to decide the location. Generally, companies go with Online, offline, or both.

The location of a business depends upon various factors like cost, availability, and accessibility by the customers.

Some factors play a significant role In the decision of the location for your business.