Have you ever wondered how Amazon, which started as a bookseller in 1994 in the USA, is today among the highest profiting brands around the world? The answer is simple – they picked out the right global branding strategies. By positioning its brand as an enabler for simplifying online transactions for consumers, Amazon was able to appeal to the global audience.
As you scale your marketing strategies, you will realize the benefits of global branding as well as how to go about it. In this article, we will talk about global branding importance so that you can no longer be daunted by the idea of taking your product to the global space.
Reasons To Go Global On Branding
For newly established brands still finding their local consumer base, it might not be a good idea to go global right away. Coming up with global branding strategies and executing them is neither easy nor cheap. If you’ve achieved all your targets in the local market, global branding might be your next best strategy.
Obviously, the major motivation to do this would be to expand the business, but we’d recommend that you go global if you wish to offer something unique and useful to the international market. Global branding values and strategies can increase your customer base if you do it right and if you have the resources to do it right. So, if you have the economic, technical, and human resources for global branding, we’d say go for it.
Benefits Of Global Branding
If you think your brand is ready to go global, you might want to take a look at these advantages of global branding strategies.
#1 Find new opportunities
Every market has a different consumer culture. Your product might fare better in some places than others if it satisfies the different needs of the consumers. Uber became a popular name across the world because it brought about a much-needed change in the way public transport works.
#2 Get a competitive advantage
Global brands have more brand value and can wield more influence compared to local brands. This is due to their brand perception as they are more desirable. They represent a status of good quality and create a strong identity based on their popularity among consumers. This gives them an edge over local brands.
#3 Increased revenue
As your brand expands to larger bases, there is room for greater returns on investment. Global brands create campaigns targeted at the global audience as a whole, so their marketing investments might not be as high as you think. On the flip side, doing targeted marketing and branding activities can also generate high revenue. In short, it’s a win-win on both sides.
Initial investment costs for global branding might be high, and it will be difficult to execute your strategies if you don’t have a thorough knowledge of your consumer base and their culture. Achieving high targets is also a long process in most cases, so you will have to remain patient as a marketer. However, once you crack the strategy, you will be able to enjoy the benefits of global branding for a long time.