Marketing your business in a globalized economy

Sales are the lifeblood of any business. Selling your product is the foundation of business success. Sales drive profits. Sales drive business expansion. Without sales, there is no customer satisfaction or customer relationship.

Therefore, one of the critical functions of any business organization, be it small, medium or large scale, is marketing. Business companies spend billions each year marketing their products to the target market. This could be in the form of advertisements such as billboards, television, radio, newspaper advertisements, or public relations or sales promotion techniques.

The critical question for all businesses is how to maximize their marketing spend. It is essential that the benefits outweigh the costs. Therefore, the burden of each marketing manager is to outline the means of marketing that are most profitable for his business.

A world outside your ‘world’

We live in a globalized market that has been made possible by various technological innovations, especially the internet and mobile technology. The pressing question for all business owners is ‘what is the best way to maximize the globalized market for my business?’ Part of the answer to this question is another question, ‘how do I market my business in a global economy?’

According to the Statistics Portal, as of April 2018 there are 4,087,000,000 Internet users worldwide. Similarly, there are 3,297,000,000 users of social networks. More than 50% of the world’s population are active Internet users.

For all traditional advertising media, your reach is limited to the number of people within your geographic location. Even if you are a large-scale company, your advertising can only reach the population of your country and maybe some neighboring countries. China, the most populous nation has less than 2 billion people. Traditional marketing media can only reach 2 billion potential people, even in China.

But with the Internet, the scope of the ‘target market’ has changed. Your target market doesn’t have to be the people within your geographic location. In a globalized economy, your target market may span the globe. A company in China can position its business online to target customers in Canada. A manufacturing plant in Nigeria can target customers in Russia.

This is especially true for people who sell services. A writer in South Africa may be writing for a magazine in the United States, while an Accountant with knowledge of International Financial Reporting Standards and accounting packages may be looking for clients in far flung Australia. A graphic designer in France may design flyers and banners for a client in Ghana. A relationship or personal development expert in Great Britain may be looking for clients in Spain. In a globalized market, not even language is a barrier to such opportunities.

The first step

The point is this; A globalized marketplace provides business owners and marketing managers with unique opportunities to expand their reach. In a globalized market, the Internet offers great potential for companies to grow and industrialize. The target market of your organization can reach the whole world. Done right, your products or services can be just a click away from customers all over the world.

If your business is not yet visible to these 5 billion people, you are not maximizing the potential of your business.

Millions of people search through Google and other search engines for information and products to buy. Why not position yourself to reap some of the benefits?

Every serious company in the globalized economy needs a website. Owning a website is the first step in making a profit from the internet as a business owner. A good business website can cost between $100 and $300 (depends on the developer). In some cases, it may be less or more. In a globalized market, you can get competitive prices from credible freelance websites or individual designers who have positioned their services on the web.

Some of the advantages of having a business website include:

1. It provides a platform where prospects and customers can get vital information about your business and products 24 hours a day with just one click. Instead of answering thousands of calls every day, your website provides a means to get the basic information you want.

2. Makes your goods and services accessible to a globalized market 24 hours a day, seven days a week

3. It is an opportunity to be indexed by Google and become a destination for relevant Google searches for your product or related products.

4. It provides a platform for a detailed explanation of your products and services without the limitations of a newspaper page or radio airtime.

5. In the world of the 21st century, having a website shows you as a serious business owner.

Many people around the world rely on the Internet to purchase their goods and services. It is important to take advantage of such opportunities.

Having a website is not enough to get sales. But it is the first step in a series of steps that may turn out to be the most effective marketing strategy in the globalized economy.

Follow the author on this page to learn more about this topic.

Leave a Reply

Your email address will not be published. Required fields are marked *