Global Marketing Strategy

Going global is not just for big corporations anymore in the digital world. Any market can be any brand no matter where they are based. Global marketing is a way to market your brand that will encompass many countries from many different regions of the world. This is when global standardization comes into play. This means that your campaign messaging can be used simultaneously in different countries and cultures. You can choose to do your campaigns this way or localize them that are different across markets and countries. However, it is much more cost-effective to use the former. No matter which one you choose a successful global marketing strategy will include understanding your international audiences, setting SMART goals, and knowing your competition. Implementing a global marketing strategy has many benefits aside from the obvious one of further brand reach. It will give your brand a better reputation and will also help you understand your brand identity on a deeper level. Global marketing can help you reinforce your messages and ideas across borders. It can reduce financial waste if you choose to use global standardization and create uniformity across packaging, design, and advertising. However, it can be off-target or culturally insensitive and lack uniqueness. Global marketing success will depend on finding a good balance between standardization and localization.

While Supplies Last: Scarcity Marketing Tactics

Why do we all want things that we can’t have? This is what the scarcity principle is based upon. Creating want for a product or service through limited accessibility. Things that seem rare are perceived to have higher value. Marketing uses this principle often to get customers to buy but there needs to be proof of scarcity, of course. Here are some examples of ways that marketing use scarcity.

1.     Limited-time offers: Just as it sounds, these promotions are limited time only with a clear beginning and end date. Can be as sales, discounts, free offerings, exclusive products/services and/or free shipping.

2.     Flash sales: Great for letting current customers first to create a sense of rewarding them for their loyalty. These are last minute announcements that are available for a short amount of time.

3.     Limited stock: You probably see these often and don’t even realize it. For example, when you add something into your Esty account and below it states, “there are only 5 left in stock to order soon.” This simply shows the number of items that are left in stock.

No matter which way you shake it, the scarcity principle works through creating a sense of urgency that will budge consumers to buy. However, that being said, it does have some drawbacks as does anything. You have to weigh out the pros and cons for your brand to see what the best way to implement the technique will be.

Here are the drawbacks:

1.     Can take attention away from products: It’s important to make sure that the customers are happy with the product. If the value of the product is compromised, then it will hurt the brand’s reputation.

2.     Causes pressure on consumers: this could push prospective customers away.

3.     Won’t always mean your audience will grow: This principle may not work on all people. It taps into a specific type of psychological profile.

4.     It can create a sense of trickery: Some see this as a form of dishonesty. Is the product really low in inventory? Let’s hope so because if not, you can lose your loyal customers.

Scarcity marketing can make your brand stand out from the others if done correctly. It gives the impression of popularity or exclusivity. While it’s a great tool to utilize, it’s key to remember not to use it excessively, be overly pushy , not to extend  them and create products/services that always deliver.