Sorry, but we have to ask you: how many times have you heard the term “global market“? Surely it’s got you up to your eyeballs just like us.
Well, the truth is that we decided to investigate until we finally found what we were looking for.
In a few words, it’s the possibility of selling products and services to any part of the world thanks to the innovations that exist today.
Today, advances in transportation, telecommunications and the Internet make it possible to send goods to another country in a matter of hours and at a very low cost.
“Why does this matter to me?” you may ask. Because if you plan to have your own project, you will have to project yourself to other markets if you want to survive in an environment as hostile as the one we live in today.
Table of Content
What is the global market?
We define the global market as the system that allows commercial, financial and labor exchange between different countries without any type of restriction.
Today, the economy moves in an interconnected way, so what happens in one country can affect another, so no one is isolated from an economic point of view.
Therefore, thanks to international labor regulations, countries can establish economic and political agreements that encourage production between the parties involved through the exchange of human capital.
This makes the global market a fundamental tool for the financial growth of companies and nations.
Elements of the global market
There are several elements involved in the global market. Some of them are:
1. Exports of goods and services between countries.
Exports and imports are the fundamental engine of countries, without them any nation would go bankrupt in no time.
The global market establishes the regulations and the ideal scenario for two or more territories to do business with each other. For this purpose, there are a series of regulations stipulated by various organizations to ensure that none of the parties end up losing.
2. Flow of capital through credit and financing
In order to export or import goods, money is needed, and a lot of it. In fact, the amounts are often so high that countries often prefer to seek financing methods to facilitate the acquisition of raw materials.
This is where the global market comes in, which, as we said, establishes the regulatory frameworks for the parties involved to carry out their exchange without anyone coming out on the losing end.
3. Transfer of human capital to another country
How many times has it happened that a company wants to take a professional to another country to take advantage of all his or her talent? Well, the global market intervenes to make this dream come true.
We could call it an export of knowledge. Nowadays, there are several regulations that regulate the process of migration of a professional for work-related reasons.
4. Remittances
Financial crises are inevitable, so we must always be prepared for the most difficult times.
However, there are nations that are more affected than others and that is where remittances appear. Remittances are the money sent by people from other countries to their nation of origin in order to help their relatives.
Thanks to the global market this is possible, which shows how important it is nowadays.
The best global marketing strategies you can apply to your business
As you will see, the global market is one of the most influential areas within the world’s economy. Without it, it would be impossible to trade outside our borders.
The good news is that your company can benefit from the global market through the following marketing strategies. Please take note:
1. Use the language of each country
If you want to position your brand in another territory, it’s very important that you are able to communicate as the people of that country do.
The first thing that comes to mind is learning a new language, and that makes sense. However, you also need to learn the words and terms your target audience uses to better connect with their minds.
It’s no use speaking the same language but with words that your users don’t use. Take this into account and start learning the phrases and idioms they prefer.
2. Consumption habits in the territory
Consumption habits vary according to age, gender and demographic characteristics.
They don’t behave the same way in South Africa as they do in New York, so if you plan to expand into another country you must first do market research to determine which strategy is best to win over new customers.
Yes, you will have to invest money, but you will soon see the results of that work.
3. Legal framework of the country
Just as you have to study the behavior of users in that country, you also have to study its legal framework, since each country has its own rules that you must respect if you want to do business in its territory.
Focus on the requirements to open branches in that country, what are the procedures to be followed and the tax burden applied to businesses of your type.
This way you will know if it is the right time to enter that market or if you should wait a little longer.
4. Strategies for each market
You already know what regulations you must comply with, so now it’s time to think about the campaigns and strategies you should apply to attract new customers in that market.
Remember that you are entering unknown territory, so you must be humble and seek all the information you consider necessary to penetrate this market.
Talk to your support team to determine the digital channels to use and any tactics that fit the characteristics of the population.
The global market has been underestimated by entrepreneurs from our point of view. Many focus only on marketing and neglect the macroeconomic aspects that affect us all equally.
We hope that with this information you will understand the importance of the global market for your business.
Don’t forget to pay attention to new trends in other countries so that you can anticipate possible problems that may affect your company’s operations.
Did you already know about this concept and these strategies? Let us know in the comments:
