Do you have an export plan? Does this involve capitalizing on your brands? Why not make it global? But of course, you need to have a strategy on how to do this. Here are several aspects to think of.
1. Understand customer behavior
Consumers preferences and habits can depend on many factors especially the culture from which they hail. But there are always some differentiating factors that highlight individualism and oppose the generalised rules. Due to this scenario, one needs to understand consumer behaviour as a group and as individual decision makers to be able to accurately decipher consumer trends for a specific business.
2. Position yourself properly
Good brand positioning means truly understanding one’s competition and subsequently, look into one’s advantage. An accurate assessment of a brand’s Unique Selling Proposition (USP) still holds strong and can be the deciding factor between standing out or dying out.
3. Know how your brand translates
A brand or product name may have a different meaning in another language.
Not only will language matter but so will color. Some people prefer a specific color for the products they would want to buy. Color apparently adds appeal.
4. Think broadly
Your company should be broad enough to accommodate changes due to expansion and demand. A prerequisite of a global brand is the ability to evolve with the times to stay relevant under all circumstances. Outdated business philosophies can be detrimental in today’s dynamic industry.
5. Find good partners
Work with an attorney in protecting intellectual property overseas – filing trademark and patent protections. Good partners are recommended as well. Those who come from colleagues or state or federal offices have a good appeal due to their reputations.
It is imperative that providers are reputable and won’t misuse or misappropriate your name.
6. Efficiently manage brands over time
Managing brands is challenging. Brands are affected by several factors and require advocacy and reputation management. In this dynamic, complex business environment across varying geographies, brand management systems can only truly be called globally relevant when they are resilient, futuristic, proactive and highly responsive.
7. Be adaptive and flexible
Successful global brands are managed by balancing consistent brand guardrails with the freedom to adapt local growth opportunities. It’s vital to maintain brand equity by not compromising on basic core values of the brand during any adaptation programs.
8. Leverage technology
Technology-enabled solutions have changed the practice of brand management and it would prove very advantageous to use these for furthering a brand. They have especially impacted the area of Custom Relation Management (CRM) systems among others.
9. Use custodians
Custodians are people who act as a strategic guide and mentor who advise local brand marketing teams on strategic issues. They ensure consistency in brand positioning with adherence to brand guidelines, seamless sharing of knowledge and best practices and utilisation of localised communication and marketing tools.
10. Align organizational structures
Organizational structures need to be aligned in order to ensure seamless brand management. The roles and responsibilities, of especially the core functional team, need to be well defined at the onset for better accountability and higher efficiency.