International marketing for B2B requires a strategic approach for marketing goods and services to businesses and organizations worldwide. And it can come with unique challenges: they typically involve larger scale transactions, longer sales cycles, and more complex decision-making processes.
But the effort is well worth it, especially if you use proven ways to identify the best global markets for your business and craft a successful international marketing strategy.
This guide introduces you to these topics and more, including:
- The advantages of international marketing
- Types of international markets
- Trends in international marketing
- What you need to craft an international marketing strategy
- An international marketing strategy success story
Let’s dive in.
What is International Marketing?
First, let’s level-set: International marketing is the promotion and distribution of goods and services across national borders. It involves applying marketing principles and techniques to global markets, tailored according to the different needs of diverse markets and customers.
Advantages of International Marketing in B2B
Expanded Market Reach: International marketing empowers B2B companies to expand beyond their domestic markets, tap into new markets, and potentially grow their customer base significantly. This expansion can lead to increased sales and revenue.
Diversification of Business Risk: By operating in multiple countries, businesses can spread their risks across different markets. This diversification can be crucial during economic downturns, as the impact might be mitigated by better performance in international markets.
Economies of Scale: Engaging in international markets often leads to higher production demands, which can enable companies to achieve economies of scale. This reduction in cost per unit can result from the spread of fixed costs over a larger number of goods produced, benefiting from lower average costs overall.
Enhanced Innovation: Exposure to various international markets can foster innovation as companies learn and integrate new ideas, technologies, and business practices from all over the world. This cross-cultural learning can also enhance product development and operational strategies.
Increased Brand Visibility and Reputation: Operating internationally can significantly enhance a brand’s reputation. A global presence can strengthen the perception of a brand’s reliability and credibility.
Access to New Talent and Resources: Establishing an international presence provides access to new pools of talent, unique resources, and advanced technologies. This can improve not only business operations, but also improve product offerings.
Regulatory Advantages: In some cases, international markets might offer more favorable regulatory conditions, including tax advantages and less stringent operational regulations, which can provide a competitive edge.
Types of International Markets
When considering global markets, it’s important to look at various aspects like economic development, legal and regulatory systems, and other factors that can impact ease of entry, growth opportunities, and marketing strategies. Here are some common types of international B2B markets:
Developed Markets: These are countries with advanced economic structures, high per capita income, and sophisticated business environments. They typically have stable legal and regulatory frameworks, which make them reliable but highly competitive spaces for B2B transactions.
Emerging Markets: These markets are in countries with rapidly growing economies. They offer significant growth opportunities but can come with higher risks due to political instability, economic volatility, and less mature regulatory environments.
Frontier Markets: These markets often have unexplored potential for B2B businesses, but risks include underdeveloped infrastructure, political instability, and nascent regulatory systems.
Understanding the characteristics of your target international market helps you build an approach sensitive to its unique challenges and opportunities, including alignment of product offerings, marketing tactics, and sales strategies.
Identifying International Target Markets
Once you’ve determined which type of market is ideal for your business, you can dive deeper into your options and see which specific countries would be the best fit. Here are some key steps to consider:
- Market Research and Analysis: Conduct comprehensive market research to gather data on potential markets. This includes analyzing economic indicators, consumer behavior, market trends, and competitive landscape.
- Segmentation of Markets: Segment the global market based on demographic, geographic, psychographic, and behavioral factors to identify the most promising markets. This process helps in understanding which regions have the highest concentration of potential customers who might benefit from your product or service.
- Evaluate Market Entry Barriers: Assess the barriers to entry for each identified market, including tariff and non-tariff barriers, local competition, cultural differences, and regulatory challenges. Understanding these barriers can help determine the feasibility and potential costs associated with entering each market.
- Customer Needs and Preferences: Identify and analyze the specific needs, preferences, and purchasing behaviors of consumers in targeted international markets. This might involve localized consumer surveys, focus groups, or studying existing consumer data to tailor products and marketing strategies that resonate with local audiences.
- Use of Advanced Analytics and Big Data: Leverage big data analytics to refine market selection and understand consumer patterns. Technologies such as AI and machine learning can help predict trends, consumer behaviors, and potential market shifts, providing a competitive edge in market selection.
- Consultation with Local Experts: Engage with local market experts, consultants, or partners who understand the cultural nuances and specific market dynamics. Local expertise can be invaluable in avoiding common pitfalls and enhancing the accuracy of your market and consumer analysis.
Current Trends in International Marketing
The international B2B marketing landscape is influenced by technological advances and shifting market dynamics. Here are some of the current trends that your international marketing strategy should include:
Digital and Social Media Marketing: B2B marketers worldwide are increasingly leveraging digital platforms and social media to reach decision-makers. This includes the use of LinkedIn for networking, content marketing to establish thought leadership, and SEO to improve visibility in global markets.
Account-Based Marketing (ABM): ABM has gained traction internationally as it allows marketers to create highly personalized campaigns aimed at engaging each account, based on segments like business size, industry, or country.
Content Marketing: Producing high-quality, informative content is crucial to educate potential clients and establish credibility. This is particularly important in international markets, where businesses must establish their brand and demonstrate expertise across diverse markets.
Integration of AI and Advanced Analytics: B2B marketers are increasingly using AI-powered analytics and data-driven strategies to understand market trends, customer behavior, and campaign performance across different regions.
Mobile Optimization: As mobile devices are increasingly used for business communications and transactions, B2B marketers are optimizing their online content and platforms for mobile access to improve reach and user experience.
Crafting an International Marketing Strategy
Creating a well-structured international marketing strategy involves a comprehensive approach that utilizes modern technologies and data-driven insights to maximize effectiveness and efficiency. You’ll want to:
- Incorporate Predictive Analytics: Leverage predictive analytics to forecast market trends, consumer behavior, and potential future demands in different international markets. This technology can help identify when and where marketing efforts should be concentrated to maximize impact and return on investment.
- Gather and Utilize Account Insights: Use advanced data analytics tools to gather insights about target accounts in each international market. This includes understanding the business size, industry, market position, and specific needs of these accounts to tailor marketing strategies effectively.
- Implement Targeted Advertising: Ad targeting should involve segmenting the market and focusing on demographics that are most likely to respond to your offerings. Advertising should be adapted to local languages and cultural nuances to ensure relevance and effectiveness.
- Personalize Content Across All Channels: Customize content to meet the preferences and needs of different international audiences. Personalization should extend across all platforms and channels, from email marketing to social media and websites, ensuring that it resonates with local tastes and expectations.
- Continuously Monitor and Optimize Campaigns: Continuously monitor and make real-time adjustments of marketing campaigns based on performance analytics and changing market conditions. Use performance metrics to refine strategies, improve personalization, and increase the overall effectiveness of targeted advertising.
By following these steps, businesses can develop a robust international marketing strategy that leverages AI technology and data-driven insights to effectively reach and engage with global markets.
Case Study: NewStore
For an example of a successful international marketing strategy, take a look at NewStore.
As NewStore, a retail brand that offers Omnichannel-as-a-Service to accelerate digital transformation for retail brands worldwide, expanded into international markets, they faced the challenge of implementing a proactive and scalable approach to their account-based go-to-market efforts.
To address this challenge, NewStore implemented 6sense Revenue AI™. Empowered with 6sense’s account insights and predictive analytics, NewStore’s sales and marketing teams gained a deeper understanding of prospects and engaged them in customized, hyper-relevant ways. Personalized outreach tailored by buying stage, engagement, and keyword insights resulted in a 124% year-over-year increase in qualified leads and a 101% year-over-year increase in qualified opportunities.
Conclusion
International marketing for B2B offers numerous advantages, including expanded market reach and ultimately greater profitability. Predictive analytics and data-driven insights can help businesses identify potential international customers and develop a robust marketing strategy for effectively reaching and engaging with global markets.
