While the outcome of the global economic recovery remains unknown, some countries are likely to return to growth faster than others. And with the most digital holiday season yet just around the corner, marketers can start tapping into these tentative global growth opportunities by focusing their efforts online. To help marketers make that shift in time for the year’s busiest shopping season, three global leaders share what areas they think should be prioritised.
Don’t put all your eggs in one basket
The acceleration of digital adoption has made it easier for businesses to expand internationally than ever before, allowing them to reach out to new markets and large customer volumes at a much lower investment. While traditionally, the physical distance between countries was deemed an obstacle for brands wanting to enter into new markets, it doesn’t play a role in the borderless online world.
That’s why going digital in multiple markets at once can really help businesses drive sales this holiday season. Putting different eggs in different baskets will help them stay protected from fluctuating local market conditions, which, with some countries recovering much more quickly than others, and lockdown rules being reintroduced in selected areas, is an important thing to think about.
Action: The main objective of diversification is to capture demand, ideally before your competitors do. You can stay on top of potential new markets based on country-level data and consumer insights with tools like Market Finder.
Watch the full interview with Pascal Lamy to learn more about the benefits of digital when selling abroad and how businesses can drive growth internationally.
Optimise the user experience
At 2.05 billion, the global number of digital buyers has reached an all time high this year, and peak season is only likely to increase this. As such, the most important thing brands can do right now is making sure that their website and app are able to support this rise in traffic, without compromising in speed. Your online store is the final stop in your customers’ path-to-purchase, so working closely with your IT department to create a smooth online shopping and check-out experience will be key to driving customer satisfaction and loyalty.
Another important part of this is localisation. Make sure the messaging of your campaigns reflect the cultural traditions of each market, particularly when it comes to seasonal moments. If you’re based in Europe, you may be focusing your holiday campaigns on Black Friday and Christmas, but what if you’re entering markets like China, where Single’s Day (11th November) is widely celebrated, or India, where Diwali (14th November) is one of the highlights of the year? Local market insights can really help businesses get it right here.
Action: Use a tool like Grow My Store to review every element of your retail website and improve it based on recommendations and local market trends.
Watch the full interview with Bisila Bokoko to learn more about optimising your digital international business plan in areas like global payments and logistics.
Focus on audiences, not markets
While any global marketing strategy requires careful consideration, it’s not always necessary to think locally or create a new campaign for each market. People actually have a lot more in common than we might expect, so why not look at commonalities across markets instead? This gives you a much broader starting point, allows you to stay on top of trends, and ensures you can remain relevant to your audience regardless of where they are.
Crucially, many trends and behaviours are borderless, especially now that digital adoption has accelerated. That’s why the most important thing for brands is to show up in the moments that matter most, so that your product or service is strategically front of mind while your customers explore their purchase, wherever they are in the world.
Action: Learn to understand the many elements of a consumer purchase journey and get ready to provide them with the information and reassurance they need to make a decision.
Watch the full interview with Lars Silberbauer to hear more about automation and the power of reaching audiences over markets.
Learn from industry leaders
Watch Think Global 2 livestreams on demand for more insights, strategies, and best practices to create an international strategy and accelerate your recovery this holiday season.