Viability Analysis In Your Marketing Plan
October 17, 2008 by 
cindy
Marketing accountability is an integral part of any marketing strategy today. Marketing managers also need to include viability analysis into their marketing strategy.
And, when it comes to an international marketing plan, this is even more important. The success of your international business can depend on the viability analysis carried out as part of your international marketing plan.
The Process
This means that you need to create an international marketing process that you can measure.
But you need to pay attention to what you measure and how you will use this information. You need a marketing process that gives you the information you need to determine viability.
In the 3 Differences In Your International Marketing Plan I gave you a simple action plan:
- Review your international marketing plan
- Create a process
- Include steps that can be measured
- Review these steps for relevancy
- Use this process to create accountability
- Review results for viability
The Reason For Your Process
But this is a simplistic view. You need to spend time reviewing:
- The information your business needs to determine viability.
- The value of what you need to track and measure.
- The relevance between what you are measuring and the information you need for viability analysis.
Make It Work
And once you get this right, you need to review your process to make sure your sales and marketing teams can contribute to this process.
Implementation is key. The process you create for your viability analysis must fit in with how you do business.
Key To Your International Success
Viability analysis is vital for international business development. Your business needs the right tools to make the right decisions to grow in foreign markets.
You can create this process right from the start, when you first start selling to international clients.
In the beginning your process may only include a few extra steps. But these few extra steps will give your business the information you need to continue to develop abroad.
You can find the other two differences in your international marketing plan here:
Read The Whole Story
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This is part of the Core Business Guide 6 Analyze Your International Viability Be sure to check out the other useful tips to analyze your international viability |
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And it is also part of the Core Business Guide 4 Build Your International Marketing Strategy Be sure to check out the other useful tips to build your international marketing strategy |
Need Help?
Need instructions?
Need to see where this fits in?
Still confused? Review your answers in the first Core Business Guide
Simply click on one of the 8 different color coded boxes immediately below to access other core business guides.
| 2.9 |
The 3 Differences In Your International Marketing Plan
October 9, 2008 by cindy
Do you already have a marketing plan for your domestic business? Do you need an international marketing plan too?
Of course you can guess that these 2 marketing plans will not be the same. There are 3 differences you need to incorporate into your international marketing plan.
Feedback
When marketing to different markets abroad you must stimulate market feedback. In fact this needs to be one of your top priorities right from the beginning.
When you first start targeting a foreign country you will need to adjust your communication and your marketing and sales strategies.
It is important to understand how your communication is received in a different culture. And this takes time to understand well.
As you get to know your foreign markets you still need to pay attention. In order to seize business opportunities, and avoid bad decisions, you need to know what is going on.
Place a high priority on stimulating feedback in your international marketing plan.
Flexibility
Again, it is all about getting to know markets that are different from your home market.
As you get to know and understand these new prospects better you will need to adjust your marketing. Simply put:
Your international prospects react differently to your products.
These differences may be very subtle. They can also appear at any stage of your international business. But if you stimulate feedback and listen for these differences you can:
- Improve your international results.
- Become present in your foreign markets.
A little time spent double checking your strategies can save you time, money and cultural blunders. So, plan for flexibility. Include a process of evaluations, and room for change, in your international marketing plan.
Viability
In an international marketing plan you need to include even more elements of marketing accountability. The viability of your international endeavors may depend on this.
What does this mean? Here is a simple action plan:
- Review your international marketing plan
- Create a process
- Include steps that can be measured
- Review these steps for relevancy
- Use this process to create accountability
- Review results for viability
This gives your business the tools to make the right decisions to grow in foreign markets. Include a process for marketing accountability in your international marketing plan.
Use Your International Marketing Plan
Incorporate these 3 elements in your international marketing plan and add one more. Next all you need is to:
- Put your international marketing plan into action.
Even if you start with the most basic marketing plan, all you really need is to take action and give priority to these 3 differences. Your market feedback, flexibility and viability analysis will guide you through the rest.
Read The Whole Story
|
This is part of the Core Business Guide 4 Build Your International Marketing Strategy Be sure to check out the other useful tips to build your international marketing strategy |
|
And this is also part of the Core Business Guide 6 Analyze Your International Viability Be sure to check out the other useful tips to analyze your international viability |
Need Help?
Need instructions?
Need to see where this fits in?
Still confused? Review your answers in the first Core Business Guide
Simply click on one of the 8 different color coded boxes immediately below to access other core business guides.
| 2.9 |
The Two Key Objectives For International Market Research
August 12, 2008 by cindy
Your international business development relies on thorough market research. International market research has two key objectives.
You need to address both of these objectives when you develop and implement your market research strategy.
Rationalize Risk
You need to have good knowledge of each specific country you reach. Good international market research will provide you with enough accurate statistics to help you rationalize your business risks.
You will also use this information in your international viability assessment. Before investing time and money into your international business expansion you should have some idea as to the viability of your efforts.
Of course you will not be able to cut out all risk completely. There is always the risk of surprise factors in international business.
Good market research will give you enough information to feel comfortable with the level of risk.
I personally have always aimed for at least being 80% sure of success. The satisfactory level for the level of risk will depend on many different factors. The more experience you have in international business development the easier it is to evaluate and appreciate.
The important point here is you need to give yourself enough information to evaluate your risk.
Get To Know Your Future International Clients
Most people think market research is learning about the market. In international market research you need to become familiar with the people. Not the market.
Why is this critical?
Simply because you will get to know your foreign market much better. Your international marketing is aimed at people. People in different countries are different. There is a good chance they will respond to your product or service in a different way to your regular domestic clients.
How can you expect your international marketing to effectively bring in clients if you are not marketing to them in the right way for them?
The important point here is to always concentrate on understanding the people, the person, your international client.
The Challenge For International Success
When you first start to develop your business in a new country, you can get bogged down in getting used to different procedures. There is a danger of abandoning your international market research.
This is the challenge. Your international market research gets you started. It also keeps your international expansion going.
You need to set up a simple process for your international market research and keep at it, without stopping.
- This is how you will develop your business through the different stages of international business.
- This is also how you will be able to spot new business opportunities, or know when to revise your business strategy.
The International Sales Road Map in the Get International Business Guides is an easy process. It is great for businesses with limited manpower and budgets to spend on their first international business development plan.
The International Sales Road Map incorporates all of the key actions for international business success, including international market research. The important key is to keep in action. International business success depends on small steps taken consistently and repeatedly until you gain the market knowledge and market presence to move onto the next phase.
• International Market Research - just updated
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