Simple Marketing Steps to Grow Your Business in New Markets
Any business which has a successful product in one market should think about testing that success in new markets. For many business owners, that seems like a daunting task. New markets are scary and unknown. Here is a motivational story for you. We can find three marketing tips from Kraft Foods about entering new markets or increasing sales in these markets. This will be applicable for any business considering re-niching a merchandise line or entering new nations to increase and grow their revenue. Whether you hire a marketing consultant or attempt to execute the plan, always remember the marketing classes from this article.
Especially, Kraft Foods determined they had to perform better in developing markets. Kraft knew they could do a better sales job outside the USA. Even though some of the products were selling abroad for 22 years, sales were stagnant. The growing markets was a laggard and they had been seeking to improve their position.
How did Kraft take action?
I believe that we can learn three things from Kraft foods plan that resulted in a revenue increase from developing markets to 21 percent of total revenue in two decades. Earnings of Tang in developing markets grew 30 percent in 1 year.
#1: Focus on a specific job, instead of trying to do this.
Kraft found their ten best brands, also known as their power brands, which were under-marketed and had the best profit margins. Some of the brands recognized were Oreo cookies, Philadelphia cream cheese, and Tang. These ten products would get dedicated funds in R&D and marketing, while the other brands weren’t part of this plan.
#2 Do market research
The second principle we could learn from Kraft Foods is they did market research. I believe that is critical. We sometimes just jump right into it and we believe a product or service, or even an e-book works no matter what country or new areas. But if you understand your target market, then you can understand their requirements and problems. Then, you can produce an answer to this issue.
In the event of Kraft, they discovered market surveys that in China, mothers believed their children had about six glasses of water every day. Of course, being hydrated is also a fantastic universal habit. Mothers really wanted their children to drink plenty of water, but the kids felt water was dull and dull. Problem identified. Kraft Foods smartly pitched to the parent and to the kids that if they utilized Tang, it might make water even more exciting. It turned into an attractive way for moms to use Tang to get their children to drink extra water. Learn more about halifax marketing firm.
Secondly, Kraft looked to expand their flavors to match the culture of their new sector. It is still Tang, however, they experimented with new fruit flavors, such as mango, tamarind, and maracuja (passion fruit), directed at local palates in Philippines, Mexico, and Brazil. This reminds me of the worn out cliché -“When in Rome, do as Romans do”.
Finally, Kraft tweaked the packaging. The research showed that the Chinese preferred to make up powder beverages by the glass instead of from the pitcher. Given this behavior, Kraft created single serving packs of Tang. Kraft designed new single-serving packaging like the powdered sugar pixie sticks located in the US market.
#3 Enormous product launching – free samples
When Kraft was prepared to present the new Tang tastes and bundles, Kraft distributed 27 million complimentary samples in 2009, and it is a large commitment. Take that Kraft gave off 300,000 samples in 2008, so 27 million samples let them reach an audience over 81 times greater in 2009. This meant that more prospects had an opportunity to attempt Tang and create a connection with the brand and a client relationship with Kraft. Kraft truly delivered value to prospective clients in developing markets. New clients were discovered.
Bottom line: Tang sales shot up 42% in Latin America, and 25% in the Asia Pacific.
Implementing these marketing principles will help any business expand into new markets for top-line growth. Do not attempt to do that, just focus on some products which have the best potential and greatest profit margins. Do your market research. Commit to a huge product launch. With minimal merchandise changes and a concentrated localized marketing strategy, products can be successfully introduced into new markets.
New Marketing Techniques
It simply makes sense that an industry that thrives on being cutting edge would adapt fast into the trends of today.
Individuals who work in the marketing and communications area have really had to work hard to not just catch up but push the bounds of marketing and communications in a world where immediate gratification is desired. Because of this, a complex web of conventional and technological marketing has been weaved, and its consequences can be seen nearly everywhere.
Do you remember when you needed to really fork out money for a magazine in the corner store to get your fix of celebrity gossip? Well not anymore. Today there are a plethora of blogs and websites; Facebook and Twitter groups that aren’t only devoted to star gossipers or the celebrities, but also to marketing products on a much bigger scale.
What kind of nail polish does Lindsay Lohan prefer while out on bond or in between rehab stints, you ask? I don’t know why you’d ask that, but for those people who are dying to know, Lilo is wearing Fresh/Maple Bar polish. She says it is the”NEW black nail!” And motivates you to”Tell your friends!”
Everything from charities to clothing lines has been hooked on social networking sites such as these, making celebrities look like close friends on our networks, and bringing marketing to whole new levels.
Even newspapers, whose readership in progressively online-focused, make use of their hard copies, together with segments known as”Digital Culture,” and texting options at the end of stories to share through mobile phones.