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Marketing Techniques in a Global Economy



Imagine if your company were able to do business with every country in the world. It sounds far-fetched, doesn’t it? Modern technology no longer limits the marketplace for a small or medium-sized business. Let’s use a fictional company as an example: GFT Company Ltd, a company based in Mumbai, India. This company is a clothing retailer that specializes in clothing for men.  Before the advent of the Internet, GFT Company Ltd would have to market to potential customers by purchasing advertisements in various types of media in and around the city. Radio, mass mailing, billboards, newspaper, and television advertisements used to be the sole means for a company to market itself. These means of advertising are targeted based only on geography. If you don’t live in or around Mumbai, you won’t hear or read about the clothing made by GFT Company Ltd. This limits their marketplace and the cost per customer is expensive.

Today, GFT Company Ltd no longer needs to buy radio time, nor pay for mass mailing or take out expensive newspaper advertisements. Instead, the company hires a marketing professional to work on building an online presence. This online presence includes a website, connecting on social networking sites, exchanging leads with other companies, Search Engine Optimization (SEO) and Pay-Per-Click (PPC) advertisements.

Instead of GFT Company Ltd paying for advertisements that metaphorically “fall on deaf ears”, they can buy advertisements targeted at exactly the consumer that they want. If there is a particular clothing accessory that would appeal to men aged 25-40 years old, let’s say a certain style of dress shirt – then GFT Company Ltd can pay a search engine or other site to show ads for that specific demographic. Facebook is a marketer’s dream for this very reason. Instead of buying advertisement on a website like ESPN.com to target a large market of men, companies can now advertise on a site like Facebook, Plenty of Fish, MySpace, etc., where the users put in their profile information such as:

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  • Age
  • Marital Status
  • Gender
  • Location
  • Interests/Hobbies
  • Favorite Music/Movies/TV Show/Companies

 

So, if GFT Company Ltd is going to target an advertisement to their demographic of men aged 25-40 years old, located in Mumbai, Tokyo, Los Angeles, New York and Toronto, they have all the resources necessary to do so. Sites that collect this much data from their users are goldmines, since advertising dollars are spent to target customers like a laser beam. Instead of spending money to attract clients only in Mumbai, India – GFT Company Ltd now has an international presence. Overnight the company has now expanded its marketplace worldwide. Geography is no longer a limit. Instead of being concerned with targeting the right demographic in the surrounding city, their number of potential customers has increased exponentially.

What does this mean to your business? It means that every online means for “spreading the word” about your products, services or ideas needs to be utilised. The cost to target your potential customers is miniscule, especially when looking at PPC advertising. The advertiser does not pay unless the customer actually clicks on the ad! How powerful is that? You get to have your advertisements in front of potential customers but only pay for the conversion when they act upon it.

Today, PPC advertising is only the beginning. Social networking sites allow companies to build virtual store fronts. Online directories allow for the exchange of information between businesses and consumers. Blogs and online newspapers strive for content, allowing business owners to have a chance to be perceived as an expert as a guest writer or interview. These opportunities should be seized when made available – their low cost and high exposure pay off great dividends in the long run.



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