The Secret to Rapid Growth: Targeting International Markets

Introduction

In a market that is not as strong as it once was, businesses are constantly searching for new ways to grow and increase revenue. While most companies focus on expanding their product offerings and targeting their existing customers, there is another strategy that can result in rapid growth – targeting international markets. This strategy has been proven successful by companies like NP Digital, an ad agency that has seen a 61% growth in revenue in their international division. In this article, we will discuss what businesses are getting wrong about marketing, the power of international markets, and how you can leverage this strategy to drive growth for your own business.

What businesses are getting wrong about marketing?

Many businesses approach marketing with the goal of selling a product or service and then expanding their offerings to generate more revenue. While this model works, it is not the only path to success. Years ago, one of the authors of this article had a conversation with a friend who worked at Google. She revealed that the majority of people who search on Google do not search in English. This opened his eyes to the fact that there is a huge opportunity to reach a global audience by creating content in different languages.

The reality is that while there are many popular languages spoken around the world, the majority of the content on the web is in English. This means that there is less competition in regions with fewer native English speakers. While some regions may be more competitive than others, there are plenty of countries where companies are not investing as much in marketing or leveraging new-age marketing tactics. By expanding into these regions, businesses can tap into untapped markets and drive significant growth.

The Power of International Markets

The power of international markets lies in their size and potential for revenue generation. According to data, 65.4% of Fortune 500 companies operate in multiple regions. This means that these companies have recognized the importance of targeting customers beyond their home country. The reasoning behind this strategy is simple – the majority of the world’s population does not live in just one country. There are numerous countries with large populations and high GDPs, making them attractive markets for businesses.

NP Digital has seen immense success by leveraging this data. With a growth rate of 61% in their international division, they have expanded into countries with large GDPs and population numbers. They also consider the countries from which Google and Facebook generate their ad revenue, as it helps them identify lucrative markets. The agency employs various marketing tactics, including hiring local teams, social media marketing, SEO, press releases, and speaking at global conferences, to build their brand and generate revenue in these regions.

How to Leverage International Markets for Growth

To leverage international markets for rapid growth, businesses need to assess their existing customer base and identify potential regions for expansion. If a company starts generating sales from a country they are not actively targeting, it may be a good indication that the market in that region is receptive to their products or services. Furthermore, analyzing GDP and population data can provide insights into countries that have a demand for offerings in a specific industry.

Once potential markets are identified, businesses can tailor their marketing strategies to the specific needs and preferences of those regions. This may involve creating content in different languages, adapting advertising campaigns to cultural nuances, and building relationships with local influencers or media outlets. By focusing on international markets, businesses can tap into a larger customer base, increase brand awareness, and ultimately increase revenue in the long run.

Closing Summary

While expanding product offerings and targeting existing customers are effective growth strategies, businesses shouldn’t overlook the power of international markets. By venturing beyond their home country, companies can tap into untapped markets, reach a global audience, and achieve rapid growth. NP Digital’s success with a 61% growth in their international division is a testament to the potential of this strategy. So, whether you are currently targeting one country or multiple countries, consider the power of international markets and the opportunities they can provide for your business. And if you need assistance in executing this strategy, NP Digital, a leading ad agency, is there to help you navigate the complexities of international marketing.