In today's digital economy, organizations increasingly need to consider competition on a global scale. At the same time, sales and marketing teams understanding that they need to think about their cus
Example:
How you would use analytics to better understand the sales funnel on a local level
From my view, globalization is more strategic. Having a global view is vital for a company’s strategy. Meanwhile, localization matters when it comes to marketing and sales. Since two single markets cannot be quite the same, customers from a specific area have their own unique characteristics. We can design a global product which represents the trend of some industry, but we have to adjust the marketing and sales methods according to the market analysis.
Based on sales funnel, at the very top of the funnel, the marketing unit needs to know the size of the market in both volume and value. When the funnel comes down from awareness to purchase, marketing unit also needs to know customer segments that comprise the local market. How many people know our brand/product? How many people are interested in our product? How many people will consider buying our product? How many people intend to buy our product? For each of the groups of people mentioned above, what do they look like? What is the price sensitivity of them? What kind of strategy could be used that will achieve the best outcome? All the questions listed can be answered by conducting marketing research.
What strategies and tactics you would suggest for segmenting your market
We can divide the broad customer of a particular market based on four dimensions: demographic, geographic, psychographics and behavioral. Because the segmentation is the first step of the S-T-P process, that is Segmentation - Targeting – Positioning, the segmentation approach must yield segments that are meaningful for the specific product. We can conduct a product survey as an exploration research to find out the key variables influence the buying decision of the product. Then select the segmentation base according to the results.
How you believe this might inform the overall product launch?
The localization of marketing and sales strategies will minimize the potential risks that may come up with during the process of launch. It will decrease the negative factors related to the regional differences. It will also help the marketing unit reach and persuade the customers more efficiently, leading to a higher conversion rate.
