Successful strategies to drive international growth in 2024 and beyond

International growth has been an ambitious goal for many companies, although recent years of economic and geopolitical uncertainty have slowed these efforts. However, 2024 appears with a more encouraging outlook. Two-fifths of marketers plan to increase their budgets and there is growing interest in international business. To understand how recent events have influenced the global landscape and what this means for the future, Think with Google interviewed five industry leaders in Europe, the Middle East and Africa. These experts offer valuable insights to improve your expansion strategy, with advice ranging from geodiversification to implementing artificial intelligence (AI) for global success.

The importance of a clear strategy for international expansion

The first stage of any international growth strategy is to define clear business objectives and identify global trends that align with these objectives. This is crucial in an environment where regional changes can significantly influence market opportunities.

Leverage geodiversification to mitigate risks

One of the pillars of international growth is geodiversification. This approach not only helps mitigate risks but also fosters resilience with an international presence in different markets. History shows us that the strongest global brands recovered nine times faster after the 2008 financial crisis. Adding an additional market to your export portfolio can protect your business from political and commercial uncertainties.

Strategic steps for effective geodiversification

• Define success: Clarify your international expansion objectives, whether to increase revenue, diversify risk or improve profitability.
• Select the right markets: Analyze each region or country to determine its receptivity, considering market size, competition, ease of entry and the suitability of your offer.
• Develop localized strategies: Adapt your market strategies to the cultural, linguistic and consumer nuances of each region.

Emerging trends: the rise of the “hermit consumer”

One of the most notable trends in the current global landscape is the behavior of the “hermit consumer.” This phenomenon refers to the growing preference of consumers to stay at home and receive products and services at home, instead of going out to purchase them.

Adapting products and services for the hermit consumer

Companies must be attentive to these consumer trends and adapt their offerings to meet new demands. For example, restaurant reservations may have declined, but sales of delivery services are booming. This trend underscores the importance of constantly analyzing how consumers interact with your products and adjusting your strategies accordingly.

Combine global campaigns with local strategies

To stand out in the international market, it is essential to combine a global brand campaign with specific strategies for each region or city. Understanding and connecting with the local culture can be a decisive factor for success.

Examples of effective local campaigns

• Using local references: Including local landmarks, colloquialisms and cultural elements in your advertising campaigns can significantly increase resonance with your audience.
• Support for local businesses: Integrating and promoting local heroes in your campaigns can strengthen your connection with the community and improve the perception of your brand.

Artificial intelligence as a tool for international growth

Artificial intelligence (AI) is revolutionizing the way companies can expand and personalize their marketing strategies internationally. AI allows companies to analyze data more efficiently, personalize content and select the most appropriate advertising channels for each market.

Applications of AI in global expansion

• Content localization: Personalize your international campaigns by adapting the content to the preferences and needs of each region.
• Selection of advertising channels: Use AI to identify the most effective channels to reach your potential consumers at different stages of the conversion funnel.

Expansion in specific markets: United States as a case study

Expanding in a complex market like the United States requires a strategy well adapted to the unique characteristics of each state. This includes everything from the personalization of advertising campaigns to logistics optimization to meet customer expectations.

Key strategies for expansion in the United States

• Results-oriented marketing in key states: Focus your initial efforts on states with the highest potential for profitability, such as New York, California, Texas and Florida.
• Customization and localization: Use search data and regional preferences to adapt your marketing strategy. Implement multilingual options on your website to appeal to the diverse American population.
• Logistics optimization: Consider geographical extension and establish strategically located distribution centers to improve delivery times.

Conclusion

2024 is presented as a year of great opportunities for international expansion. Adopting clear and well-defined strategies, taking advantage of geodiversification, adapting to new consumer trends, and using advanced tools such as artificial intelligence, are key to boosting international growth. As companies continue to explore and expand into new markets, these strategies can offer valuable guidance to navigate challenges and take advantage of emerging opportunities.

FAQs

What is geodiversification and how can it benefit my company? Geodiversification involves having an international presence in various markets to mitigate risks and improve resilience. This approach allows companies to take advantage of new opportunities and protect themselves from economic and political uncertainties.

How can I adapt my marketing strategies for different markets? Develop localized strategies that consider the cultural nuances, consumer preferences and regulations of each region. This may include using local references, tailoring messages, and personalizing content.

What is the “hermit consumer” and how can I adapt my offer to this behavior? The "hermit consumer" prefers to receive products and services at home instead of going out to purchase them. Companies must constantly analyze consumer trends and adapt their offerings to meet these new demands.

How can artificial intelligence help me in my international expansion? Artificial intelligence can analyze data more efficiently, personalize content and select the most appropriate advertising channels for each market, allowing for a more effective and adapted marketing strategy.

What are the main challenges when expanding in the United States? The United States is a complex market with cultural and geographic diversity. The main challenges include customizing advertising campaigns for different states, adapting content and logistical optimization to meet customer expectations.

How important is supporting local businesses in an international expansion strategy? Supporting local businesses can strengthen your brand's connection with the community and improve its perception. Integrating local heroes into your campaigns can increase consideration and preference for your brand in the international market.