How Do You Pivot a Marketing Strategy Due to International Market Volatility?

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    InternationalMarketing.io

    How Do You Pivot a Marketing Strategy Due to International Market Volatility?

    In the face of international market volatility, a Chief Marketing Officer recounts how a strategic pivot in CDN deployment was crucial. Alongside this expert perspective, we've gathered additional answers that reflect the agility required in today's global marketplace. From revising pricing models to leveraging data analytics for predictive insights, explore how professionals adapt their marketing strategies to navigate uncertainty.

    • Pivoted CDN Strategy Amid Global Unrest
    • Revised Pricing for Local Purchasing Power
    • Diversified Channels to Mitigate Risk
    • Customized Marketing for Cultural Relevance
    • Enhanced Online Presence for Stability
    • Utilized Data Analytics for Predictive Insights

    Pivoted CDN Strategy Amid Global Unrest

    ESTV is a global television network offering the ESPN for esports streaming lifestyle, news, and competition coverage. When you run content delivery in over 120 countries, you have to consider where your content delivery network (CDN) service POPs (points of presence) are located. Having content pushed to customers closest to where they live ensures you avoid the 'buffer wheel of death' when streaming shows. Typically, this is an IT issue for engineering, but for marketing, it's critical too.

    Lag in live-streaming or video-on-demand delivery means loss of subscribers and viewers. Likewise, if you run a website that has high video/audio/image/download content, you could be as impacted as we were. In LATAM, where insurrection impacted Venezuela, or in the EU, where Russian-led wars are having cascading impacts on infrastructure, we had to move quickly to ensure service. Marketing sourced CacheFly as the leader in the CDN delivery space, and IT quickly had to pivot to use their POPs globally. CacheFly was stronger and more affordable than AWS CloudFront, Google, or Microsoft Azure (the firms IT first thought of).

    Often, IT doesn't think about transactional impacts like marketing does. We pivoted from being passive to being active in the selection of vendors and were pleased it brought both departments together while minimizing impacts on viewership and advertising sales for the network.

    Melissa Fisher
    Melissa FisherCMO, ESTV | Esports Television

    Revised Pricing for Local Purchasing Power

    Adapting to international market volatility can be effectively managed by revising pricing strategies. It is essential to take into account the local purchasing power in different regions, which may require adjusting prices to ensure they are within reach of the local customer base. This approach helps in maintaining sales momentum even when economic factors fluctuate.

    Just as cost-of-living varies across regions, so should prices to some extent. Consider evaluating the economic landscape and make pricing adjustments that will support your business growth—don't wait, start reviewing your pricing structure today!

    Diversified Channels to Mitigate Risk

    When the international market shows signs of instability, it's wise to spread out the risk by employing a variety of channels to sell and promote products. Relying on a single market or channel can be risky when economic tides turn, so looking into alternative platforms and regions can help balance the scales. By diversifying, your business can keep a steady flow of customer engagement and revenue, even if one channel underperforms due to regional market issues.

    It's about not putting all your eggs in one basket; explore new channels and markets to bolster your company's resilience. Take action now and begin researching which additional channels could support your business's stability.

    Customized Marketing for Cultural Relevance

    In response to uncertainties in the international marketplace, it's imperative to customize your marketing messages to resonate with each unique culture within which you operate. Understanding and respecting local traditions, values, and humor can make a significant difference in how your marketing is received. A message that works in one country might not work, or could even offend, in another.

    Being culturally aware can help in fostering trust and building lasting relationships with global customers. Tailor your marketing content to be culturally relevant—start by gaining a deeper understanding of the local customs and preferences.

    Enhanced Online Presence for Stability

    Building a strong online presence can serve as an effective countermeasure against the unpredictability of the international market. Online platforms often remain accessible even when physical supply chains or local economies are disrupted. By enhancing your digital marketing efforts, you can reach customers directly, regardless of where they are or what's happening in their local economy.

    This strategy also allows for rapid responsiveness to changing circumstances. Strengthen your online marketing efforts by assessing and upgrading your digital tools and platforms to ensure you stay connected with your audience.

    Utilized Data Analytics for Predictive Insights

    In the face of international market shifts, the use of data analytics for gaining predictive insights is becoming more imperative for businesses. By analyzing market trends and customer behaviors, you can anticipate changes and adjust your marketing strategy accordingly. This proactive stance enables a business to stay ahead of the curve, rather than reacting to problems as they occur.

    Informed decision-making through data can guide marketing strategies to be more effective and efficient. Start leveraging analytics to inform your marketing decisions; the data you collect today could be the key to your future success.