Marketing a sport product internationally can present numerous challenges, compared to marketing the same product within the United States. Dealing with fluctuating exchange rates in currency can be a frustrating experience, depending on which countries are involved. Planning, care, and caution need to be used when dealing with certain countries, as their exchange rates with U.S. dollars change frequently. A deal could be closed with certain amounts, only to be very different by the time the actual deal was executed on foreign soil. Companies can gain or lose large amounts of capital, if the exchange rates fluctuate unexpectedly. This is a very different situation than business deals that are conducted in within the United States (Pitts & Stotlar, 2013).
Trade regulations, bureaucracy, laws, taxes, tariffs, and policies are very different amongst different countries. This can be a challenging situation for many companies seeking to embark on international trade. Within the United States, all companies basically follow the same set of federal trade laws, and guidelines. When dealing with another country, all of the procedures, laws, guidelines and expenses can be very different. Trade tariffs between countries can be very expensive. Many nations create trade agreements which seek to streamline, and regulate the differences between all of the variables involved with each country. Companies have to do thorough planning and research before launching any international projects (McDonald, 2017).
Marketing and advertising methods and techniques have to be adjusted for the differences between the U.S. and foreign targeted market. A marketing campaign that was effective in the United States may not work in its original configuration overseas. Demographics, marketing data, marketing trends, languages, socioeconomic status, competition, and cultural differences are some of the variables that have to be researched by a company wanting to market a product in a foreign country. This vast amount of data is relatively easy to acquire in the United States. It can be quite challenging to gather this data from another country. Another variable which complicates matters, is whether or not the target country is considered to be developed or developing. Certain third world nations that are considered underdeveloped, would present many challenges to a U.S. based company. Technology interface can also present challenges to specific marketing campaigns (Surbhi, 2015).
Translating marketing copy properly can be a unique challenge for U.S. based companies. If the marketing copy does not properly translate into the language and dialect of the targeted nation, the entire campaign could fail. Companies need to spend the time and money, to research and ensure that their marketing copy is going to be understood correctly by foreign consumers. Something that is easy to understand in the English language can come across with a different meaning in certain languages. Copy writers for foreign marketing campaigns have to make sure that they are creating content that can be understood by their intended buyer. This is much less of a hassle within the United States. In some countries, regional differences further complicate this issue. The marketing campaign not only has to be written in the correct language, with correct context, but also must be tailored to the specific region of the intended sales (Beninatto, 2013).
References:
Beninatto, R. (2013). 5 mistakes to avoid when entering a foreign market. Sales and Marketing Management. Retrieved from https://salesandmarketing.com/content/5-mistakes-avoid-when-entering-foreign-market
McDonald, B. (2017). International trade: Commerce among nations. International Monetary Fund. Retrieved from http://www.imf.org/external/pubs/ft/fandd/basics/trade.htm
Trade regulations, bureaucracy, laws, taxes, tariffs, and policies are very different amongst different countries. This can be a challenging situation for many companies seeking to embark on international trade. Within the United States, all companies basically follow the same set of federal trade laws, and guidelines. When dealing with another country, all of the procedures, laws, guidelines and expenses can be very different. Trade tariffs between countries can be very expensive. Many nations create trade agreements which seek to streamline, and regulate the differences between all of the variables involved with each country. Companies have to do thorough planning and research before launching any international projects (McDonald, 2017).
Marketing and advertising methods and techniques have to be adjusted for the differences between the U.S. and foreign targeted market. A marketing campaign that was effective in the United States may not work in its original configuration overseas. Demographics, marketing data, marketing trends, languages, socioeconomic status, competition, and cultural differences are some of the variables that have to be researched by a company wanting to market a product in a foreign country. This vast amount of data is relatively easy to acquire in the United States. It can be quite challenging to gather this data from another country. Another variable which complicates matters, is whether or not the target country is considered to be developed or developing. Certain third world nations that are considered underdeveloped, would present many challenges to a U.S. based company. Technology interface can also present challenges to specific marketing campaigns (Surbhi, 2015).
Translating marketing copy properly can be a unique challenge for U.S. based companies. If the marketing copy does not properly translate into the language and dialect of the targeted nation, the entire campaign could fail. Companies need to spend the time and money, to research and ensure that their marketing copy is going to be understood correctly by foreign consumers. Something that is easy to understand in the English language can come across with a different meaning in certain languages. Copy writers for foreign marketing campaigns have to make sure that they are creating content that can be understood by their intended buyer. This is much less of a hassle within the United States. In some countries, regional differences further complicate this issue. The marketing campaign not only has to be written in the correct language, with correct context, but also must be tailored to the specific region of the intended sales (Beninatto, 2013).
References:
Beninatto, R. (2013). 5 mistakes to avoid when entering a foreign market. Sales and Marketing Management. Retrieved from https://salesandmarketing.com/content/5-mistakes-avoid-when-entering-foreign-market
McDonald, B. (2017). International trade: Commerce among nations. International Monetary Fund. Retrieved from http://www.imf.org/external/pubs/ft/fandd/basics/trade.htm
Pitts, B.G., & Stotlar, D.K. (2013). Fundamentals of sport marketing (4th ed.). Morgantown, WV: Fitness Information Technology, Inc.
Surbhi, S. (2015). Difference between domestic and international marketing. Key Differences. Retrieved from http://keydifferences.com/difference-between-domestic-and-international-marketing.html
Eric Dempsey
MS, ISSA Master Trainer
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