Cart is empty
MII NEWS
3 Things To Look For When Developing Your Business To Enter Foreign Markets
18 Nov 2021
By Maya Puspita
An understanding of the economics of marketing strategy, specifically B2B marketing strategy, is necessary for any business to do well.
A B2B marketing strategy has a more complex sales funnel than a typical consumer marketing strategy. There are many different intersections between various departments and persons before the sale is made.
One of the main goals of a business, no matter what their industry is, needs to be generating more net profit. Implementing an understanding of the economics of marketing strategy will help businesses to increase their net profit by optimizing their sales funnel.
The main question that this section tries to answer is how you can increase your net profit by understanding the economics of your B2B marketing strategy?
A lot of companies are not aware on how they are spending their marketing budgets on advertising. They are just throwing money without really understanding what's working and what's not. But if you know the economics of your B2B marketing strategy, then it will be easy for you to figure out which advertising channel or strategy is giving you better results.
If you're looking for ways to become more successful, you might be thinking about hiring employees or investing in marketing. While it's true that these are both important factors, there are three other things that you should consider before expanding your business :
1. Gross Domestic Product,
Gross domestic product (GDP) is the value of the goods and services produced in an economy. It’s generally a good sign for business when GDP is growing, but there’s nuance in the number: If a country’s GDP isn’t growing as fast as its population, GDP per capita isn’t rising. That means the standard of living for the people, and their purchasing power, isn’t increasing.
2. Unemployment Rate
A country’s unemployment rate is the number of people who are not working divided by the number of people who are working, or actively looking for work. A high unemployment rate can signal that a country’s economy is struggling and may give you pause when considering an investment.
3. Inflation
By attracting your target market, you are more likely to have them buy your product or service when they are ready.
This is especially true for companies that provide high-value products or services that require a lot of research before purchase. The inbound strategy can also help save money in the long run because it requires less time and resources when compared with traditional marketing strategies.