The International Marketing environment in 2023

international marketing

The global trade environment has experienced shock after shock in the last few years that has created a difficult international marketing environment. For example, the sudden and unforgiving onset of the covid-19 pandemic ravished international supply chains, and Russia’s devastating invasion of Ukraine severely dented hopes of a strong international recovery. Furthermore, the rising cost of living and inflation in many prominent global markets has severely impacted consumer spending. There is no way to sugarcoat it; 2023 will be a challenging year for international marketing personnel. This article explores trends to anticipate in international marketing in 2023.

international marketing

The year of the savvy International Marketing expert

The International Monetary Fund is anticipating a decline in global growth. Meaning marketers will have increased competition for lower levels of demand. Furthermore, international marketing budgets are projected to decline in the face of tough economic conditions. Thus, 2023 will belong to the international marketing experts that can do more with less. Doing more with less in an international marketing context emphasises the importance of valuable data. Campaigns will require even more tried and tested research to ensure that marketers dedicate valuable resources to campaigns that resonate with their intended foreign audience. In 2023 there is no space for ‘implement and hope’ campaigns. marketers will have to ensure that there is a clear path to profit within their export marketing plans.

International Marketing fundamentals are more important than ever

As we have discussed throughout our “international marketing” section, successfully marketing for exports requires a systematic and detailed approach. In the face of economic uncertainty in 2023, these fundamentals become even more critical. A prerequisite for successfully navigating the various marketing challenges in 2023 will be a well-thought-out and detailed export marketing plan. An export marketing plan typically has two main parts. The first part is a plan to ensure your company and its products are export-ready; the second is an export market development plan. An export market development plan cannot be concluded without undertaking extensive market and marketing research.

international marketing

Marketing for exports is no easy task, especially in a time of so much economic uncertainty. However, it is not all doom and gloom. International marketers that can successfully navigate the current international trade environment will perfectly position their brands to survive and thrive. However, exporters, marketers and entrepreneurs must develop the expertise necessary to create and implement effective campaigns. Thankfully, TFSA and the International Trade Institute of Southern Africa have developed an online resource to assist exporters with developing their export marketing plans for 2023. Click the link below to sign up for the FREE “Introduction to International Marketing” module.

To sign up to the School of Export CLICK HERE.

If you already have a profile, CLICK HERE to login to begin the module.

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