A study by USForex found that 58% of small businesses already have international customers. That means, if you aren’t global yet, your competitors already are.
If you think you might be in business globalization, read on to discover 5 specific reasons why you definitely should be.
1. Extend a Product’s Sales Life
The purpose of a business is to make a profit by selling a product or service, and the companies that last the longest are innovative and constantly creating something new. Wouldn’t it be great if you could drag out the popularity of a new product by selling it all over the world instead of only in your local market?
The success rates of most products vary from market to market. If the popularity of a new toy dies out in America, but Japanese parents can’t seem to get enough of it, doesn’t it make sense to keep selling to that market for as long as possible?
This is especially true for products that are associated with different seasons. For instance, America and Australia have very similar cultures and yet completely opposite seasons. Just as sales for an online swimsuit company die down in Australia, they will begin to pick up in America.
If this company hadn’t gone global, they wouldn’t have access to multiple countries’ seasonal markets.
2. Reduce Dependence on Unstable Markets
Relying on only one market is risky if your product might not be successful there. Going global will allow you to advertise your products in countless different markets, and you can test to see which ones work best.
This way, even if you aren’t successful in every one, you still have a larger profit margin than if you were focusing all of your efforts on one area.
3. Find Untapped Markets
There’s nothing new under the sun, especially now that internet access is nearly universal. What better way to sell your product than finding markets that aren’t already saturated with similar products?
While the most obvious markets for exports are America, Canada, Europe, and Japan, there are still many other countries who might turn out to be lucrative. Growing your brand’s online presence allows you to test out targeted markets before investing more time and money.
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It goes without saying that the internet provides some amazing opportunities. Not only does it connect people with businesses from around the world. It also gives companies the ability to find ideal employees without ever having to meet them in person.
Freelancing has also become popular thanks to the internet. For this reason, companies can save a lot of money on suppliers, artists, and programmers by simply going online to find their perfect match.
5. Gain Experience
Most importantly, expanding your business to an international level will give you a level of expertise that competitors in your local market might not have. If you can handle a temperamental market in Beijing or Shanghai, you can most certainly handle the one in your own backyard.
Your business is your lifeblood, and you’ve come far enough that you want to take it to the next level. If business globalization is something that interests you, don’t let fear stop you. Read our 5 ways to better market yourself online and start your transformation today!