So let’s get down to business, and by business I mean let’s explore some profit power-up possibilities for your business. You have probably noticed over the past few years that your business has gained its fair share of traction locally and up until now I suppose, your market research has consequently gone as far as building a loyal local market share. This is not a bad thing at all, especially as a small and growing local business; it’s good to pay attention to your immediate market and solve their problem before spreading your wings beyond the confines of your border.
Let’s say, however, that you have noticed that you have done quite well in your local market, your business needs to keep growing right? So whats the next step? Even in the case that your business isn’t necessarily getting the buy-in that you would like, that should also get your thinking on where to go from here. If you have never given much thought to taking your product offering global, well then you might want to sit in on this session, because I want to fill you in on 7 reasons why making your business global can perhaps be the second best decision you can make for your business’s long-term existence(the first of course being cutting the ribbon and opening up for business). Let’s get started.
Your Sales Will Increase Exponentially
If your business has succeeded at building a notable market share locally, then most likely expanding beyond your border will only spike up your overall sales. Let’s put it this way, 96% of the world’s population live outside of Malaysia and less than 15% of the world’s population do not speak English as a first language, which tells you that well…your potential customers are global. So with this in mind, finding your market segment beyond your borders should be a more than simple endeavor and will generate some real revenue for your business. In the case that your product offering is unique or has a competitive advantage, it won’t be long before customers abroad are lining up to place an order for it. Think of it this way, if you are running an online store selling various products in Malaysia and you adapt your website to two new languages, say Mandarin and Arabic, then already your products would be accessible to a new market of over a billion potential customers. Now that wouldn’t be such a bad start now would it?
Wait Till You See What Your Profit Will Be
Here is something you may have asked yourself a few times if you have ever attempted to conduct a bit of market research on your product offering: Why are some export markets more competitive than others?; Why is an Ipad manufactured in the UK more expensive than one manufactured in China? Well here is the inside scoop: in some countries it is common practice to charge much higher prices for goods, therefore a website translated into Russian or Spanish for example will cultivate appreciation by Russian and Spanish users and can even create a loyal client base that won’t have a problem paying a premium for your product/service for your business.
Your Business+Global Market=Sustainability
A lot of businesses in developed or even developing countries nowadays find themselves in a bit of a rut, a sort of stagnant position, why? because of the intensely saturated local market that they find themselves in. Perhaps your business might be in the same situation right now, battling it out for a piece of the market share pie. A necessary step of getting your business moving again is to trade internationally which will definitely set your business up for a the long run by keeping you globally advanced. And just in case you didn’t know, the cost savings that come with international trade are quite enticing.
Your Product/Service Offering Will Only Get Better And Better
There are quite a number benefits that come with expanding your client base to an international market. A shift beyond your borders will allow you to finance new product development. Extending your customer base internationally can help you to do some extensive product development. I already know that you have a unique product/service that you have been offering to your local client base for a while and chances are that you have gathered a bit of customer feedback that has helped you to tweak your product which is only natural. Introducing your product to the globe around you will not only expose your offering to advanced supply chain sourcing and manufacturing but can also raise finance for your product from potential investors.
Your Target Market Is Now Just Around The Corner
Times have changed…while in the past reaching your market has perhaps may have been as mind-boggling as getting all the colors of a rubrics cube to match on each side, these days an entire market is just a few clicks away. The 90’s were a revolutionary makeover for the marketing industry as internet accessibility made country borders seem more like neighborhood gates, yes, a global village was created. Now businesses are able to reach hundreds of millions of new customers without even having to book a flight ticket or even spending much. Online platforms coupled with digital efficiency have made it possible for any enterprise to market itself and its business known all around the world.
Using the internet as a channel to do a test market to a small segment of your market in a variety of territories won’t cost you much. Even if you are not completely tech savvy, that’s okay, this era still has quite a long way to go when it comes to being online marketing specialists, nevertheless, it is perhaps the most convenient way to get to your potential customers. To but it blankly, while I was on a charity crusade, I noticed a group of four 15-year-old boys in a rural village lacking in resources, and yet they all had their very own mobile phones, so yes the internet is everywhere, and that means easy access to your market.
You Can Take Advantage of Untapped Markets All Over The World
It turns that some products are more widely accepted around the world than in their locally manufactured countries, which might be the reason that your particular product may be moving quite slowly in your region. A sure way of expanding your business’s scales of economy is through internationalization. This shift will expose your business to a number of options such as making use of a differentiating advantage such as a patented product. Granted, the whole point of entering a global market in the first place is to drive demand for your product, but even in that case, there are still a number of ways that you can raise global investment.
There Are Plenty of Government Incentives
Along with the flood of benefits that have by now got you wondering why you haven’t gone global yet, we have another perk: government incentives. In many countries, government stimulates exports by companies through incentives such as export credit insurance, financing of credit for exporters of capital goods and even customs duty refunds, the list goes on. This will definitely get your business off to a great start and even allow you to diversify your product exports at a later stage. There is a wealth of assistance from authoritative bodies just waiting to get your business set for global success.
So you see, getting your business all over the world is no longer as risky as you thought it is and the benefits make up for all of the challenges that you may find along the way. All in all, introducing your product to the world is a mark of sustainability for your business and a sure way of making it viral. So, make sure you get started, I know that I will be seeing billboards of your business all over the world quite soon. Ciao!
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Written by Mbula Ngulube