As new technology continues to pave the way for globalization, it’s more appealing than ever for businesses to expand abroad. Going global helps you increase profit margins and reach a larger consumer base. By cutting costs, expanding operations and increasing sales, you can boost your bottom line and take your business to the next level.
Here are three reasons to take your company global:
1. Higher Revenue Potential
Globalizing is cheaper than ever, as the Internet has made it easy to have a presence in foreign markets without physically being there. If you want to sell more, start distributing your products in other countries. You might even discover that another country brings in more revenue for your business than your own country.
Globalization continues to homogenize cultures around the world. This makes it easier than ever to succeed in various markets with just one product. If you have an e-commerce store, analyze your data to check which countries are attracting most of your buyers. Then, adjust your marketing strategy to reach the people in those countries.
2. Increase Your Profit Margin
When you look beyond your home country, you not only find new customers, but also new ways to cut costs in your supply chain. For example, you can expand your company’s operations to another country where the cost of manufacturing is lower. Plus, by expanding your production to reach a global market, you boost your profit margin by lowering the per-unit manufacturing cost.
3. Utilize Global Experts
Marketing your products to consumers in other countries is easier than ever thanks to the Internet. On networks like Upwork, you can link up with talent and expertise from around the world to help you create a marketing strategy to enter various local markets. Having your online content translated to or created in different languages helps you build an international brand that can be recognized worldwide while appealing to specific local markets at the same time.
Amway is a great example of a global direct sales company that continually expands into local markets around the world. It does this by empowering independent business owners to profit by selling Amway’s products in their local economies. This allows Amway to use local expertise to expand its global consumer base, instead of trying to reach the entire world at once with one generic marketing campaigns. Sometimes direct sales companies are accused of being pyramid schemes. Amway is not a scam, though, because independent business owners only earn bonuses based on product sales volume—not for recruiting.
How to Expand Your Business Abroad
To get the most out of the other markets you tap into, you want to work with a company specializing in translation and cultural consulting to help you create authentic marketing strategies. Before you hit a new market, it’s imperative you know what will resonate with its consumers, so be sure not to skip this step. Create localized landing pages and implement local and global SEO strategies to help target these other markets.
Ready for world domination? With the ease of telecommunications and cloud-based technology today, it’s never too early to reap the benefits of being a global business. By outsourcing steps in your supply chain to other countries, distributing products abroad and employing international experts, you can start competing in the global economy.