Global expansion sounds like a daunting process, but it’s nowadays easier than ever to reach an international audience. New technology, social media and global shipping mean that you’re no longer trapped within your own borders. Expansion promises new and exciting opportunities, so it’s something that every business should consider.
#1 Reach new customers
Perhaps the most attractive reason for expansion is a whole new customer base. By expanding you’ll be opening the way to millions of people around the world. Dramatically increasing your customer base means that the business will continue to develop, growing as profits increase. Social media marketing makes it easy to communicate with this new customer base directly.
#2 New opportunities
With new customers come new opportunities. You might find that your business can offer innovative products and services designed specifically for the foreign market. Meetings and outreach programs might take you to places that you’ve never visited before. Entering the global market is thrilling, and it’s sure to change the way that you do business.
#3 Better investment opportunities
Once you go international, you’re more likely to catch the attention of potential investors. A global business has more contacts, accesses more markets and has more room for growth. All of those factors are attractive to investors, who will be more inclined to back a company with a global outlook. Investment, of course, means growth and future prosperity.
#4 Leave the competition behind
The domestic market is crowded, and that applies to nearly every sector. By expanding and traversing borders you escape the bulk of that competition. The number of fully international companies is comparatively small, so your competition will be immediately less. Better still, trying to appeal to a global market fosters creativity. New needs, wants and demands often lead to innovative new products and services.
#5 Build your brand
Brand building is an ongoing exercise, but you’ll give your business’s image and credibility a big boost by appearing on the international stage. Not only will you be entering the global market and increasing brand recognition, but international companies carry considerably more clout and simply seem more credible.
#6 It’s easier than you think
Going global would once upon a time have required a monumental effort, but that’s no longer the case. Social media makes it easier than ever to reach an international audience and translation management services ensure that you’ll be able to speak their language. Hiring one of these services to translate your website will immediately attract customers from other countries and increase your business’s global standing.
#7 Avoid market fluctuations
Basing your operations solely in one country can be perilous. If something goes awry with the home market or there’s an economic downturn, then the company will suffer. With nowhere else to go, you’re essentially trapped in unfavorable market conditions until the storm passes. If, on the other hand, you’re operating globally, you can focus your attention elsewhere. Being able to pick and choose markets according to conditions is a massive advantage and one that can even be existential during difficult times.