Expanding your business overseas can be a powerful and effective way to increase brand visibility and boost sales and profits. Any business has the potential to sell to overseas customers, including small startups. Growing your business internationally can be highly lucrative, but it requires careful planning.
Here are some tips to help you expand your business overseas:
Conduct market research
According to startupgrind.com: “Market research allows a business to gauge the number of potential competitors, and make informed business decisions about where to expand.” You should avoid expanding your business in a country or area that is saturated with similar businesses. Conduct competitor market research to look for a gap in the current market.
You should also conduct market research to learn about your target customer base. You must gain a good understanding of the customers in the area where you are expanding your business. Learn about their demographics, buyer preferences, spending habits, and so on. You can connect with international customers directly through social media channels to gain valuable data via surveys, emails, and so on.
Leverage an international selling platform
International selling platforms have made it easy for companies to advertise and sell their products to overseas customers. Amazon is the largest global selling platform and there are more than 100 million Amazon Prime members around the world. Other popular international selling platforms are eBay, Rakuten, and Etsy.
More consumers are buying online from overseas companies. Take advantage of international selling platforms like Amazon and eBay to promote your products to international customers and increase sales revenue through global sales.
Compare international shipping rates
International shipping isn’t always easy and sending your large goods abroad can be a challenge. Take the time to find a reliable international shipping company and compare quotes to find the best deals. Various factors will affect the cost of international shipping including the size of the shipment, the distance traveled, and the delivery timeframe e.g. express shipping will cost significantly more.
Market to international customers
International selling platforms have made it easier for companies to sell overseas, but this has increased competition. Marketing will play a vital role in the success of your overseas expansion. You must tailor your advertising to your target audience and develop a powerful advertising strategy that your intended customers will find engaging.
Remember that the marketing strategy you use in your existing location may not be effective in a new country or area. Conduct thorough market research to determine what advertising strategies are most effective in your desired location. You can speak with a local marketing expert for guidance on how to create an effective international marketing strategy.
Summary
Expanding your company overseas can present huge opportunities to reach a wider audience and increase sales revenue. Selling to overseas customers is not always straightforward and you will need to create a solid plan to guide your expansion. These tips will help you plan a successful expansion that will build brand awareness, expand your customer base, and increase profits.
