For most small business owners, the thought of expanding a business globally in the current environment may seem daunting. But even during the current economic crisis, small businesses can still find success in global markets.
With so much uncertainty surrounding today’s economic environment, small business owners are constantly asking themselves: Is now the right time to go global? The answer is yes! There has never been a better time for small businesses to “go global” and with the current COVID-19 pandemic, more companies, both large and small, are expanding their reach through virtual means.
If you are seeking international growth as a small business, here are three strategies you can implement to help expand your global reach:
Website Globalization. One of the easiest ways small businesses can expand their global reach is by adapting their web presence to target key customers in foreign markets. Make sure your website is localized with the language and culture of the foreign market you aim to capture. This may include adding a language translation button on your website and avoiding any content or graphics that could be considered offensive, inappropriate or unrelatable in the target culture. Keep in mind, some words when translated can have different meanings. You also want to make sure your website is optimized so that search engines can easily identify which countries you want to target. This will help drive organic traffic from targeted regions directly to your website.
Virtual Trade Missions. You may have limitations when it comes to international travel, but technology has made it easier to attend events and conduct business meetings with people from around the world from the comfort and convenience of your home via the Internet. Participating in a virtual trade mission is a great way to learn about product and service export opportunities in foreign markets. Virtual Trade Missions offer a unique opportunity to virtually meet and discuss potential business opportunities with prospective buyers. This is a great way to assess whether your product or service might appeal to certain markets. It’s also an opportunity to learn about current market trends and form key partnerships in your prospective areas of growth.
Channel Partnerships. Another strategy for getting your products into new markets is to leverage the resources that already exist. Establishing a relationship with an experienced partner with access to your target customer base is an effective way to sell your products in foreign markets. These relationships can be in the form of an agent or distributor. An agent acts on your behalf in the target country by introducing you to prospective customers. Agents are usually paid a commission for any sales they secure. On the other hand, a distributor can help establish your company overseas by handling the distribution of your product. The distributor would buy and take ownership of your product to sell directly to their customers. In either relationship there are both advantages and disadvantages. Therefore, it’s important to have a clear understanding of your business objectives and what’s expected from your prospective partner.
Doing business globally can provide your business with exciting new opportunities for growth. By implementing these three actionable strategies, you can enhance your global presence and position your small business for international success.
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