Today’s global markets offer even the smallest of businesses the opportunity to sell internationally. This changes the risk landscape for small businesses, because they can focus on markets that offer them greater chances of rewards if a local market falters. You can position your small business for success by adapting to the global marketplace.
Product Flexibility
If you have products that don’t sell well in your local or regional market, you may find greater demand abroad. You don’t have to dump unsold inventory at deep discounts. You can search for new markets where your products can sell for even higher prices than they did in your local market. In fact, you may find new products to sell abroad that you don’t offer where you are based. You can offer a much wider range of products when you market globally.
Less Competition
You may have come to view competition as a local phenomenon. You can find international markets that have less competition and move quickly to capture market share. This can be particularly advantageous when you have access to high-quality versions of products that are superior to versions in other countries. Though your local competition may have access to the same quality as you have, you will have little competition if you find an international market that has been buying an inferior product.https://8108235c264f8e197cb4e6d2b27e6352.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Protection From National Trends and Events
When you market to several countries, you are not as vulnerable to events in any one country. For example, if you sell soft drinks with high sugar content, you could discover that your home country frowns upon drinks that offer extra calories. You may be able to sell the same product in another country that has a much different attitude toward these drinks. In addition, a natural disaster in any one market can disrupt business, but you can compensate by focusing your sales efforts in another part of the world.
Learning New Methods
When you do business in another country, you learn new ways of doing things. You can apply this new knowledge to other markets. For example, according to the Cite Sales website, Unilever discovered a market for laundry detergent that would function in Europe’s high-mineral-content — or “hard” — water. This product can now be marketed to parts of the U.S. that have similar water problems.