The internet is making the world smaller and smaller, business global expansion isn’t just for big businesses, it’s for everyone.
1. New Revenue Opportunities
While your idea may have started as a local concept, there are untapped opportunities for profit to consider.
If no other reason, consider the fact that expanding your market beyond the local will bring you more sources of income. By strategizing and looking into consumer behaviors analytics you can decipher what people like and how to satisfy that need. Then you can look at neighboring consumer analytics, compare the two, and figure out a strategy to close the gap. Figure out where your customers come from, and this alone might give you an idea of where to go. If your service is naturally expanding, you can speak directly to the audience that it’s expanding to.
2. Increased Brand Awareness and Reputation
Are you in the business for the long run? Globalizing allows for your brand to be seen and eventually trusted.
The more people know your brand the more room there is for it to grow. The more that you can grow the brand, the more that globalizing will take a natural path. Consumers will hear about your product and be curious about it. Even if they don’t have access to it immediately, it will create a demand for it. Word-of-mouth and social media will help you have free publicity and as the demand grows the brand can be pushed to the consumers that want it. Like a vine that reaches for the sunlight, the product and its audience will look for each other and it is your job to make sure they find one another by making it accessible.
3. The Chance to Learn and Improve Your Products
Is there something about your product that isn’t working? Globalizing will allow you to immediately know how to make it better.
As stated above, word-of-mouth will give you free publicity. However, if what’s being said about the product is negative, this allows you to see the limits of the product. This is a gift as it permits you to improve to be able to expand. Does a product not work due to differences in climate or language? Is there something about the name that doesn’t work? There are things we cannot even imagine that can make our product better, and by allowing it to be seen, you can invest in making it more accessible. There is always room for growth, and if consumers see that you listen to them, this immediately creates trust, loyalty, and helps with the reputation of your brand.
Is there a product or service that you have seen in another country that you wish was available in yours?