As a business owner, you might be considering branching your product or service out to international waters. If so, you’ll be making an excellent step forward. At present, roughly 58% of small businesses already work with international clients and around 72% claim that they wish to increase the number of international clients that they work with throughout 2017.
Here are a just a few of the benefits of gaining clients or customers from another country.
Increase your exposure
Every business wants to be known near and far so, of course, one of the main advantages of working with international clients is that it will increase the exposure of your brand. Most companies rely heavily on word of mouth recommendations, and this will be no different with your clients overseas. What’s more, cheaper international calls now allow you keep in touch with these clients. Companies such as Planet Numbers offer an international call service that will save your business a fortune.
Appeal to new markets
Depending on what your business is offering, it’s possible that your product or service might be unavailable in other countries. By expanding to the global market, it’s possible that you’ll be providing something that clients are clamouring for. Thus, you’ll be appealing to new markets.
Diversify any risk
There’s an old saying that goes something like “don’t put all of your eggs in one basket.” By keeping this in mind, you’ll begin to see that working with clients in only one country may start to be a risk if financial uncertainty in that area begins to creep in. For example, businesses who work with UK clients may feel as though they have been affected by Brexit, but they may be thinking that can still thrive if they expand further afield to more profitable countries.
Widen your perspective
Being exposed to a range of cultures, languages and beliefs can enrich your perspective dramatically. This will change the way you look at the world, how you interact with others and even how you begin to consider a solution to a problem. A client’s culture can impact how they think, and by knowing this, you can begin to think about how you can provide a better service both internationally and back home.
Impress your competition
Most businesses have reached out to international clients so that they can maintain an advantage over their competitors. The trick is to reach out to potential clients or customers in different countries before your competitors do and then you’ll have the upper hand, gain more traction and establish your market share long before they do. In turn, this will allow you to gain more credibility in the country that you are now operating in. Be aware that you should always learn the cultural differences between yourself and the other country to avoid doing anything that may be considered rude.
Gain more profit
This last point may be a no-brainer, but it’s certainly still worth a mention. Of course, expanding to new markets abroad will add to your revenue and profit because you have a wider audience to engage with. Up until recently, one of the biggest downfalls of working with international clients was being hit with large transaction fees, but now, eCash and cryptocurrencies have allowed for these to decrease somewhat.
Expanding to new markets may be done by opening branches or subsidiaries of you company abroad and this means observing the local rules. In case you break them by mistake, you will need a solicitor to defend you in court.
So, if your business needs a boost, why not try to branch out to foreign markets to see how your product or service will fare in a different country.