by Entrepreneurs’ Organization / © 2022, Mansueto Ventures, LLC. Distributed by Tribune Content Agency, LLC.
When looking at ways to expand your business, does it make sense to go global? The answer is yes—expanding to international markets helps companies grow, increases buying power and diversifies market opportunities. It better prepares the company to weather changes in the domestic economy. It can result in higher revenues, increased profits, a diverse customer base and improved stability.
Crisis creates opportunity
Before the pandemic, global expansion almost always meant international travel. Gender bias in some countries historically made business expansion difficult for women, and international travel can upset the delicate work-life balance entrepreneurs of both sexes strive to maintain.
The Covid-19 pandemic accelerated global e-commerce and opportunities. The world is conducting business remotely with far more success than anticipated. This shift to business by the internet presents tremendous global opportunities for women as it effectively levels the playing field.
Conducting business on the internet removes the complications of gender, race, religion, color and lifestyle, simplifying transactions down to the principles of supply and demand. This opens more doors for growth and enables entrepreneurs to study potential markets and the buyer’s journey from the comfort of their own office.
Inbound marketing is the key for international expansion
So, how can you accomplish successful international expansion? First, identify your target market, then develop an inbound marketing strategy.
This entails providing all the information your target consumers need on your website so consumers can find you and research the answers to their initial questions on their own.
As I wrote in The Language of Global Marketing: Translate Your Domestic Strategies into International Sales and Profits, with a defined inbound strategy, well-written content and social media outreach, you can bring qualified leads to you instead of continually searching for new leads. You can become an exporter by thoughtfully developing a global inbound marketing plan.
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