Should You Sell Internationally? Read This To Find Out
At some point in the life of your business, the question of whether you should sell internationally will come up. You will expand to the point where you won’t need to only focus on your domestic market and need to look for new ones overseas.
But whether your company should actually take the plunge is a tricky question. Not all business models are transplantable.
In this post, therefore, we take a look at some of the signs that selling internationally is a good thing for your organisation. Here’s what to do.
You Believe That Everyone Can Benefit From Your Product
Not expanding internationally can sometimes feel like a missed opportunity – not just for your business, but for the market in general. Sometimes you have a product that is so fantastic that it would be criminal not to share it with customers overseas.
If you have this belief and your domestic customers agree with you, then selling overseas could be one of the best things that you do for the success of your business. It can take a long time to become established in foreign markets. But once you do it, success can take off tremendously.
Your Domestic Sales Are Going Through The Roof
High domestic sales volumes give you the perfect opportunity to expand overseas. You finally have the money you need to drive marketing in foreign countries and win new customers.
If you can, try to take advantage of free trade agreements. Often, you can ship goods inside an economic bloc without having to charge customers import taxes and fees. Also, try to find countries that have stable forex. This way, you can reduce your currency risk. If possible, sell in an area that uses a common currency, like the Eurozone.
International Customers Are Begging For Your Products
International customers will usually let you know whether they want your products in their country or not. Some will even begin campaigns to make it happen.
If there are a lot of people in an international market clamoring for you, take this as a sign that you should expand. Usually, local retailers and vendors will have noticed the demand for your products and would be more than willing to stock them.
If you do decide to sell overseas, find ways to adapt your products so that they appeal more to local consumers. Make sure that you understand all the local rules and regulations for things like labelling and packaging.
You Believe Your Company Should Be International
Whether your company should become international depends primarily on your vision for your brand. If you are content with serving the local community, then there shouldn’t be any need for you to move. However, if you want to move beyond that because your company mission calls for it, then you need to find ways of making it work.
Henry Ford’s vision was to replace all horses with cars all over the world. And largely, he succeeded in that mission. But he was only able to do it because he envisioned Ford as an international company, not just a US carmaker.