Today the United States celebrates another birthday, and Americans from sea to shining sea celebrate their independence with cookouts, parades, and cold drinks under the sun. As we watch fireworks twinkle in the night sky, we can really appreciate how people from around the world came together to achieve the American dream. With barbecue from the Caribbean, hot dogs from Germany, and corn from Native America, our celebrations embrace international cultures and incorporate them into one American tradition.
Part of the joy in being an independent nation is the freedom to interact with people from other countries on our own terms, whether it be for recreation or business. That is why this year, you should take a moment to consider how you can take advantage of cross-border marketing to grow your business.
Go Above and Beyond
In today’s day and age, many businesses have gone digital, which opens the door for globalization. Business operations such as marketing, sales, and recruitment are especially impacted by the digitization of the marketplace. No longer are businesses restricted to providing services to neighbors, they can connect with anyone in the world. As your business grows, you may also want to consider expanding beyond domestic sales and into global markets. After all, delving into new regions gives you access to a whole new set of customers, meaning new revenue streams. Even if you have exhausted all your options in the oversaturated domestic market, there will always be new opportunities abroad.
Cross-border marketing provides many benefits that help grow your business, but it isn’t for everyone. If you are not sure about whether cross-border marketing may be advantageous for your business, consider the following:
You may be selling fine now, but there are only upsides to exposing your business to new customers. By engaging in cross-border marketing, you tap into a new market, increasing your customer base exponentially. People who had no idea your business existed before now have the opportunity to consider you when they are looking to buy. As they say in the world of sports: you miss 100% of the shots you don’t take. The same applies to life and business, so you might as well take a shot at broaching foreign markets.
Increased presence means increased revenue
Tapping into new markets you gain access to a much larger customer base, and more customers spend more money. It is as simple as that. If you are looking to increase your revenue, you need to find more customers. The best way to do this is to build your presence up in markets that have not been exhausted or oversaturated. By extending your reach to foreign markets, you are able to fulfill a need in a community, resulting in high demand.
First come first serve: establishing your brand
While there may be a dozen companies like yours in the domestic sphere, you have a chance to be something truly new and innovative abroad, seizing that market before your competitors can. This can also build brand recognition. As you provide services to the community, more people will come to know and trust your brand, and thus the demand for your services will increase.
By now, going global is probably looking pretty good. You get more leads, more customers, and more sales. But still, you may be asking yourself, “How do I make the most of my cross-border marketing campaign?” In order to go beyond domestic sales and successfully break into foreign markets, remember the 3 keys to success:
1. Target market data and insights
Businesses need to understand their clients, and when broaching a new market, it can be daunting. Building up a reserve of data and insights will be an invaluable tool that can help you target the right leads.
2. Infrastructure, technology, and resources
You want to ensure that you have the infrastructure to support an influx of new leads, whether it be customer relationship management (CRM) technology or performed by individuals. With international markets comes the need for additional websites, infographics, and resources to transfer your domestic sales to international ones.
3. Regional expertise, experience, and messaging
In order to succeed internationally, you should equip your business with a regional marketing arm that can understand the markets you are targeting. This includes setting up systems for multiple currencies and languages so that your international markets can engage with ease. Your messaging should be catered specifically to each region, and you should employ professionals who are either very familiar with the region or can do research on it.
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