Expanding into the international community can provide your business with the boost required to take its operations to the next level. Let us review four steps which should be implemented in order to fully leverage the opportunities at your disposal.
1. Appreciating taxation and legal issues
The chances are high that your legal and tax obligations may change when entering into a foreign marketplace. It is therefore critical to research these variables in advance. It may also be wise to seek out the help of a professional third-party service, as experts will often be able to provide you with relevant advice during the initial expansion phase.
2. Taking into account exchange rates
Exchange rates between different currencies may also play a role. These can be beneficial (such as when importing products from a region associated with a lower currency value) although they may also be detrimental in terms of profit margins if you happen to be selling to a country with a relatively weak currency. One example in this respect can be the relationship between the pound and the United States dollar. As exchange rates will fluctuate in relation to one another, make it a point to keep abreast of any sudden movements so that you can adjust your price points accordingly.
3. Training employees to deal with a wider demographic
It is just as prudent to prepare your employees for any customer service challenges that they may need to face. Accommodating for different time zones and training workers who speak a foreign language can both provide a higher return on investment and perhaps most importantly, they will inevitably lead to higher client retention rates.
4. Adopting additional payment methods
Implement additional electronic payment methods when marketing to an international marketplace. As inter-bank transfers may prove to be quite expensive, consider other variants including:
- E-wallets such as Skrill and PayPal.
- Third-party wire transfers.
- Cryptocurrencies.
Always remember that a flexible point-of-sale (POS) system will massively increase your conversion rates and clients are more likely to become repeat customers if they are provided with a transparent interface. This also reflects positively upon the organisation itself.
A growing number of businesses are choosing to market their products to an international audience and all of the suggestions mentioned above will be quite useful. Above all, be sure to proactively gauge the efficacy of a current marketing campaign in order to determine if any adjustments need to be made.
