Essential strategies for boosting your international sales
If you have developed a burgeoning business over the past few years, and you feel like you have maximised the potential of your local market, then the obvious next step is to expand internationally.
By placing a firm focus on growing your global sales, you will gain access to a much wider market and a plethora of trade opportunities and partnerships. You will also enhance the reputation of your brand and cement yourself as an international player in your sector.
Of course, as with any significant business manoeuvre, developing your international sales comes with its own unique challenges, particularly in these difficult economic times when even global titans are struggling. However, with careful preparation and a cautious approach, there is no reason why you should not be able to successfully tap into those overseas markets.
Keen to get started? Read on to discover some essential strategies for finding a firm foothold in the international marketplace and driving up your company’s global sales.
Make sure you have a strong product
Before you start making any forays into the world of international trade, you need to go back to basics and assess the quality of your offerings. After all, while you will be opening yourself up to a wide range of overseas opportunities, you will also be exposing yourself to a great deal more competition.
Without a unique and desirable product to offer consumers, you will most likely struggle to carve out a niche for yourself and your investment in international expansion may meet a dead end.
Do your research
To help you ensure that there is a genuine market for your products overseas, you should conduct rigorous market research in your new target locations. There are many different variables that you need to be aware of and analyse before you can make any concrete plans for international trade.
Besides the most obvious task of assessing the demand for your product, you also need to research your various competitors. Using your extensive data, you can draw up an international business plan that will provide a valuable roadmap as you begin focusing on overseas trade.
Make international payments simple
As well as familiarising yourself with the requirements of your target audience, and making sure you have a high-quality product to supply, there is another important aspect you need to focus on. Simply put, you need to make sure that the entire purchasing process is as straightforward as possible for your international consumers.
This can include creating a multilingual website which is accurately translated and easy to navigate. It may also include developing localised advertising with appropriate cultural references. However, you should also make sure that your payment procedure is as simple as can be.
To help you with this, you should consider setting up a UK multi-currency account with the help of a financial technology specialist like Silverbird. Much simpler and more convenient to set up than a traditional bank account, the Silverbird account will provide you with a number of convenient functions, including effortlessly converting currency and allowing fast and efficient international transfers.
Ensure compliance
As you expand your horizons overseas and turn your focus to bolstering international trade, it’s crucial that you remain on the right side of the law. This means developing a robust understanding of the compliance laws in the different countries you will be operating within. If you will be trading with countries in Europe, for example, you will also need to comply with more general laws – including GDPR – not to mention the specific guidelines that govern your industry.
It’s best to hire a knowledgeable legal team, as well as consulting local specialists in the different locations you will be expanding into. They will be able to provide you with accurate information and ensure you stay on the right path.
Failing to comply with local and international laws can bring significant penalties, including hefty fines, so it’s vital that you take the necessary steps to ensure compliance in all aspects of your business.
Build up your supply chain
One of the more complex tasks you will face as you expand your gaze to international markets is developing a robust supply chain that will ensure your products are delivered in a timely fashion.
Europe in particular has encountered many supply chain issues over the past couple of years, due to a number of factors. These include the outbreak of Covid-19, extreme weather caused by climate change, and the impact of Russia’s war on Ukraine. Among the reported issues were problems caused by lack of labour, a shortage in commodities, dwindling inventories, and disrupted transport networks.
Looking ahead, it seems likely that more extreme weather events and the ongoing conflict in Ukraine will cause further problems with global supply chains. As a result, it’s vital that you do extensive research on the feasibility of setting up a durable chain before making any further commitments.
Final thoughts
As you can see, there are a number of significant obstacles that may crop up as you begin your foray into international trade. However, with careful preparation and some helpful strategies in place, you have a fighting chance of successfully tapping into the global market and making the most of the opportunities it has to offer.
