As a manufacturer, you may be hesitant to sell your products internationally. After all, it can be a daunting task to expand your business into new markets. However, there are many good reasons you should consider selling abroad – with the right approach, it can be easy to get started.
What are the benefits of selling globally?
Below, we’ll list five benefits of selling your products internationally.
Reach a much larger customer base
There are almost 8 billion people in the world — and only a fraction of them live in your country. When you sell internationally, you open up your business to a whole new world of potential customers.
With the internet, selling to an international audience has never been easier. You can set up a website or online store and start selling your products to people from anywhere in the world. There are no borders and no limits – all you need is a reliable internet connection. So if you’re looking to expand your customer base, selling internationally is a great way to do it.
Take advantage of global trends
It’s possible that a specific product category is more popular in certain parts of the world. For example, eco-friendly products can be in high demand in Europe, while health supplements could be popular in China.
By keeping an eye on global trends, you can figure out which products will be in demand in different markets. This allows you to tailor your product range to the needs of each market, maximize your sales potential, and gain a competitive advantage.
Get a better price for your products
In some cases, you may be able to sell your products for a higher price abroad than you could at home. This is especially true if your products are unique or in high demand.
Of course, you’ll need to do some research to find out what prices are like in foreign markets. But selling globally can be very profitable if you can get a good price for your products.
Reduce your dependence on your domestic market
If you only sell domestically, you’re at the mercy of your country’s economy. But if you have customers in other countries, you can weather economic downturns more easily. This diversification can protect your business through tough times at home and help you to keep growing even when conditions are tough.
Increase your brand awareness
When you sell internationally, you’ll get more exposure for your brand. Selling globally can help you attract new customers and build long-term loyalty among your existing ones.
What’s more, selling internationally can give you a boost on social media. With customers in different time zones, you’ll have a constant stream of content to share. This can help you keep your social media channels active and engaging and attract even more followers worldwide.
Lower your cost of manufacturing
In some cases, it can be cheaper to manufacture products in foreign countries. This is often the case if you source raw materials locally or benefit from lower labor costs.
Of course, you’ll need to do your research to make sure it makes financial sense to manufacture abroad. But if you can lower your manufacturing costs, it will be easier to sell your products at a competitive price – making international expansion more feasible.
How to get started selling internationally?
Now that you know the benefits of selling your products worldwide, you may be wondering how to get started. Fortunately, there are a few simple steps you can take to start selling your products abroad.
Do your research
When growing your business and expanding into new markets, it is important to do your research. This means looking at factors such as economic stability, consumer spending power, and import/export regulations.
By taking the time to understand the market landscape, you can make informed decisions about which countries offer the best opportunities for your business. This will help you narrow down your list of potential markets and make the expansion process smoother overall.
Find the right partners and tools
Once you’ve identified potential markets, it’s time to find partners who can help you enter those markets. This could include distributors, retailers, or even e-commerce platforms like Amazon that can ship your product overseas to international customers.
You'll also need to make sure that besides the basic functionalities. your business tools have the necessary features for selling internationally. Your inventory software would need to have features like currency conversion, multilocation inventory management, shipping integrations, etc. Check Katana's best inventory management software list here to choose the right one for your business.
Localize your marketing efforts
To be successful in another country, you need to connect with your target audience on a local level. This means creating marketing materials in the local language and customizing your website for the specific market.
Paying attention to these small details will show your customers that you’re serious about doing business in their country. As a result, you’ll be more likely to win their trust and business.
Be prepared for challenges
Even if you do everything right, selling internationally can still be challenging. That’s why it’s important to partner with someone who has experience in the global marketplace.
By working with the right partners, you can overcome any challenges that come up and continue growing your business.
Selling your products globally can be a great way to grow your business. But it’s important to do your research and choose the right markets before taking the plunge. By following these tips, you can set your business up for success as you expand into new territory.