Expanding abroad is a great way to grow your business and to increase profit, but there is a number of other advantages. Today, we will focus on the 5 main reasons why you should export your products and services.
1. Don’t put all your (vegan) eggs in one basket:
Developing your brand into new markets is a way of guaranteeing your company’s long term future. If your sales go down in your country because of a poor economy or because of the arrival of new competitors, your business will be less affected if your revenue comes from various countries. Exporting is therefore a great way of protecting your business by minimizing risks from external threats.
2. Take advantage of economies of scale:
The demand for vegan products is rocketing worldwide. However, despite this growth, the volume sold is still limited, so vegan alternatives struggle to compete with the “traditional offer” when it comes to price. Besides, vegan products and services are generally more ethical and sustainable, which makes them more expensive to produce.
In order to get the price down you need to sell more, so you need to find new customers. Exporting is therefore the best option, especially if your domestic market is saturated for the time being. Once your price is more accessible, you will be able to convince new customers of trying and adopting your product, including in your own country. It’s a win-win!
3. Improve your company’s image and brand awareness:
For many consumers, the better known a brand is the better quality it must be. Having an international scope is a way to increase brand awareness, to reassure your customers and be trusted. It’s a seal of approval that you can basically give to yourself. It’s also a way to position yourself as an expert in your field and improve your credibility.
4. Learn and grow as a business:
By expanding abroad, you will have the immense privilege to learn. You will learn from what’s happening abroad, from the new connections you make and from your new customers.
Learning is necessary to grow and improve your business. It will help you to understand what your target audience wants and result in new innovative ideas. What’s more, you can take all that knowledge back home to improve your business in your own country.
5. The vegan argument:
Increasing the availability and choice for vegan products will automatically convince new people to try out and adopt the vegan way of life. You will help veganize the world and save both animals and our planet.
As you can see, whether your business is doing well on your national market or whether you are struggling to find customers and build profits, it’s always a great time to think about conquering new horizons. It’s the best way of guaranteeing your business’ long-term future.
We would be thrilled to help you plan your international expansion strategy and find the best upcoming markets for you. Sign up for a free chat to discuss what opportunities exist for your business!