Improving your revenue by finding your blind spot
Business has gone global, but many companies (small and large) have not. Even those who have should dedicate time to evaluate what’s working and what’s not. This is when finding your international blind spot proves crucial. Determining ways to enter international markets or increase international market presence are just two questions to ask when finding your international blind spot. Once found, the potential pay-out and intangible benefits abound. Here are just two big benefits to discovering what you may be overlooking internationally.
New online customers
Products – For product based offerings, many business owners are finding new markets and customers online. With lower shipping/mailing rates, more and more international buyers are open to the idea of buying from other countries. Just as the US has eBay and Amazon, other countries have similar web-based shopping platforms.
Service – Take advantage of Skype and other video conferencing tools to provide service offerings to online customers. A recent client of mine started a new business in China offering online English classes. This brilliant model has low overhead and offers a high-quality service: one-on-one English classes from native speakers, via the internet.
Virtual Assistants -Having an assistant isn’t just for executives or the super rich any more. There are many internationally based virtual assistance companies out there. No project is too big or small. You can reap a great cost savings (professionally or personally) by enlisting the help of these handy helpers. All of the big players in this space offer English-speaking assistance and are equipped with high-speed internet connections to make collaborating a breeze. The best part: you can hire them yearly, monthly, weekly or project-based.
Networking and forums – We know about product based benefits of expanding internationally (i.e. direct manufacturing discounts, etc.) but few think about the potential mind share cost savings. By networking and participating in forums internationally, you can discover not only new best practice ideas, but also find support and maybe a new client or two.
Your specific industry
The specific benefits to your particular business/industry are varied. It may be worth hiring an international business development consultant to help you navigate thinking outside of the box as you find your international blind spot.