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The internet and growing international trade is making the world a small place. It’s also increasing the level of competition facing businesses in most of today’s market place. It used to be that if you were travelling abroad you would look forward to bringing home some of the local delicacies, or unusual items that were simply not available to you while you were at home; or if it was it came with a hefty premium price tag.
This is rarely the case today. Mass online market places such as Ebay in Europe and the US and Alibaba in China are just a few examples of how both individuals and businesses alike are able to trade on a global scale with massively reduced overheads in comparisons to years gone by.
This situation leaves us with a double edged sword; for businesses the increase in competition could see those with larger overheads being put out of business by cheaper suppliers. This has of course had an impact on whole countries, let alone singular businesses. Recent stories attracting media attention have highlighted the UK’s rapid decline in the production of steel after losing business to China. But what about the opportunities? Consumers might be delighted at the prospect of falling prices, but cheaper isn’t always better and purchasers in a business-to-business environment are often savvy enough to recognise this. International trade might increase the number of competitors but it more so increases the number of buyers.
How can your international reputation help?
Fortune favours the brave so what are the considerations for the gallant few who are pushing their international business boarders? We all have examples of how a business’ reputation has lead to success or failure; from a one man band delivering excellent, personal-touch customer service to big corporate organisations whose negative reputation proceeds them in some countries more than others; or vice versa.
First impressions count, and these impression are ever lasting.
The least you can do to win over your new customers is have the necessary information they need to make an informed purchase in their language. There are many ways in which this can be achieved, just by translating core information rather than your entire website for example. After all how successful would those cheap Chinese sellers on Ebay be successful in the UK and US if all their descriptions were still in Mandarin? They’ve impacted the market because they’ve made the effort and it is the same for any business; arguably the more money you are asking your customer to part with the more effort you should be putting in.
