Want to raise profits and put your product on the global map? Then consider exporting. According to the Department of Commerce and the U.S. Small Business Administration (SBA), demand is high, especially considering these two facts:
- Nearly 96 percent of consumers live outside the USA.
- Two-thirds of the world’s purchasing power is in foreign countries.
Exporting Success Stories
Perhaps it’s time to tap into the global market and give your company a competitive advantage. Here are a few companies that did and they aren’t looking back.
Bassett’s Ice Cream of Philadelphia (SBA’s 2012 National Exporter of the Year) jumped into the world market in 2008, long after its founder, Lewis Bassett, began producing and selling the product from his New Jersey farm in 1861. Since then, Bassett’s has found an excited base of fans in China as well as in the Bahamas and Anguilla. Thanks to exporting, the company is well on its way towards becoming an international brand. Sales are up and future opportunities to expand abound. No longer does the company have to rely solely on a strong American economy to survive.
Rekluse, an American manufacturer of performance clutch components for motorcycles, had an overseas market from the day it opened in 2002, but working with the SBA to create a solid global marketing plan, the company saw a significant rise in sales from 2011- 2012, when the company’s export footprint expanded from 34 countries to 42. In the first quarter of 2012, the company’s international sales rose 52% and propelled them into a new period of growth that required a 40% increase in employees. These days more than 30% of the company’s total revenue comes from international sales.
An Untapped Market
Unfortunately, government statistics suggest that only 1 percent of U.S. small businesses reach into the global market for fresh growth, leaving a lot of markets untapped. And of that 1 percent, only 2 percent of businesses export to more than one country. Considering the vastness of potential customers, perhaps your business should be asking, “Where will my next customer come from?”
Rapport International Can Help
Of course, conducting business on a global scale isn’t without challenges, but thanks to improvements in trade finance, the Internet, and trade agreements that are helping to balance trade deficits, exporting has never been easier. Agencies like the SBA that provide exporting counselors and resource partners are ready and willing to help your company make the global leap. Add to that a host of competent translation companies like Rapport International that can assist with various aspects of international business – everything from websites, brochures, and business agreements to the localization and marketing of your product – and there doesn’t appear to be many excuses not to consider exporting. Never overlook the importance of speaking to your customers in their language as a survey conducted by the Common Sense Advisory in 8 countries concluded that:
- 72.1% of consumers spend time on websites written in their own language.
- 72.4% of consumers are more likely to buy a product if the label or information is in their own language.
- More than half of consumers are willing to pay more for products with information in their own language.
When it comes to exporting, it all boils down to this: A Good Product + Good Advice + The Right Language = Increased Profits. For additional information on exporting, check out these resources:
United States Federal Resources:
- U.S. Export Initiative
- U.S. Export Assistance Agencies by state
- State Trade and Export Promotion (STEP) Program Fact Sheet
- A Resource on Strategic Trade Management and Export Controls
- Federal Exporting Trade Assistance
- Office of International Trade
- U.S. Department of Commerce, Bureau of Industry and Security
- U.S. Census Bureau, Foreign Trade
- U.S. International Trade Commission
- U.S. Trade Representative
- U.S. Customs and Border Protection
- Export-Import Bank of the United States
- Overseas Private Investment Corporation
Massachusetts State Resources