VIDEO 46: E-commerce Guide To Attracting Customers Globally
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Going Global: At Which Point Should You Make the Leap?
With my Southeast Asia trip coming to an end, I recently met up with an old friend who is launching her own cafe, Chikalicious, here in Bangkok. Seeing her in action got me to think about all the logistics behind taking your business to a global level. So many questions come to the surface, like how do you even get started in exporting your business internationally? How do you know when to take the leap and make that investment? What does it really take?
Today, I want to share with you how to export your business internationally by providing you with an E-commerce guide to attracting customers globally.
1) RESEARCH MARKET READINESS
The first step is straightforward: do some research to see if there are opportunities for you to sell to other markets and find out if the market is ready for your product. You can discover this type of information by using Google Trends, Hashtag, and Facebook research.
Use tools like HASHTAGIFY.ME, KEYHOLE.CO, and GOOGLE TRENDS to survey specific keywords that relate to your business, and determine whether there are opportunities in any markets around the world that you can take advantage of.
I also highly encourage you audit via Facebook Ads or Facebook Groups by targeting a particular demographic you are interested in and providing them with a special offer. From there, you can review their feedback and go from there! The more you know, the better.
2) DO THE MATH
Put your hatred for math aside and start problem-solving. Find answers to how much will it cost you to ship abroad? How much will it cost you to work with a fulfillment company? How much inventory should you ship? What about taxes?
Shipwire has a great calculator, which I encourage you to use – http://www.shipwire.com/pricing/. Simply input how many SKU’s, Palette’s, and warehouse locations you are interested in using, and you will receive an estimated monthly cost.
Now, start small because it’s important to build a brand name first before you decide to invest in a fulfillment company.
3) THINK OMNICHANNEL AND BUILD BRAND AWARENESS
Consider partnering up with other local E-commerce businesses or retail shops. It’s a perfect way to grow awareness of your brand with less upfront financial risk. Research E-commerce stores and marketplaces, like ZALORA and ASOS. They showcase independent designers from around the world and have a global reach, which could be a great way to start building your network!
Finally, I found this tool which can help you assess your readiness to expand globally. CORE™ is a self-assessment tool that will allow you to determine your company’s readiness to expand its operations internationally and ascertain its ability to export a particular product. Upon completion of the questionnaire, you will be able to systematically and objectively identify your company’s strengths and weaknesses concerning exporting. http://globaledge.msu.edu/tools-and-data/diagnostic-tools/core
That’s all for today, so make sure you leave me any questions you have and check back every Wednesday as I provide marketing tips each week!
