Sales are the lifeblood of any business. Selling your product is the foundation of business success. Sales drive profits. Sales drive business expansion. Without sales, there is no customer satisfaction or customer relationship.
Therefore, one of the critical functions of any business organization, small, medium or large scale is marketing. Business companies spend billions each year marketing their products to the target market. This can be in the form of advertisements such as billboards, television, radio, newspaper ads, or sales promotion or public relations techniques.
The fundamental question for all businesses is how to maximize their marketing expenses. It is essential that the benefits outweigh the cost. Therefore, the burden of every marketing manager is to outline the marketing means that are most profitable for their business.
A world out of your ‘world’
We live in a globalized market that has been made possible by various technological innovations, especially the Internet and mobile technology. The pressing question for all business owners is ‘what is the best way to maximize the global market for my business?’ Part of the answer to this question is another question, ‘how do I market my business in a globalized economy?’
According to the Statistics Portal, as of April 2018, there are 4,087,000,000 Internet users worldwide. Similarly, there are 3,297,000,000 users of social networks. More than 50% of the world’s population are active Internet users.
For all traditional advertising media, your reach is limited to the number of people within your geographic location. Even if it is a large-scale company, your ad can only reach the population of your country and perhaps some neighboring countries. China, the most populous nation, has less than 2 billion people. Traditional marketing media can only reach 2 billion potential people, even in China.
But with the Internet, the scope of the “target market” has changed. Your target market doesn’t have to be the people within your geographic location. In a globalized economy, your target market can span the entire world. A company in China can position its business online to target customers in Canada. A manufacturing plant in Nigeria can target customers in Russia.
This is especially true for people who sell services. A writer in South Africa may be writing for a magazine in the United States, while an Accountant with knowledge of International Financial Reporting Standards and accounting packages may search for clients in distant Australia. A graphic designer in France can design brochures and banners for a client in Ghana. A relationship or self-development expert in Great Britain can search for clients in Spain. In a globalized market, not even language is a barrier to such opportunities.
The first step
The point is this; a globalized marketplace provides business owners and marketing managers with unique opportunities to expand their reach. In a globalized market, the Internet offers great potential for companies to grow and industrialize. Your organization’s target market can reach the entire world. Done right, your products or services can be one click away from customers around the world.
If your business is not yet visible to these 5 billion people, you are not maximizing your business potential.
Millions of people are searching through Google and other search engines for both information and products to buy. Why not position yourself to get some of the benefits?
Every serious business in the global economy needs a website. Having a website is the first step in taking advantage of the Internet as a business owner. A good business website can cost anywhere from $ 100 to $ 300 (depends on the developer). In some cases, it may be lower or higher. In a globalized market, you can get competitive prices from credible freelance websites or individual designers who have positioned their services on the web.
Some of the advantages of having a business website include:
1. Provides a platform where potential customers and current customers can get vital information about your business and products 24 hours a day with the click of a finger. Instead of answering thousands of calls every day, your website provides a means of getting the basic information you want.
2. Makes your goods and services accessible to a globalized market 24 hours a day, seven days a week.
3. It is an opportunity to get indexed by Google and become a relevant Google search destination for your product or related products.
4. Provides a platform for a detailed explanation of your products and services without the limitations of a newspaper page or radio time.
5. In the world of the 21st century, having a website shows you as a serious business owner.
Many people around the world depend on the Internet to buy their goods and services. It is important to take advantage of these opportunities.
Having a website is not enough to get sales. But it is the first step in a series of steps that can be the most effective marketing strategy in the global economy.
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