Do small businesses really need to be on social media? How would that help them export their products and services to international markets?
It is estimated that one in three people around the world are on social media, making it a key factor in assisting sales abroad. “Social media allows businesses to build relationships with their customers and create engaging content that can help drive brand awareness and loyalty"[1]. Over 4.26 billion people worldwide are using social media, and this number is expected to grow to six billion by 2027, yet many companies do not take advantage of the free resources available to them on social media. Not only can these free resources increase domestic sales, but they can also aid in international sales.
Social media can help a smaller company in many ways. Actively posting on an Instagram account can help establish brand credibility and trust, because the consumer feels as though they personally know the brand. Instagram also helps businesses personalize interactions and build customer relationships. Social media allows small businesses to easily identify potential international customers and with this information, content can be tailored for individual markets. Additionally, social media can help your company keep up with market trends and competition, which helps level the playing field between big and small businesses. Monitoring competitor strategies, industry trends, and global market demands can all be achieved using Instagram alone!
By focusing solely on domestic sales, you are ignoring 95 percent of the world’s buying power and limiting your income potential. The Export-Import Bank of the United States has been supporting U.S. small businesses for over 87 years. If you are interested in learning more about EXIM and how we can help start your export journey, please request a free consultation here and one of our trade finance specialists will be happy to assist you.
[1] The power of social media: Connecting and engaging in the digital age (indiatimes.com)
