In Marketing Secrets for the New Economy – Part 2 we will explore why globalization has become a key strategic imperative for sustainable business growth and survival in the new economy.
Yeah, yeah, I know what you’re thinking. There he goes again, beating that globalization drum. Doesn’t he understand that I own a small local business and have no plans to expand globally?
Yes, I get it … but that is today’s reality. We are talking about the future opportunities for growth in the new global economy. Your opinion may change after you have read Part 2 of the article and had time to consider the following chart in more detail.
Let us start the globalization discussion by acknowledging the fact that there is no such thing as a local business in today’s rapidly changing economy. Millions of “eyeballs” around the world can gain access to your business from your web site, social media, email lists and other sources, and vice versa. As such, our world has become interconnected, interdependent and open.
Why not take full advantage of this openness to start a conversation with the broader market and explore its potential for future growth? Here are some important factors to consider in exploring the prospects of global expansion for your business:
- The world population hit 7 billion in October, 2011, and is expected to reach 10 billion by 2050.
- 95% of your potential customers live outside the U.S. Do the math – that is an enormous market opportunity.
- There are virtually no border limitations today. You can deliver your goods and services to Seoul, Korea in 48 hours.
- Since 1950, world trade has increased twenty-fold from $320 billion to $6.8 trillion, and this growth continues.
- 97% of U.S. exporters are small businesses. Why not add your company’s name to the list?
Still not convinced? Then go back and do a quick review of Part 1 of the article and look at the sources of income highlighted in the “Circle of Life” chart. Does anything jump out at you? Each of the income streams represented can be replicated globally as a future evolutionary step to dramatically enhance its combined revenue potential. In effect, globalization represents an income source that can be duplicated several times over for each of the identified growth areas, based on your future expansion plans.
A new study from Barclays, “Origins and Legacy: the Changing Order of Wealth Creation,” indicates that developing countries now lead the U.S. in wealth creation by entrepreneurs, as shown in the chart above. Think of the emerging business landscape as a two-way mirror. As you peer through the glass to explore future growth opportunities there will be hundreds if not thousands of prospective clients, suppliers and competitors looking back at you with the same or similar goals. If you are still uncertain about the future prospects of global expansion, then consider the competitive risk of doing nothing.
Globalization is a strategic business imperative for sustainable growth and survival. As a business leader, carefully consider the following questions as a part of your long-term planning, “What are the implications of globalization to my business?” And, “How do I fully capitalize on the tremendous growth opportunities in this new global economy?” The answers to these questions will help drive the business and investment decisions required to ensure a brighter tomorrow.
If you want to learn more about globalization, then check out these additional resources I have put together on this subject here: http://www.slideshare.net/TresCoach/globalization-americas-leadership-challenge-ahead-resources
Best of luck for your continued success.
Enjoy the journey!
John
COPYRIGHT © 2013 John Carroll