How to Expand Your Business to Take Advantage of the European Marketplace!

In a highly competitive global marketplace, business owners must reach a wider audience with their products and services to ensure they can compete, regardless of where they operate. 

It goes without saying that the internet has fuelled the growth of international trade. Today’s customers are fully prepared to purchase goods and services online from a company outside their country – if they can be delivered quickly and reasonably priced. 

That’s why breaking into the European marketplace is vital to enjoy growth and expansion for businesses of all sizes and sectors. After all, the current total population of Europe is almost 750 million people, all of which have the potential to be one of your consumers. 

Making a name for your business in the European marketplace to improve your business growth can be a difficult process and will require significant planning. However, by using the following key strategies, many businesses will find that they can compete effectively in Europe and benefit from improved revenue streams.

Utilize translation services

For many British companies, France is the first country they intend to trade in. Understandably, this is due to the proximity of the two countries, which can lead to lower transport costs for selling products abroad. A British company may even decide to set up an office in France once they have secured a sufficient foothold in the marketplace so that local communications and trade can occur easily. 

However, as with most European countries, there is likely to be a language barrier that can hinder the growth of a non-French-speaking business. In these situations, it can be highly beneficial to acquire the assistance of a dedicated French translation service. Such companies have a wealth of experience translating documents from French to English and vice versa.

In addition, this type of service can be essential when communicating with other clients in France and for navigating the world of business law and the different trading requirements that may be imposed on businesses. 

Put simply, if you intend to trade in other parts of Europe, hiring a translation services company to assist with communications can be vital to reduce uncertainty and promoting a professional business image overseas.

Attend European trade shows

Another key way to increase your company’s visibility and brand recognition in Europe is to attend European trade shows. Click here to see some of the biggest trade shows that are taking place in Europe this year and cover a wide range of business sectors.

Having a visible presence at European trade shows can be a vital way to meet with other key players in the marketplace. It can present a prime opportunity to network with other business professionals in your sector. In addition, it may be the first stage of setting up future trade or mutually beneficial business agreements. 

Taking a range of products you intend to sell in the marketplace is crucial when attending a trade show. Ensure that your staff who attend can demonstrate the key benefits of these products and speak confidently on how they are superior to other companies offerings and how they differ from similar goods. 

It can also be valuable to take a range of business merchandise to such events, including pens, mouse mats, and notepads). These should all have your company’s logo and contact details on them (including your company website address) so that other businesses and potential clients can contact you. 

Allow native currency online purchases

It is widely recognized that the majority of consumers want to purchase goods and services using their native currency. The main reason is that customers will instantly know if your product is of good value as they will not need to perform a currency conversion on the price shown on your company website.

Selling goods in Europe priced in Euros or the intended country’s currency form will simplify the purchase process for the consumer, increasing the likelihood of higher sales. 

Thankfully, there is an easy way to undertake this and sell in a range of European currencies online, determined by the customer’s location. It can be achieved by using a currency conversion API on your website. You can find some of the best currency conversion APIs here.

This will take the location of the European customer and then offer them a real-time conversion to give them a price in their currency. This application will update regularly based on the latest currency market values to ensure that the price is accurate.

European Marketplace article and permission to publish here provided by Carol Trehearn. Originally written for Supply Chain Game Changer and published on March 23, 2023.

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