The SBA Administrator for Region VIII, Daniel Hannaher, recently sent out some encouraging advice to Small Business Owners in the Denver area encouraging them to start exporting. In this article, we will start delving into the 7 reasons that were mentioned, and try and explain them a bit clearer. In this article, we will deal with "Market Growth."
Mr. Hannaher says the following about Market Growth:
"Market Growth. Where is your company's potential growth? If you look at world demographics, you will find that 95.5% of the world's population is outside of the U. S. (Today the world population stands at just over 6 billion - up over 2 billion since 1973. It is estimated that this number will grow to 9.5 billion in 2050) If you have a product or service to sell, you want to go where the buyers are and, increasingly, that is outside the United States."
Plainly and simply, what is being said here is that Market Growth is the number one reason to start exporting, simply looking at the numbers that are being opened to us with a Global Economy. The amount of consumers outside of the USA is staggering, and seeing numbers like Mr. Hannaher states above should be a HUGE encouragement to any small business owner.
Market Growth in itself, although it sounds very simple is a bit complicated if you are not sure what it is. In essence, as you market your business and your business begins to sell to consumers in a varying range of demographics, you start to see trends develop for your product or service. Once these trends develop, you can analyze them to see just how much your product is growing in certain areas or demographics. Think of each demographic as a certain 'market,' and you see the very beginnings of Market Growth. This is the 101 Version of Market Growth.
Examine your small business. Is there something you have left out of your marketing strategy, or is there something you can add to help you reach a new market through exporting? Sounds like it's time for another brainstorming session!