Business Optimization: Market Expansion, Part I

Market Expansion:

Being part of a workforce which can efficiently communicate in more than one language allows you the ability to reach new markets, both nationallly and internationally.

This is becoming ever more evident in the US , with minorities accounting for a greater proportion of the population than the native speakers themselves. The Pew Research Center has projected that:

'immigrants and their U.S.-born children will account for 82 percent of the country’s population growth over the next 40 years, and nearly one in five Americans will be an immigrant by 2050.' 

The Selig Center for Economic Growth’s 2010 “Multicultural Economy” report, the buying power of minorities is projected to increase more than $1 trillion by 2015, to $3.6 trillion.

Over the next few years, over 70% of world growth is predicted to come from emerging markets. China and India alone are thought to bring around 40% of that growth to the table. This growth is thought to bring $30 trillion by 2025. 

Nearly 30% of the US economy is now held within internationals trade. 

We cannot help but be drawn into these figures, a survey conducted amongst US business owners revealed that over 70% were planning to expand their market into a foreign market that speaks another language. 

Speaking the language of the international workforce you are doing business with is vital. Not only does it provide efficient and safer working environments, but equally as important, it is proven to increase your growth profits, and is greatly appreciated by your foreign counterparts. 

As Willy Brandt, the former Chancellor of then-West Germany famously said, “If I’m selling to you, I speak your language. If I’m buying, dann mussen Sie Deutsch sprechen.”

Language skills are critical to building relationships and helping any business succeed in rapidly growing global markets and segments at home and abroad. They turn suspicions into smiles.

I am going to start learning Chinese, I am sure it is going to be a long road, but well worth it in the end. You can keep up with my progress on this blog and if you have any tips to give me on learning Chinese than please voice them below. I am sure there are a few others out there wanting to scratch up on their language skills too.

Thats all from me today. I will be further elaborating on Market Expansion in my next post, and the Five Pillars of Business Optimization. 

By Amber Williams

www.bearlainternationalstudies.com