Small businesses are the backbone of the Canadian economy. Not only are they the fabric of our communities, bringing neighborhoods together, but they employ 90% of the private sector workforce and make up roughly 97.9% of all Canadian businesses.
These small business owners are experts when it comes to local customers, but can be less knowledgeable about finding new markets further afield, whether it be understanding the culture and buying trends, export legalities, or payment options for their product in other countries. In Canada, fewer than 10% of small and medium-sized businesses export , yet those that do are more likely to survive and scale.
Export presents a huge potential for Canadian businesses. Thirty nine per percent of all clicks to Canadian Advertisers come from overseas ( Source: Google Data, Canada, Finance, Jan-Dec 2019) . DECIEM , a collection of Canadian beauty brands knows firsthand the benefits of going global. They started in 2013 with one product in one market, and now they are a global business. “Globalization and localization has always been at the forefront of the growth strategy for DECIEM, enabling us to reach a wider audience than would be possible in Canada alone,” says Jordanne Dyck, Digital Director, DECIEM.“We start by leveraging established local partners as we enter new markets to propel awareness, which then translates to growth of our direct to consumer channels in those markets. Today our products are sold globally with about 90% of our sales generated outside of Canada. "
It's a similar story for Toronto-based, Inkbox , established by brothers Tyler and Braden Handley in 2015. The Handley's quickly took their business global, using Google Ads and platforms like YouTube , where they've built a community of over 30 thousand subscribers. Today, they have sold more than one million tattoos to over 150 countries, and the US accounts for 60% of their total sales. Going global from the start unlocked valuable venture capital investment for Inkbox, and they were able to prove that their business could be profitable in larger markets around the world.
The internet has broken down international trade barriers, making it possible for even small and medium-size businesses to become truly global players. But taking those first steps into the wider world can be daunting. That's why today, we're introducing Market Finder , a free, one-stop-shop for everything that a business needs to grow internationally. The tool will not only identify the best markets for your product or service, but also tell you how to prepare for new markets and suggest the right digital marketing solutions.
“This new tool aligns with Export Development Canada's efforts to help Canadian innovators connect with markets presenting the best opportunities for them. We are so pleased to see partners like Google Canada work alongside us to help small businesses seize the opportunity to reach new customers globally, "said Carl Burlock, Executive Vice-President and Chief Business Officer at Export Development Canada.
Market Finder offers guides, videos, and tips making it as easy as possible for businesses to go global following three steps:
Step 1: Market Finder recommends the best markets for your business
Create your global business plan using detailed market insights. How do your potential customers use the internet? What's their disposable income? Market Finder recommends the best market for your business, and gives you all the insights you need to research your next global market.
Step 2: Prepare to go global
Once you've decided on your next market, use our tools, guides, and resources to plan the next steps of the journey to your new global market. Market Finder will help you navigate areas like localization, international payments, and logistics.
Step 3: Reach global customers looking for what you sell
Every successful global business needs a watertight marketing plan. What is the best language to advertise in? Which devices are your customers using and what's the best way to reach them? Market Finder helps you make marketing decisions with data and customer insights, and suggest the best tools to put it all into action.