A low Canadian dollar creates an opportunity for your business to connect with prospective customers in the United States that are eager to take advantage of the difference in currency rates. Now may be a good time for you to explore introducing your business to potential customers south of the border.
Consider these three advantages to selling to U.S. customers:
1. Attractive pricing for U.S. buyers
No matter what industry your business serves, the low Canadian dollar is a fantastic opportunity to attract American buyers. Americans recognize the buying power of their dollar and look to Canada to save money on products or services they might normally buy domestically.
One of the simplest ways to boost profits is to increase sales of your products and services to American shoppers on your website. Target a series of blog posts to attract more web traffic from U.S. consumers. Use advanced location targeting with Facebook ads and Search Engine Marketing (SEM) to reach American customers. Make it easy for U.S. buyers to buy from you by accepting debit and credit cards.
If your small business belongs to the growing international tourism and hospitality industry, focus your marketing efforts on American customers who are eager to take advantage of better value for their dollar. Make sure American customers know they’re welcome at your hotel, restaurant, or adventure activity. Take steps now to ensure you’re able to accommodate an influx of travelers through the busy spring and summer months.
2. Higher profits on U.S. shipments
Canadian businesses in the manufacturing industry are also set to gain from the low Canadian dollar. U.S. companies are steadily honing in on opportunities to partner with Canadian exporters of lower-priced products.
If you’ve considered exporting but aren’t sure how to get started, learn more with this Step-by-Step Guide to Exporting from the Canadian Trade Commissioner Service.
3. Sell to a much larger market
Simply put, there are far more consumers and businesses in the United States than there are in Canada, creating fantastic new opportunities for you to sell your products or services. It opens your business up to a much larger market than if you focused your efforts solely on Canada’s much smaller population.
The close proximity of the U.S. market, supportive trade agreements, and a shared language make it affordable and easy for Canadian businesses to deal with customers there.
If selling to the U.S. is an attractive opportunity for your business, be sure to act fairly quickly as the Canadian dollar may soon rise in value. Consult with other business owners or exporters with experience selling to the U.S. and take next steps.
Before you take action on any of the information above, we recommend consulting with a qualified business advisor that understands your unique needs and situation for your specific business and/or personal plans.