Around 115.2 million US citizens travel across the globe to explore new business opportunities. Although Shanghai is the most preferred location to promote the business, people still travel to New York to try their luck in the US market. You might wonder, what is the importance of business travel when you can simply enjoy your progress in the local market. Of course, it is easy to work on a low scale and flourish in local markets, but you won’t have any global growth.
Many generic and local brands established themselves in local markets. But later on, it moved to target global customers. For instance, Chitale’s Bakarwadi, Haldiram’s Snacks, MTR Foods, Old Monk, Café Coffee Day, etc. are a few renowned brands that have been doing rounds in the foreign market. Traveling to different countries allows greater exposure to different business cultures and marketing tips. Additionally, you can travel for a recreational purpose and turn it into a beneficial business trip. Money and leisure both can be your focus if you travel with specific intent.
Benefits and Importance of Business Travel
Exposure to Similar or Related Businesses
Imagine if you are a local leather manufacturer in a developing country. And, you have no idea which countries demand leather the most. But if you research online, and travel to that country, maybe you can start exporting your products.
Italy, China, Mexico, and the USA are the largest importers of leather. But, unless you travel to these countries, you will never learn what quality of leather these markets demand.
It’s not necessary to travel abroad to expand your business. You can travel to neighboring cities or states as well. Your only motive should be to travel for business and help it grow.
You Learn Customers’ Behavior Patterns
All customers are different and so are their needs and demands. It is easy to understand local customers’ buying habits. That’s because you have been operating in that market for a long time. But, how will you understand what are the customers’ demands in a foreign land?
If you have plans to expand your business globally, you need to study what the new customers expect from you. Unless you step into the customers’ shoes, you won’t learn what they need from you.
Traveling can help a lot to get insights into customers’ behavior patterns. Furthermore, you can work on how to address their demands.
Traveling Helps in Learning Which Products are In Demand
How do you think ready-to-cook meal producers gained popularity in the international market? Once you travel, you learn which country lacks the supply of a particular product. Several years ago, when Indians traveled abroad, they faced issues cooking Indian meals.
That was because, there was a limited supply of Indian condiments, raw food, and other cooking materials. This was probably the reason why MTR Foods recognized the supply issue of Indian food. And they started producing ready-to-cook meals.
Traveling can help a lot in filling such supply-demand gaps. It makes you understand where the gap is and how you can fill it by supplying the necessary products. So, if you wish to leave a mark on a global platform, look for gaps, travel for business, and build a global brand.
You Get Ideas on How to Sell Your Product
This is in line with the aforementioned point. Once you learn which product is in demand, then look for sources to address that demand. Or if you discover an idea to fill in the supply-demand gap, you can work on marketing and selling strategies.
Various foreign marketing agencies help the local players to sell their products in the international market. You can get in touch with agencies by traveling to that location. They charge some percentage of commission, but you get an idea of how to sell your product. Gradually, you can develop your delivery sources, cut your expenses, and export or sell your products in foreign markets.
You Get to Learn Consumer Preferences
In today’s times, it is tough to run a business because of the already established businesses. But you can always find a way to make your product visible to the customers. Obviously, digital advertising and promotions can bring some exposure to your product. But it is important to learn where your product will be sold easily.
Traveling to different locations can disclose this ambiguity.
Discovering remote locations as well can bring in a lot of demand for your product. For instance, Turkey has the highest demand for tea-related products. That’s because tea is consumed in larger quantities there. Whereas, Finland is the highest consumer of coffee.
So, if you travel, you’ll learn which product has maximum demand in a particular country. And how you can sell your product in that market.
You Find Different Ways to Enter the Market– That’s Why You Cannot Ignore the Importance of Business Travel
Verizon and Vodafone, Dow Chemical and DuPont, AT&T, Time Warner, etc. are some of the most successful mergers in the history of business. To find the best partner for merging the business, you need to study which company has a strong foothold in a particular market.
So, how do you think you do that for small-scale players? You need to visit that particular country to learn which companies have established businesses, relevant to your products. Travel for business and try to scale up; it is the best way to explore how much scope you have to flourish in the foreign market.
Establishing Delivery Hubs Will Be Easy
Do you know the reason behind Amazon’s successful delivery system? It has over 175 fulfillment centers worldwide, including 110 active delivery hubs in the US. You cannot buy a warehouse or open a delivery center in any random region.
You need to analyze the cost of establishing a logistics hub and study the infrastructural facilities available for use. For that, you need to visit different locations. And then shortlist the best locations to start the delivery system. The delivery system is far more crucial than you think, irrespective of the size of your business.
Travel for business and seek a suitable location for delivering goods. A good delivery hub will promise you easy access to your customers. Furthermore, it will simplify the process of meeting their demands on time. A happy customer means a loyal customer.
You Get Information on Advanced Technology
Developing countries are mostly unaware of new technology. However, traveling to different countries helps you in learning how to use advanced technology for your business growth.
Many small business owners prefer online mediums to push their business presence. But only visibility will not increase your sales. You need to streamline all your services to meet the increasing demands of your customers. Only advanced technology can become the backbone of your business once you start progressing.
What is the Importance of Business Travel? You Are Introduced to New Cultures and Business Traditions
Whenever you visit a new country, you learn how they greet their guests in their culture. Japanese say-Hajimemashite, Indians say-Namaste, Hungarians say-Jó reggelt kívánok! These are a few examples of people greeting in different countries.
Learning how to greet, the use of business cards, corporate culture, and dress codes can prove beneficial to you in the long run. That helps in connecting with your business partners as well as with the clients. But you can get this information only if you travel for business purposes either locally or globally.
Traveling Enhances Creativity
Business growth depends on how successfully you attract new customers. It is possible only when you use creative skills to grab the attention of prospective customers. Traveling to different parts of the world will help a lot in gaining creative insights.
Have you ever wondered how McDonald’s successfully managed to expand their business globally? It’s their creative ad campaigning and cute logo (M) that attracted children to their outlets. Of course, their carb-rich food is delicious, but they have managed to standardize the quality of food all over the world. It is indeed commendable. So, it is advisable, to travel for business and help it grow creatively.
You Get Information about the Leading Companies in that Particular Country– That’s Another Benefit and Importance of Business Travel
You may come across many companies that have failed to establish themselves in India. But they are very successful in the international markets. Fiat, Dunkin’ Donuts, General Motors, and Danone are some of the best examples in this case.
It is easy to learn which company is flourishing. However, it is not necessary that the same company will grow in other countries as well. So, you need to travel to understand which company is growing faster. And how to tie up with that leading company in a foreign market.
You may have to conduct a business study to analyze which strategies will help you to expand in an economy. And how to make changes to adapt to that market. All this becomes necessary if you wish to establish your business in an international market. And traveling to those regions can prove helpful for you to launch your business.
Importance of Business Travel- Traveling is Inspiring
Many leading businessmen will always advise you to travel for business. That’s because if you have an idea but you don’t know which market is suitable, you won’t make sales.
No sales mean no profit. So, a profitable enterprise can be established only if you are truly inspired to enter a business zone. Every idea is small until it becomes popular and starts raking in money.
So, if you travel, you’ll learn how the business world functions. And how ready you are to launch yourself in the Entrepreneurial Zone.
Conclusion
Many people don’t know the importance of business travel. It plays a pivotal role in networking. Business growth is highly dependent on how well you serve your customers and clients.
Traveling provides you with ideas on how conveniently you can target more prospective customers. It’s not a waste of money, it’s an investment. And believe me, it will give you a higher ROI if you travel with the right purpose.
