I want to talk this post on how understanding a little about national currencies can help you in your online businesses.
I'll keep it simple here: just look at the current parity of the U.S. and Canadian dollars.
How does that help online marketers? There are two ways. One, if you're buying goods, a country that has had its currency weaken, while the country you live in has your currency strengthen, it increases your buying power. That would be a time, whether you're a consumer or business, to buy and save a lot of money.
If you're in the country, like the U.S. in this example, and you have a lot of existing or potential Canadian customers, it would be the time to include targeted marketing to that market, emphasizing the great deals they would get by buying from you now, before the exchange rates fluctuate in a big way again. Everybody can win in this climate.
It doesn't matter if you're an American or Canadian when listening to this. The point is throughout the lifetime of your business, there'll be times of great opportunities when currencies increasing or dipping will be advantageous for you.
The thing to do is understand what countries you have the most customers in, and from that vantage point, buy or sell based upon those realities.
So in the case of Canadian consumers or companies, because their currency has increased, this is a time for them to buy in the U.S. For U.S. companies, this is a time to entice and market to Canadians, based on the strength of their dollar.
Just apply this to the customers of whatever country or countries you serve people in the most, and build marketing or buying strategies around that if it makes sense to your business and its purpose.
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