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Apr24
How International Are You? Currency as a Marketing Tool

The release of the quarterly results for Ford (NYSE:F) Motor Co. today surprised a lot of people as the company posted a $100 million profit; exceeding everyone's expectations.

What led the company was its global sales, as its North American sales continue to feel economic pressure.

I bring this up to encourage you to think of how the demographics of your online business are spread out. It's important to know a couple things that could definitely influence your marketing strategies.

One major one is how the currency of the country you live in performs against against other currencies. We should know the top currencies of the key demographics we serve. We can market to these ones differently based on currency strength or weakness alone.

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You don't have to be a currency expert to take advantage of this, just know whether the trend of the currency of the country you live in has been up or down over the last year or two, and if that trend is continuing.

With the ability to target people on our email lists, we could put together campaigns which show the benefit of people buying from us, depending on whether the currency is stronger or weaker.

For example, if you're an American company, you could tout the benefits of the weaker U.S. dollar, and how it's much less expensive to buy from you now than it was in the recent past. That's a selling point that can be marketed without diluting your brand as being only low cost or cheap.

This is important, because like Ford, a certain market could be drying up and slowing down, while other markets are expanding and growing.

Currency strength or weakness is one of the tools that can be used to market to a product or service to those in certain countries which are enjoying a growing strength against another currency.

Again, the key is to check you data and find the top countries where your customers reside. Don't be too concerned about the countries that are only represented by a tiny percentage of people. The only caveat to that is if you sell high cost items that you don't need a lot of sales to be successful. Otherwise the effort probably won't be worth the time spent.

Here's a place you can go to find the exchange rates up to 10 years.


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