The Essential Guide to Working in the Global Market
According to a survey by Upwork, the average hourly rate of freelancers in the U.S. is $20. For technical roles such as accounting, legal and web development, it is $28.
In India, the average hourly rate is ₹403 which amounts to roughly $4.8. The difference in pay is one of the major reasons why Indian freelancers are exploring the global market.
This blog explains the factors you should consider before going global and effective global marketing strategies to increase your earnings.
Time Zone Flex
A con to expanding your freelancing services in the global market is dealing with different time zones. Even though it offers flexibility and helps you manage deadlines, you might take time to get used to it.
Here are a few tips to manage the difference in time zones effectively.
Seeking Opportunities
Getting your first international client as a freelancer is a challenge and it might take some time to find your ideal client. Therefore, you need effective global marketing strategies to build a presence in the global market.
The first step is to identify a suitable location based on industry trends and demands. For example, if you are a tech freelancer, you can look for German clients in the global market.
Moreover, check which countries offer the most competitive pay, and you can build your strategies accordingly.
Exchange Rates
Fluctuating foreign exchange rates (FX rates) are a significant threat to freelancers in the global market. Sudden changes in FX rates can eat up a lot of your earnings. Here are some ways to mitigate FX rate risk.
- Diversify your client base in different countries
- Send invoices in different currencies
- Use platforms like Skydo to open a multi-currency bank account
- Budget and forecast properly
- Set up a contingency fund
Moreover, many cross-border payment platforms, such as PayPal and Payoneer charge high currency conversion fees, impacting your earnings.
Skydo, a modern payment platform charges zero margin on currency conversion and shows live FX rates.
Payment Timelines
The most important factor to consider in a global market is payment timelines and conditions. Cross-border payments often get delayed and involve high transaction charges. Therefore, you must ensure clear payment expectations with the clients before you start working on a project.
Here are some important payment terms to consider while negotiating contracts.
- Payment schedule (15 days or 30 days after invoicing)
- Scope of advance payments
- Interest on delay of payments without sufficient cause
- Invoicing currency
- Payment mode (Bank transfer, card payment, or through a payment platform)
Learn here how Skydo can help you achieve your financial goals.
Soft Skills
The two most crucial soft skills that you must learn are adaptability and cultural awareness. These help understand clients’ preferences, communicate more effectively, build long-term relationships and navigate challenges in the global market.
Here are a few ways to improve your soft skills.
- Self-assess your soft skills and work on them by using tools like Kahoot and BizLibrary
- Seek mentorship and observe other people
- Pursue online courses, attend workshops, or read books on self-development
Bonus Tips for Global Marketing Strategies
1. Build a Personal Brand
Personal branding helps portray yourself as an expert in your niche, resulting in more online visibility and inbound leads, Ultimately, it increases your clientele.
LinkedIn and Instagram are the two most popular platforms to build a personal strategy. You need to identify your niche, understand your target audience, and engage with them through storytelling and offering valuable insights.
2. Create a Portfolio
One of the best strategies for going global is to create a freelance portfolio. It shows your skills and boosts credibility.
Include your best client projects and any personal projects, like a blog or website, when applying for freelance gigs or reaching out to potential clients. Consider attaching your portfolio to showcase your work.
3. Join Online Communities and Marketplaces
If you are starting in the global market, getting inbound leads may take some time. You can join online marketplaces and communities to find clients.
Some popular platforms for finding international clients are Upwork, Hubspot, Superpath, Peak Freelance, Facebook or LinkedIn groups, Reddit, and Fiverr.
4. Network with Other Freelancers
The best way to commence your journey into the international market is through references. Connect with other freelancers in a similar domain to get client referrals or collaborate on projects for international clients.
5. Seek Legal and Financial Advice
The most challenging aspects of joining the global market as a freelancer are managing taxes and negotiating contracts.
Instead of trying to figure out technicalities on your own, which may cause errors, it is best to consult legal and finance professionals to mitigate risks.
Conclusion
The Indian freelance industry is booming but it is also becoming hypercompetitive. You need to strengthen your skills and use excellent global marketing strategies to thrive in a global market.
Moreover, you need to automate and streamline your operational processes to improve efficiency. Sign up on Skydo today, the ideal solution to
Q1. What is a global marketing strategy?
Ans. Global marketing strategies are the tactics freelancers use to boost their presence in the global market and connect with international clients. Increasing your social media presence is a popular example of a global marketing strategy.
