Is your business taking advantage of the low Canadian dollar?

A low Canadian dollar creates an opportunity for your business to connect with prospective customers in the United States.

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 to reach American customers. And 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 travellers 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 these First Steps to Exporting and this infographic on How to Export from Canada.

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.

Next steps

  • See how other businesses in your industry are selling to U.S. customers and learn from their best practices.
  • Check out the Export Development Canada website for export information and assistance.
  • Speak to a Scotiabank Small Business Advisor about financing solutions to help support your exporting strategy.