For the past few years, I have been thinking a lot about how halal businesses can grow globally. This topic has gained a lot of traction lately. There are quite a few reasons behind the exponential growth the global Islamic economy sectors such as Islamic Finance, halal food, modest fashion, Muslim tourism, and halal cosmetics/pharmaceuticals have been showing. The global Islamic economy is projected to be worth over $3 trillion by the year 2023. We need to know the reasons behind this growth momentum. We also need to know how we, as halal businesses, can leverage our existing resources to tap into the growing halal market all over the world and establish business relations with business partners globally to grow our halal businesses.
Why Global Islamic Economy Sectors Are Showing Exponential Growth?
Islam is the fastest growing religion in the world
Disposable Incomes of Muslims are Rising
Muslim consumers are becoming more vocal in their choices of goods and services worldwide
There is a huge demand but not so much supply of the products and services which these Muslims need
Which Countries Have the Most Potential To Become Top Leaders In The Global Islamic Economy?
Well, in the following lines, I am going to list up the top five things you need to know to grow your halal business globally.
Top Five Things To Do To Grow Your Halal Business Worldwide
- Make a great website displaying your products and services in English and any other languages being used in your target markets
- Use social media marketing to find and communicate with potential halal business partners from different parts of the world
- Join halal business matching platforms such as HalalBiz to use their power to your advantage
- Thoroughly understand the basic norms and laws of international trade
- Communicate with potential halal business partners to negotiate and close the business deals
An Extra Bonus Tip To Grow Your Halal Business Globally
The extra bonus tip I want to mention to grow your halal business globally is to invest in your halal brand. A well-thought-out branding strategy is going to benefit you in the long term. Once people (your potential halal business partners) start noticing your company as a reliable halal brand, they will start asking you questions, get to know more about your business and thus start doing business with you. This may be the most important tip if you are serious about your halal business and would like to take it to the next level, to create brand loyalty in the minds of your target customers worldwide.
In the coming days, we plan to discuss halal branding issues in more detail. So, stay tuned.