How Currency Exchange Rates Should Determine Your Marketing
by Yolander Prinzel
When the value of the dollar plummets compared to the Yen, Euro, Rupee, or any other foreign currency, it is generally a bad thing.
As a nation, the goods we import from other countries become more expensive because we have to use more of our dollars in exchange for the currency used by the exporting company in order to pay for them.
Travelers and currency traders find their dollars making less impact as well.
But for freelance writers, the declining value of a dollar is a great time to target your marketing to other countries.
As an example, in the beginning of March, the value of one dollar in Euros was .7896. That means an article you charge $100 U.S. dollars for would cost your British, German, Irish, etc. client $78.96 Euros. Today, that same article would only cost your overseas, Euro-using client $69.58 because the value of the dollar has dropped to .6958 Euros. It’s almost like offering a sale without changing your bottom line at all.
In order to capitalize on this, you should know both the historical value of the U.S. dollar as well as the current value. Now, go have fun with that marketing spin!
Yolander Prinzel, ACS is a financial writer as well as a series 7, 66 and 2-15 licensed financial representative. With a decade of financial industry experience, she was the National Director of Marketing and the Director of Operations for The Compass Agency USA and has also been a trader for Raymond James Financial Services and a life insurance underwriter. No matter what you may think, none of her posts are advisory, they are simply informational. Only an advisor with close, personal knowledge of your financial situation can offer advice.
