To realize significant growth – it is imperative to go beyond building current customer loyalty – companies must develop new customers and markets. Research finds that growing new customers is 2.8 times more effective at growing sales then building current customer loyalty.
International Growth
Recognizing that new customers and markets may be found in North America, growth opportunities for manufacturers are increasingly found in international markets. Billions of new consumers in emerging economies are joining the global market, and competition in domestic markets is becoming fiercer than ever. Moreover, the decline in the value of the dollar has further enhanced sales opportunities on the international side.
MEP’s research indicates that there is an enormous opportunity to assist small manufacturers to expand international sales, as many manufacturers don’t export at all - and of those that do, about ¾’s ship to only one or at most a handful of foreign countries.
How is MEP Helping Clients Growth Internationally? MEP has several projects that assist U.S. small manufacturers to go global. Many of these projects are investments to create knowledge or build service models that can be replicated throughout the national network. A description of each program is provided below, along with the partners we are working with. Collaboration with the US Commercial Service and Federal Express (Fed Ex) underlies all of these programs.
ExporTech
The ExporTech program helps companies to enter or expand in global markets, by assisting in the development of customized international growth path. MEP is partnering with international trade experts to assist companies in the creation of a dynamic international export plan to lead companies to success in the global marketplace.
Read ExporTech Successes
itelliTech (Westminster, MD)
Raloid (Reisterstown, MD)
D. W. Habar & Son, Inc (Bronx, NY)
Wilco Machine & Fab (Marlow, OK)
Meyer Industries (Midvale, ID)
Northern Illinois Trade Initiative
The initiative is an unprecedented attempt to integrate export assistance from a wide range of federal government agencies and providers into one seamless program to clients. The pilot is being conducted in the Rockford, Illinois region, and is being led by Fed Ex and the US Commercial Service, with critical support from Congressman Manzullo’s office. Additional partners include the US Export Import Bank, the Small Business Administration, and the Overseas Private Investment Corporation. Playing a key role in the program is MEP’s regional affiliate, the Illinois Manufacturing Extension Center(IMEC).
The intent again is to replicate this program across the country. The initiative began outreach to potential clients in May, 2007.
Seminar “Growing Your International Business: Successful Export Strategies for Manufacturing CEOs” This seminar offering is based on MEP research conducted on successful export growth strategies for manufacturers. The seminar is aimed at CEOs/executives, and is focused on the big picture of what drives international success. The program has been developed and rolled-out in collaboration with the US Commercial Service and Fed Ex. 12 seminars have been delivered throughout the country during 2006-2007---with excellent response.
U.S. Commercial Service (USCS) Market Segmentation Project MEP is currently participating in a US Commercial Service market research and segmentation analysis, an unprecedented effort to better understand the service needs and buying behavior of US exporters. The project is being conducted in collaboration with Fed Ex, the US Export Import Bank, and Census Bureau.
