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 (FedEx) underlies all of these programs.
Export Tech
The pilot program (completed in February 2007) was offered in partnership with the US Export Assistance Center, the Maryland District Export Council and the Maryland Department of Business and Economic Development. The objective is to accelerate international growth for a group of participating manufacturers and technology companies. The program’s unique value is in its customization to the specific learning and information needs of participating companies, leading to individual company growth plans. This approach proved to be considerably more valuable than static workshops/seminars. The program has received “rave” reviews from participants, and the intent is to replicate this model elsewhere in the country.
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 FedEx 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 FedEx. 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 FedEx, the US Export Import Bank, and Census Bureau.
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