NJ Manufacturers Can Increase Sales Through Exporting
By Jeff Hoffman, NJMEP Account Manager
Hailing from the Garden State, we’re in a pretty strategic location for exporting. We’re right on the coast, we have major airports surrounding us and key routes and railways expand throughout the state. Exports from New Jersey’s manufacturers grew 87 percent in the past decade while the national average was a 70 percent increase.
If your company hasn’t focused on exporting in the past, now is a good time to explore the opportunity. In a competitive economic climate, we’re always looking for new ways to connect with new customers. The U.S. Department of Commerce’s Export.gov states that “95 percent of the world’s consumers live outside of the United States.” It’s time to tap into new markets!
Manufacturers who export experience growth. A survey conducted by McGladrey Manufacturing and Distribution Monitor, relayed that 60% of exporters found that their company was “thriving and growing.”
A separate UPS survey of small and medium-sized exporters reported that “nearly two-thirds (64 percent) of exporters polled saw a financial return within two years.” Furthermore, the study found that “34 percent saw a financial return in less than six months,” and “almost half (49 percent) of respondents said they expect to double their businesses’ exports by 2015.” Additionally, “About two-thirds (66 percent) reported that up to 25 percent of their annual revenue comes directly from exporting.”
There are additional benefits to exporting besides an increase in sales. They may be less tangible in the short-term, but can help your company in the long run. For example, consumers in other countries have different needs than our local customers. Working with separate groups of people can lead to new experiences and ideas. Feedback from international consumers may inspire a new product line or product enhancements.
Engaging with partners overseas may also lead to new innovations or challenge us to come up with more efficient processes, ultimately improving the effectiveness of our organization. Furthermore, when NJ manufacturers come up with new products or processes, they can “test them out” with foreign customers before introducing them domestically.
Act Now with ExporTech™ – Deadline Approaching!
There are so many advantages to exporting that everyone is participating, right? According to an International Trade Administration fact sheet, of America’s 30 million companies, less than 1 percent export, and of those that do, 58% only export to one market. Why aren’t more businesses exporting?
Exporting is only effective if you have a strategic, organized method for entering new markets. Manufacturers may believe that they do not have the resources to do so. That’s where ExporTech™ comes in.
ExporTech™ was developed by MEP and the U.S. Commercial Service to help companies strategically develop and implement their exporting plan. Experts provide hands-on coaching so that manufacturers are empowered with a specific exporting plan to grow sales. The program is designed for C-level executives and companies participate in three one-day group sessions scheduled over a three-month period.
The program will be held at Saddle Brook Marriott on:
- October 7th
- November 12th
- December 9th
Please note: A special orientation workshop is also available on September 30th is also available where manufacturers can learn about ExporTech™ and Innovation Engineering.
Deadline for registration: Friday, September 27th
ExporTech™ is an accelerated program that gives NJ manufacturers a plan to grow sales through exporting. Click here for more information about the program.
Don’t miss out on the opportunity to drive new sales through exporting. ExporTech™ is a great way to tap into new markets and experience the benefits of international trade.
For more information about ExporTech™, contact Jeff Hoffman at 973-998-9801 or jhoffman@njmep.org.