How do I increase sales? This is a key question facing businesses. While cutting costs or increasing prices can improve a business’ bottom line, increasing sales is a better option in the long run. In previous columns, I’ve discussed increasing marketing to increase sales. The Ozaukee Economic Development Agency and the Chamber of Commerce are offering programs on marketing, the last two on September 10th (What is Internet Advertising and How to Do It) and October 8th (Why Traditional Marketing – Print, Radio, TV Still Matters).
Registration for these programs is still open, but tickets are nearly sold out for Sept. 10. Registration can be done through the News and Events section of ozaukeebusiness.org or your local Chamber of Commerce office.
But what other ways should companies consider to increase sales? One way is for businesses to look at new geographic markets. Who can they sell to, and how can they get their products in front of more customers?
Think about where you currently sell. How can you expand that market? Is there a way you can partner with other companies to sell your products in new markets? Look at the geography you’re looking to expand into and see if there are complementary companies there. Look at their sales and products, do your research, and if they’re successful, try to set up a meeting with the management of that company. Is there a way the two of you can partner up? Perhaps selling each other’s products in each other’s geographies?
Are you a business that already sells across the United States? Have you considered exporting? Exporting is a great way to expand your market. It also provides protection against US economic downturns, as it offers a market with a different economic cycle than the US market. If you’re considering exporting, Wisconsin can help. The Wisconsin Economic Development Corporation (WEDC) and the Wisconsin Global Navigation Network are here to help your business. We have tools for businesses just getting started in exporting or looking to improve their current strategy. Wisconsin has partners around the world who can help Wisconsin businesses.
WEDC offers educational seminars and hands-on learning, strategy and business plan development, global market identification, market analysis, introductions to buyers and distributors, and grant funding for trade missions around the world.
Exportech is a great resource for local manufacturers considering exporting. Comprised of three one-day seminars over three months, the program will teach executives an overview of your company and the specifics of exporting, help identify obstacles, and help you develop a customized international plan.
WEDC also participates in trade missions around the world. Several trade missions are announced each year, allowing Wisconsin businesses to partner with the state to travel to other countries and enter new markets.
For more information about the state’s export program, please visit our website at www.wedc.org/exportfrom-wisconsin or contact our office and we will put you in touch with the right person.
These are just a few of the options that can help your business increase sales and profits.
Kathleen Cady Schilling is executive director of Ozaukee Economic Development.