What should I do to increase sales? This is a critical issue facing businesses. While reducing costs or increasing prices can improve a business’s bottom line, increasing sales is a great long-term option. In previous columns, we have discussed increasing your marketing to help sales. Ozaukee Economic Development and the Chambers of Commerce have been offering programs on marketing, with our last two coming up on Sept. 10 (Internet Advertising — what is it and how should I be doing it) and Oct. 8 (Traditional Marketing — why Print, Radio, and TV still matter).
Registration is still open for these programs, although Sept. 10 is almost sold out. Registration can be found at ozaukeebusiness.org in our news and events section or through your local Chamber of Commerce.
However, what other ways should your business be looking at to increase sales? One way is for businesses to look into new geographic markets. Who are you selling to, and how can you get your product out to a larger audience?
Consider where you currently sell — how could you expand that market? Are there ways you could partner with other businesses in those new markets to sell your products? Look at the area you are looking to expand into, are there complimentary businesses there? Look at their sales and products, do some research, if they are successful try and set up a meeting with their top management. Are there ways the two of you could partner together? Perhaps selling each other’s products in your areas?
Kathleen Cady Schilling
For businesses that are already selling throughout the United States, have you considered exporting? Exporting is a great way to expand your market; it also provides you with a market that may have different economic cycles from the U.S. market providing you with some protection against U.S. downturns. If you are considering exporting, the state of Wisconsin wants to help you. The Wisconsin Economic Development Corporation (WEDC) and the Wisconsin Global Navigation Network are ready to help your business. They have tools for businesses that are just entering exporting or are looking to improve their current strategies. The state has partners throughout the world who can assist 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 grants for trade missions worldwide.
Exportech is a great resource for local manufacturers looking to export. The program, which consists of three one-day seminars over a three-month period, will teach an executive about your company and the ins and outs of exporting, identify hurdles, and help you develop a customized international plan.
WEDC also is involved in trade missions throughout the world. Several trade missions are announced yearly, and Wisconsin businesses can partner with the state to travel to other countries to enter new markets.
For more information on the state’s export programs, check out the website at www.wedc.org/exportfrom-wisconsin or contact our offices and we can help put you in contact with the right people.
These are just a few options to help your business increase sales and improve your bottom line.
Kathleen Cady Schilling is executive director of the Ozaukee Economic Development.