Challenge
Growth has become a top priority at Louroe with an emphasis on increasing international exports. Management recognized the value of exporting after their initial exports to Mexico and set a goal to increase international sales by at least 20%. However, Louroe wanted to create a more robust export plan that would continue to increase their business. This included identifying target countries, assessing potential business partners, understanding international regulations and connecting with the right people in overseas markets.
Solution
Through CMTC, Louroe participated in the ExporTech Program developed by the Manufacturing Extension Partnership. Company management attended three intensive monthly one-day sessions beginning in December 2012. The goal of the program is to help manufacturers develop a strategic focus for expanding into global markets at an accelerated pace, connecting them with international business experts, and assisting them in development of an international growth plan within a 12-week timeframe.
At the completion of ExporTech, Louroe had an accelerated export plan complete with easy-to-use tools for entering new markets they identified during the program. The new export plan collectively gave the company a strategic focus on where they should sell their audio products and with whom they should establish international partnerships.
“CMTC’s exporting services were critical to helping us increase sales. Their strategic guidance enabled us to significantly improve our exporting efforts and we anticipate continuous growth for years to come. Our company experienced a 46% increase in sales and more than 25% of our gross revenue now comes from international business.”
--Richard Brent,
PresidentDownload This Case Study
Gross Revenue Increases to 25%
Financial & Productivity Results
- 46% increase in exporting sales, far exceeding the company’s goal of 20%
- 25% of current gross revenue is generated from other countries, a significant increase from 15% one year earlier
- 1,200% increase in sales growth to Mexico
- On May 2, 2013, the Los Angeles Chamber of Commerce presented Louroe Electronics with an Export Achievement Award