Trade missions help Utah companies acquire new business partners, sales agreements and other partnerships to increase their revenue.
For many small businesses across the state, finding new customers and new revenue sources requires thinking outside the box. Often, that means going outside the state’s borders to find where the market demand is for their product.
World Trade Center Utah trade missions help businesses make meaningful connections that will lead to new customers, revenue growth and opportunities for collaboration in other countries. The ultimate goal is to increase Utah companies’ sales and revenue through international trade.
“Our participation was well worth the money spent, and launched successful business opportunities for us,” said said Craig Mosman, the vice president of business development of CibusDX. “…Each day
Success by the numbers
In 2017, WTC Utah coordinated two trade missions to four countries that were attended by more than 40 companies. Participants walked away with new business agreements and partnerships that would help facilitate international sales across the globe, while promoting economic growth in Utah.
After participating in a trade mission to Israel and Jordan, inWhatLanguage expects to add up to 40 new customers in the region and six to ten new jobs in Utah over the next year. On the same trip, Design Criteria made dozens of contacts that they are currently utilizing to pursue sales opportunities in the region.
Earlier in 2017 other companies found success on WTC Utah’s trade mission to Singapore and Vietnam.
CibusDX signed major international partnership agreement with Sino Agro Foods, one of Asia’s leading agriculture technology and natural food holding companies. M-Vac System expects to double their international sales in the next year as a result of their international activities with WTC Utah. Another company, Maxtec, even has plans to open an international office as a result of the trade mission.
“During the trade mission to Singapore and Vietnam, we were able to offer product training and business planning to current distributors,” said Carl Luft, Maxtec’s director of business development. “We are currently negotiating an MOU, which is aimed at partnering and opening an office in Singapore to serve Asia. “
Building partnerships on the ground
During each trip, trade mission delegates attend pre-screened business-to-business meetings, site visits, networking receptions and other programming all aimed at facilitating export growth. For many companies, these often result in direct sales or partnership agreements in new countries.
Trade missions coordinated by WTC Utah offer more access to new markets than independent efforts. During networking receptions—often held at the U.S. Embassy—delegates network and build relationships with key government officials.
“As a result of the trade mission we met with the highest government officials relevant to our industry in Vietnam. It would be like going to Washington and meeting with a cabinet official,” said Mosman. “It simply would not have been possible to do going on our own.”
“Having the opportunity to connect and network with government officials from many of the top defense countries in the world was extremely valuable,” added Matt Ashby of Spire Ranges, who attended a trade show/trade mission to London in 2017.
“Not only have we seen an increase in sales, we also established Memorandum Of Understanding agreements with strategic individuals within our industry.”
WTC Utah’s next trade mission will take place the business week of Apr. 7 through 14 in Mexico. To learn more or register for the trade mission, visit wtcutah.com/trade-missions/mexico-2018/. The deadline to register is January 31.