In a brilliant study by McGladrey of National Association of Manufacturer member companies identified seven specific strategies (listed here in order) you can deploy to grow sales now.

1. Increase Penetration In Existing Markets
Over sixty percent of the respondents focused on what they are already good at--selling to their current market. All the systems are set up. The team knows how to make it right. Stick to your knitting and grow market share in what you do best already. Your firm has a good reputation here--exploit this foundational portion of your business to get the easiest quickest sales.

2. New Products Line Extensions
The second most popular strategy to grow sales was to extend the product line to a new complementary product that existing clients would be pleased you now offer. For example, for years my company, Marlin Steel, only offered wire baskets but we were frequently asked to make sheet metal fabrications but we did not have the technology nor the skill set. In 2010, we broadened the line and bought the best sheet metal fabrication machine in the industry and this enabled us to please our best clients. We became more indispensible to their operations and more orders flowed. It made the great recession a non-event at Marlin. What product lines should you add today?

3. New Client Segments
Over forty percent of respondents believed focusing on new client segments will power strong growth. Observe and identify other activities your client is buying from others that you could make for them. For example, at Marlin Steel we focused for years on baskets for material handling that complement nicely in a factory environment but we overlooked the ultrasonic cleaning market in the R&D labs or in the cleaning stations at the end of the line. By broadening our client segments we grabbed more clients that worked under the same roof. These prospects already had the confidence of our clients (their colleagues)--it makes for easier growth.

4. New Export Clients
95% of the world's population is overseas. Most American companies do not export. This oversight misses huge opportunities overseas that can rapidly grow your company. The "American" brand is prized overseas. You are fortunate that your American quality resonates before you even start the dialogue with the prospect. Over thirty percent of the NAM survey respondents are deploying this technique to power growth smartly.

TO READ THE FULL ARTICLE, VISIT INC.