Export Growth Plan Adds New Business, Staff
"Manufacture Nevada and ExporTech™ helped us grow our sales into Canada. In addition, they introduced us to the GOED Trade Mission team and we attended the trade mission to Australia last year, which proved to be an immediate generation of new business."
Leo Schafer, President PR Diamond Products Inc.
The Company
PR Diamond Products Inc. is a diamond tool supply company headquartered in Las Vegas, Nevada. The company sells diamond blades, coring bits, and related equipment to contractors, municipalities, retailers, and metal fabricators. In addition, PR Diamond provides monthly training on the products that they make and sell. The company has approximately 20 employees possessing over one hundred years of combined experience. This depth of knowledge and hands-on training, particularly for its account managers, sets PR Diamond apart from its competitors.
The Situation
Canadian exports are an important component of PR Diamond’s overall sales. Unfortunately, fluctuations in the currency exchange rate often impact these sales negatively. With that in mind, PR Diamond was looking for a way to increase Canadian sales and reduce the impact of currency fluctuations. The company was also hoping to pursue new business opportunities in Australia to supplement their existing exports.
The Solution
When Manufacture Nevada, part of the MEP National Network, offered the ExporTech™ program in early 2016, PR Diamond was one of the first clients to sign up. Conversations with Manufacture Nevada's Deputy Director made it clear that ExporTech™ was the right solution. Developed by two of the leading organizations that provide assistance to manufacturers — the Manufacturing Extension Partnership and the U.S. Export Assistance Centers of the U.S. Department of Commerce — ExporTech™ is offered in collaboration with state trade offices and regional export experts throughout the country. Over the course of several sessions, Manufacture Nevada brought in multiple experts from both government and industry, as well as a dedicated intern from UNLV’s School of Business to assist the company with in-depth market research. The program participants developed a unique export growth plan tailored to their specific needs. They learned important details including the “Made in America” program and became proficient at performing their own market research.
Manufacture Nevada also informed PR Diamond of the Governor’s Trade Mission to Australia in July, 2017. Upon joining the Trade Mission, PR Diamond met with several pre-qualified leads and generated immediate new business. The company signed an important resale agreement with another Australian company, and is now reselling these products in both Canada and the Western United States. The revenue growth generated by the ExporTech™ program brought two additional jobs to PR Diamond.
The Results
- Revenue growth of 15%
- Added 2 jobs
- Expanded presence in Canada due to new partnership agreement
- Generated new business in Australia
.webp)
