Business Growth Ideas for CT Manufacturers – Part 2: Markets

January 15, 2018

by Mark Paggioli

In this blog post, we look at ways that you can evaluate the markets you serve, determine their future outlook, and explore opportunities to leverage the capabilities of your business to potentially expand to other markets and customers.

When was the last time you took a step back and looked at the market or markets you serve? Are you overly dependent upon a single market? Would your business be okay if there was a downturn in that market? We’ve seen this with the Oil & Gas sector in recent years, and before that, we had companies suffer through sequestration.

Thanks to Google, today it is easier than ever to find the data and market studies needed to help you determine what the outlook is for a particular market or sector and what may be driving the rise or fall of it. Look for opportunities in markets where your expertise may be transferable or if you have capabilities with materials others don’t, look at how those materials and their attributes could benefit other industries. Be sure to leverage your relationships with your suppliers and equipment manufacturers, asking them what they are seeing from their customers.

For those companies going to market through channel partners that may be serving multiple markets, are you spending enough time with them to understand how their sales are changing across the various markets they’re serving?

Looking at the markets served by your business and examining other markets and industries that could benefit from your company offerings is time well spent. It can lead to sales growth and help you avoid the old saying of having all your eggs in one basket which can be detrimental to any business.

If you’re interested in learning how CONNSTEP can help you grow your business, simply complete the Contact Us form next to this blog and we’ll respond promptly. 

In our next blog post, Part 3: Pricing of our Business Growth series, we will look at the unprecedented pricing options available to buyers, evaluating the pricing of your product offering, and the importance of differentiated pricing in today’s competitive environment.

Links:

Part 1: Products of our Business Growth series

 

CONNSTEP solved a huge problem for us and helped us bring our delivery rate to 100%. As a direct result of that, we have been awarded with an increase in business which, ultimately, will also benefit (our supplier) Har-Conn.”

CT manufacturer Pegaasus

Chris DePentima

CEO, Pegasus Manufacturing Inc.

“I see great value in the new experiences and perspectives CONNSTEP brings to our business, at reasonable prices. They’re not like consultants, they’re like partners in the business – willing to roll up their sleeves and help.”

AGRussell logo

Mark Burzynski

President, Arthur G Russell Co

“CONNSTEP has proved to be a tremendous resource for ESI. CONNSTEP has helped us to adapt to today’s marketplace and remain a quality minded, competitive global player. Our ISO/TS16949 implementation process was efficient and rewarding. I look forward to our future projects with CONNSTEP.”

esi CT manufacturer

Ron Delfini

President, Engineering Specialties Inc.

“CONNSTEP worked with FuelCell Energy to educate and facilitate Lean initiatives and to help meet our needs to establish an overall production improvement plan. This plan has been utilized over a period of time as a ‘guiding light’ to spur numerous improvements that dramatically reduced our product cost.”

Tom Lucas

Manager, Fuel Cell Energy

“CONNSTEP is a valuable partner to Hologic, providing the expertise and ‘outside eyes’ everyone needs to keep their continuous improvement on track. We are now well-positioned on a dynamic growth path and look forward to a long-term relationship with CONNSTEP.”

Greg Safarik

VP Manufacturing Operations, Hologic

“Our experience working with CONNSTEP has brought us benefits we never expected. It’s a great team to work with!”

Bruce Wheeler

VP of Operations, Metal Finishing Technologies Inc.

“The goals of the team were to reduce manufacturing lead-time, reduce floor space utilized, and increase worker productivity. All the goals were met. CONNSTEP helped us to better compete.”

Tornik CT manufacturer

Dan Rubbo

General Manager, Tornik LLC

“The Business Growth Program is working well for us. We enhanced our website following the meetings to improve our SEO and become more visible to search engines. The segment on negotiating …  promoted changes in our thinking and improved how we interact with customers. The mentoring between sessions was helpful in boosting our progress.”

CT manufacturer Colonial Spring

Bill Lathrop

President, Colonial Spring Co.

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