Business Growth Ideas for CT Manufacturers – Part 2: Markets
January 15, 2018
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.
Part 1: Products of our Business Growth series
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