Posts Tagged ‘Market Diversification’

Market Monitoring – As Easy as 1, 2, 3…4

Market Monitoring

Written by April Glosser, Thrive Market Intelligence

Effective Market Monitoring can provide early warning of threats, advance notification of opportunities and deliver a significant advantage over your competitors.

Here is a quick 4-step process to begin Market Monitoring in it’s simplest form:

This Market Intelligence Tool Can Save Your Business

Written by Jim Dunbar, IMEC Marketing Coordinator

How much to do you know about your current market position? How are you gaining knowledge about the marketplace to launch a new product? What about expanding your current product line into a new market?   Maybe you even want to diversify into several new markets.  There are numerous reasons you should know your current and future marketplaces and they are enormously beneficial to the health and growth of your business.

Growing and Diversifying

It’s time to get serious about marketing and sales.

The impact of the recession seems to have served as a wake-up call for manufacturing leaders who for so long have deployed the few-company/limited-industry approach to growing their businesses.   They tell me that they are actually thinking about what it will take to diversify and spread the risk among more than just one key customer.    

Diversifying – truly diversifying – is not something that will come without some measure of initial pain.  At a minimum, the surge in diversifying companies floods markets with new competitors who have capabilities, services and approaches to relationship management that have often been neglected by the market leaders.

So, what do you, as an industry leader, need to consider as your competitive landscape grows? Here are a few considerations:

Serving the American Gear Manufacturing Association (AGMA)…in Budapest

Steve_Barnhart_IMEC_ManufacturingDuring the week of August 12th I traveled to Budapest Hungary to be a presenter at the first annual American Gear Manufacturing Association’s International conference.   Founded in 1916, AGMA is a voluntary association of companies with a direct interest in the design, manufacture, and application of gears, couplings and related power transmission components equipment.  Of its 430 members, approximately 100 are actually located outside the United States.

The three day conference was designed to provide gear manufacturing leaders with intelligence on new market opportunities and strategies to improve business development.  In total, representatives from 25 gear manufacturing companies from around the world participated:  thirteen from the United States; twelve from Europe, Asia and Australia. 

Market Diversification: Key to Growth for Smaller Manufacturers

…companies looking at products, markets, strategies to compete

IMEC_ARROWS_MARKET_DIVERSIFICATIONFor years, small and mid-sized manufacturers did not face the challenge of selling.  Business from multi-nationals was steady.  Credit markets were open.  Consumer spending was strong.  The worldwide economy insulated many U.S. companies from severe fluctuations in sales and revenue.

Today, foreign price competition and volatile business conditions have companies of all types re-examining their current business models.  Manufacturers who once stood apart simply by being more efficient are now scrambling to fill their sales pipelines, develop new products and services, and pursue customers in entirely new markets.   Differentiating from the competition, moving up the value chain, and collaborating with customers is the new recipe for success.