Growing capital equipment business beyond set boundaries
In mature markets, it is a massive challenge to successfully compete and thrive. There exist countless issues to deal with, problems to address and processes to be put in place in order to manage them. The companies that are most likely to emerge successful in a sustainable manner are the performers that can achieve an optimal balance between their customers, cost competitiveness, operational agility and market confidence.
Performers approach markets with a deep understanding of their target customers. They are aware of the segments within their customers: customers that keep them fit, those who keep them busy and those who drain them out. They have a range of products and support services developed for each such segment to better meet their needs. They move pricing as close to the market as possible and as much under their control as possible. They take all their stakeholders with them through clear and specific communication about markets and challenges with periodic status updates.
Innovating on products & services
Performers speed up their new product and service development and launch them faster in the marketplace to maximize value to their customers without sacrificing their internal interest, thus moving higher on the value curve and making themselves harder to displace. This is achieved by innovating inclusively with the customer, for example by providing them training along with a product or working on logistics needed or adding features or specifications to the products. And while doing so they continuously and proactively keep sharing more and more detail on the potential of their innovation with their stakeholders and the progress they are making on it.
Performers engage with the talent within the company and at their partners in an extremely inclusive manner. They are acutely aware that talent is an asset to protect. They are selective about the kind of talent they require and offer them opportunities and fulfilling experiences to retain them.
While the actions differ from company to company and are situation dependent, performing companies have an integrated view of their distinctive growth opportunity, which they execute effectively across the organization and in the marketplace in a cohesive manner with their partners. This creates a powerful positioning that resonates in the marketplace and within the organization.
High-performing companies go beyond set boundaries using market leader-ship as a tool rather than a goal. It is the result of management action that optimizes continuously to better place itself and keep improving its competitive
T K Ramesh
Whole time Director and CEO
Micromatic Machine Tools Pvt Ltd
The views expressed by the author are personal and he can be contacted at email@example.com