If you run a small manufacturing business, you’re probably sick and tired of trying to compete with the big guys. But, with these three tips you’ll soon be right up there with them:
Make Something With Staying Power
Making something with staying power refers to manufacturing a product or products that will sell well for a long time. This is one of the best ways you can compete with the competition, as you’re creating things that will continue to bring in money in the future. Compare this to some ideas that will only really have limited staying power and sell well for a limited amount of time. This won’t enable you to truly compete, as your products become irrelevant after a while.
So, what ideas can you build upon that have staying power? For us, we believe anything technology related. Build things like tablets, computers, gaming devices – you name it. These are all going to be around for a long time, and they’re very popular. What’s good is that there are sites like digsemi.com that sell components for a lot of electrical manufacturing products. So, making these things is a lot easier than it once was, as the materials are readily available. Put yourself in a position to command the market for a long time and build something technology-related.
Advertise As Best As Possible
A lot of the time, you can take a similar product from a big manufacturer and a small one, and they’d be very similar. In fact, some people find that smaller manufacturers actually make better products as they put more attention to detail into their process. So, why are the big companies earning so much more and being more recognized?
Largely, it’s down to the way they promote their business. They advertise smartly and ensure that people find out about them. Therefore, you need to learn how to advertise as best as possible. Consider both outbound and inbound ideas that will help grow your customer base. We wrote an article here wipsen.org/small-business-advertising-ideas.html that included a few advertising ideas you might find helpful. Check it out if you have the time.
Have A Unique Selling Point
A USP is so important if you want a small manufacturing business to compete with the big boys. More often than not, companies will look all over the world for their manufacturing partners as they want the cheapest deal. This leads to big companies doing deals with manufacturers on the other side of the world. If you look at this article here http://www.cnbc.com/2015/09/21/ it’s easy to see why they do this.
So, your USP could be that you cater to homegrown businesses. You provide businesses with a manufacturer that’s close by, in the same country as them. They’ll much prefer it, as working with a company on the other side of the world, in a different timezone, has its practical problems. Make your prices competitive and provide a great service, and you’ve got a USP right there. You’re based in the same country as your clients, and you’ll earn a lot of money.
Use these tips if you want to make your manufacturing business bigger and better!