The growth of architectural firms is challenged when their customers can completely eliminate the need for architects by purchasing Cad Cam software. Graphic artists are similarly frustrated by people who are under the misimpression that using clip art is equivalent. So what should your company do if its core customer base is architects or graphic artists? You would undoubtedly notice that most of your competitors have been shifting their marketing and sales efforts to target other industries. Should you do the same thing?
Recently our market research clearly confirmed our client’s perception that its core client base is in an industry that is headed for trouble. Technology is tempting their clients’ customers to do more on their own and rely less on our client. Generational preferences and shifting priorities will only increase the challenges for this client’s customers.
One option is that our client could become THE leader that helps transform a challenged industry. While their competitors run away, they could provide state of the art technology. They could become THE source of leading edge strategies that help its customers survive/thrive despite the odds. They could help their customers develop new products/services. They could lead a roll up or an industry consolidation.
Are you just following what your competitors are doing or at least considering alternatives?
Aldonna R. Ambler, CMC, CSP has earned the right to be called The Growth Strategist®. She has won over two dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized B-to-B service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her own service businesses (strategic planning, executive advisory, growth financing, radio show, speaking, and search) help privately held midsized companies in Achieving Accelerated Growth With Sustained Profitability®. Ambler is in her 8th year hosting a weekly peer-to-peer-to-peer online program at www.growthstrategistshow.com that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.