Page 44 - MetalForming May 2009

Michael Bleau has served manufacturing and consumer- related industries since 1986. Prior to forming Industry Scope, a strategic b2b and b2c sales and marketing consultancy, in 2002, he held executive positions for several automation and press manufacturers. Michael regularly consults with manufacturing companies on strategic planning, sales and marketing, brand and product development, PR and sales-channel development. Industry Scope
tel. 810/397-1429 mbleau@industry-scope.com www.industry-scope.com
Last month we started answering the question, “In a stressed economy, how do you quickly steer your com- pany into new industries and new sources of revenue?” We left off with an assignment to address specific objec- tives, given your existing market or industry focus, and identify a new industry or industries that you deem as viable for your business. Having made some initial determinations as to your match with a potential new space, we can start to look more closely at your target and take steps to move forward.
First and foremost, dust off your contact list. Networking is always your most productive means of credible introduction for any new prospect. Many trade groups are excellent sources of industry-specific information that can be very inexpensive. Consider pur- chasing industry-specific reports to quicken your understanding of vari- ous aspects of a given industry. Go with a reputable source, check customer ref- erences and always preview the mater- ial’s table of contents and some portion of the content to be sure that the report addresses the questions that you want answered. If available, ask the report supplier to allow you to review a section from another report that represents an industry within which you already have expertise. If you deem the material in the report accurate and complete, then chances are good that you will be satis- fied with your purchase on an industry that is new to you.
Contact and evaluate trade groups to further probe, and once settled on a new target industry, scout tradeshows and join appropriate trade organiza- tions. As you sharpen your focus, lever-
age social and business networks to understand as much as you can about the new industries that you are pursu- ing. Set aside time to cold call. Cold calling will push you out of your com- fort zone and allow you to hone your ‘elevator pitch’ for concisely and clear- ly explaining what your company does and the value it brings—you need to be able to sum this up within a minute! Keep it simple. The goal is to capture enough interest to get 20 min. for a formal presentation.
Look for Ways to Stand Out
Be creative in offering nontraditional business models to attract decision makers. Look for ways to stand out from the existing supply base. Look at this as an opportunity to not only enter into a new industry, but as a blank slate to present your company in a new light. Be flexible, don’t confine your thinking to your present business model; be open to alternative approaches...be willing to say ‘yes’ and eager to learn. And be care- ful to temper optimism with some real- istic bounds to ensure that you can fol- low through on your commitments.
Work to develop trust and to build your relationships. And work hard to demonstrate your value. Remember, you’re the new kid in town, so you will have to pay your dues and earn your place. You may even consider proactively tooling up for a part that represents what your prospects want to purchase. Then go through all of the motions to man- ufacture, validate, test and document the results as an example to present to prospects. This can be especially valuable if you need to enact a new quality stan- dard, such as a TE Supplement to ISO
42 METALFORMING / MAY 2009
www.metalformingmagazine.com
THE BUSINESS OF METALFORMING MICHAEL BLEAU
Industry Migration:
Diversifying in a Stressed Economy, Part 2