Competitors and New Entrants are constantly looking for gaps left by you to fill in and take that portion of the market share. Hence, it is imperative and inevitable for your brand to stay in line with the current trends. One need to update and upgrade yourself to be on the top of your game. Continuous innovation in production and marketing techniques will help give you the necessary competitive edge to create disruption.
The following 3 types of companies are most prone to disruption –
The ones making exorbitant profits:
Seems strange, does it?! But this is a true fact. Over-Exceeding profit means that you have perfected your existing production model, tweaked your sales force and have leaned back to relax and reap the rewards. Basically, too much of Good business can make you complacent; and it’s only a matter of time before your competitors take advantage of the same.
The ones with a distance between the leadership team and the Sales & Marketing Dept
If the Sales & Marketing team don’t work according to the strategies given from their leaders, or if the Top Management devises strategies for brands/products without consulting or garnering insights from the Sales & Marketing team – then, failure is imminent. Sometimes, it is a geographical divide; else it might be an internal culture clash or a generational divide. Effective communication between both parties is a must for the smooth progress of business activities.
Family Owned Business
Most of the time, as the company is passed on from generation to generation, the new leadership team is faced with an array of unique challenges. Pressure always remains to grow and do business better than your predecessors. Such leaders are usually also reluctant to major changes or innovations in processes, so as to keep the traditions intact. This hinders them from catching up with the times.
It offers a chance for your firm to take a fresh look at their products, services, specification journey and spot opportunities for innovation and growth. All communications should be kept transparent during this procedure of change. Adapt and Evolve your brand persistently to see the light of success everywhere and at all times.
Hope this article helped you gain insights about the B2S (Specifier) space and Building Material industry. Is your building material brand struggling with Networking? Not satisfied with the performance of your product in the Market?. We Could Help!
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