By Sean Shafer
Business Unit Manager,
Die/Mold Technologies

In North America, we need to do more than sell molds for less. We need to be able to sell our goods, services and, most importantly, our reputation. You need to ask yourself—can you sell your business to potential customers?

It is no longer enough to put an "Open for Business" sign in front of your shop and expect orders to roll in. You must have a competitive advantage, and a reputation for executing what you sell.

In order to sell your shop to customers, first you must establish a business strategy. The goal is to clearly define what you offer the markets you serve or wish to serve, and, in turn, build your reputation as a unique mold maker deserving of a higher selling price.

In this issue of Competitive Mold Maker, we share some examples of shops that have established a clear business strategy to compete. They sell their competitive advantage every day, whether it is the fastest lead-times, superior design, flexibility, or customer service, and are achieving financial success due to their efforts.

Tough Questions
To determine your business strategy, you must ask yourself some tough questions, looking deeply into how your shop operates and what the future holds.

For example, what is your niche? Are you keeping the promises you make to your customers, and, if not, what can you do to keep your promises?

Do you have a strategy for new customer growth? What about customer retention? What does your ideal customer look like? Do you have current customers who don't fit that profile? Are those customers holding you back? If they don't fit, fire them!

Are your sales and marketing strategies in sync with your business strategy? Do you have a Web site? How does your site sell your company, and does it communicate your competitive advantage?

Do you have more than 50 percent of your business tied up in one industry? Are you competing for new tooling buyers of the future, like automotive transplants, defense, medical, micro-machining, and aerospace customers?

By asking questions like these, you will start to narrow your business strategy, and establish your shop's competitive advantage.

Write It Down and Say It Aloud
Once you've determined your shop's competitive advantage, make sure every person working in your shop understands and can verbalize the message. It has to become the bedrock of your business and the guiding principle from which all decisions are based.

If you need help in your search for a business strategy, we can help you establish a competitive advantage with cutting-edge technology, processing, and machining techniques, helping you sell your business to potential customers.

Contact Sean at 248-232-6200; E-Mail: Sean.Shafer@Makino.com.

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