Machine shop owners often ask me what I would do if I were running a shop in America right now in order to grow sales, profits and mitigate my risk related to another downturn or losing a big customer:
Here are some of the strategies I would use.
- I would work hard to create a niche and a reputation for something. I’d ask my customers why they love my shop and what I’m better at than the other shops they use. I would ask them “What type parts or work makes you think of us first?”
- I would use the feedback to create my unique selling proposition (USP) and differentiate myself from the other shops. “We are the best at xxxxxx” You can’t be a generalist and any significant profit
- I would make sure all my employees and customers understand our USP and shout it from the rooftops.
- I would make sure my website, business cards, t-shirts, brochures, etc. reinforce out USP
- I would make sure I am at the top of all the major search engines when a buyer is searching for what I am good at (my USP key words)
- I would make sure I get in the stream of RFQ flow for RFQs that match my USP. No one can compete with me when I am doing what I am the best at doing. I am competitive and still make a nice profit when I do what I do well.
- I would make sure I am in listed in the internal databases that medium and large companies use when looking for suppliers that have my unique capabilities.
- Once I acquired the customers who need the type parts I’m really good at making I would invest in building a relationship with them to get more and more parts to make for them.
Yes, MFG.com can help you execute on this strategy.