Designed by Dean’s Graphics , our Design Contest Winner for June 2016
Business Growth in a Time of Change As a custom shop, you may prefer to produce certain type of products. These products may be what your creative team are best at designing or what your customers in the past have ordered. These are the products that allow you to keep your business open and more importantly give you the funds needed to pay your employees, your bills, your vacations, your retirement account, and for everything else you want. But, what happens when these products are no longer in high demand nor any longer ordered?
What effects the change of custom product demand? First let’s look into why demand changes. There are many reasons this happens, but these are a few of the biggest reasons that effect the custom manufacturing industry.
What can custom manufacturers do to remain profitable in times of change? This is where we can learn from what is currently happening in the Beverage Industry. Soda sales are suffering for two of the reasons above: first, mass interest change due to heightened consumer awareness of the dangers of sugar. Consumers are buying less and less soda. Secondly, the new tax laws on sugar that are being imposed by the government. Since soda sales are lowering, beverage companies are changing their focus to healthier drinks that are more appealing to the changing demand of consumers. Water is a main focus now. They have been creating new water products and new ads to market them. So what can we learn from the beverage industry?
We have seen big time businesses like Borders and Blockbuster go out of business because of their lack of adapting to change. Learn from these big time beverage companies and be bold to make the necessary changes when needed. This will make it easier for your business to expand.
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