As a small company, you naturally specialise. Perhaps you started as a regrinding shop, but now you're producing tools that can do the job even better. Maybe you began producing a range of endmills or drills, but customers have shown you they want a tool-grinding specialist who can do a brilliant job with one specific product. Because you have a narrower focus than a large-scale operation, you've become an expert, trying new approaches to improve the outcome for your customers.
As your knowledge grows, you might be experimenting with tool geometry or manufacturing processes that you've never thought about before. It is time to start thinking about really finding your tool-grinding niche.
What is the benefit of a niche?
You do not have to be good at everything to produce a few great products. Businesses that find a niche can serve a smaller but more enthusiastic customer base. Having a very specialised offering makes you an expert, allowing you to invest in the best equipment, take the time to innovate, and ultimately manufacture a better product in every respect.
Focusing your attention on one key area means honing a high-end product, that customers may be willing to pay more for. In a crowded market, having this differentiated product makes you visible against the competition.
If you're worried that becoming a niche manufacturer sounds risky, know that it's possible to test the waters without risking the farm. Software solutions like ours can give you the flexibility to try new things without taking your focus away from existing contracts and customers.
Guiding you to your niche
How you fit into the market is mostly up to you. You might identify a specialised need for a certain type of tool or particular industry. As you hone that specific manufacturing skill, you might find various applications for it that allow you to expand into complementary or similar components.
This story is from the March 2023 edition of EM - Efficient Manufacturing.
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This story is from the March 2023 edition of EM - Efficient Manufacturing.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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