Today, more than ever, it’s getting tougher for manufactures to differentiate themselves from competitors. Outsourcing, rapid advancing technologies and heavy regulations are leveling the playing field. Just having a great product or new innovation is not necessarily enough to compete.
But yet in all of the market shifts and change, some companies seem to outperform their competitors. What are they doing that their competitors are not?
Deloitte Center for Industry Insights recently published a study that they have conducted since 2016. The study was included input from over 1,600 CEOs. The purpose of the survey was to understand what exactly separated the highest performing companies. That report unveiled 4 common attributes shared by high-performing manufactures:
- Brand, reputation and managing customer perceptions are the top priority among high performing manufactures to pursue current and future competitiveness.
- Talent remains a key capability among high performers while gap is closing in leadership capabilities
- Competitive price improvements while setting sights on new markets and customers are also a key focus for these high performers.
- Advancing new technologies to help drive innovation and IP. Also included in “innovation” is an emphasis on cybersecurity capabilities as a key difference.
What does all this mean? Manufacturing executives can no longer depend on capabilities and products alone to compete. In the short-term future, the ability to prioritize brand, marketing and sales will be a competitive advantage. Smart manufactures will achieve high performance with the following strong habits:
- Constant reviewing, management and measuring of the company’s winning aspirations.
- Understanding and communicating new markets, channels and consumers.
- Defining and communicating what success look like to the executive and management teams.
- Aligning strategic capabilities to differentiate.
- Balancing short needs with long-term aspirations.
- Anticipating customer needs.
- Remaining confident and persevere. Companies who have fear will remain followers and are at greater risk.
Great performers have keen focus and constantly change with the times. This is not easy. Now more than ever, prioritizing improvements to your brand, reputation and customer perceptions will be achieved through discipline, leadership and marketing thinking.
Stay tuned for more articles on how manufactures can compete, win business and attract talent!