Q

The paper is about 3D Printing Company to be on the lookout and always make their products and services cheaper &better

Home, - 3D Printing Company

3D Printing Company

Technology is changing with each passing day. In order to keep up and remain relevant a company needs to be at the forefront in everything. The moment a business has been successful in finding its way to the top, no other spot in the pack will do. Getting there can be simple; the problem comes when it’s time to stay there. All your competitors are always watching each and every move that you pull. They are constantly devising ways in which they do the job or offer new products just a little better (Faust, 2011).

At the top 3D Printing Company needs to always differentiate the company from the competition. They needs to be on the lookout and always make their products and services cheaper, better and faster. They may have many clients but they don’t have the luxury of letting their competitors steal some of their customers. They need to do the following in order to maintain their top spot in the industry;

Constantly Introduce New and Improved Products and Services

Daily, their competitors are setting up ways and methods of having that market share that they are enjoying. Therefore, 3D Printing Company has to be on its toes. It doesn’t take a lot of time for a company to be toppled from the top. A simple mistake and a new competitor takes over.

In order to maintain their relevance as well as the clientele base, 3D Printing Company needs to introduce new and improved goods and services that are effective in their areas of specialization. They need to come up with better and effective devices that will wow their customers. This is a very essential part. In order to stay at the top, they have to be doing this at regular intervals. They can set up their targets on when to release their products.

Another better strategy associated with this is waiting be releasing a better product or service whenever their competitors come up with something new in the market. To achieve this, they need to always be at the forefront in development. This needs a lot of planning and the use of their resources as well as their pool of talent.

In the end, these strategies will help in maintaining consumer interest and give one a reason to always check out for new services and products (Faust, 2011).

Weigh Price Against Profitability

A great way that competitors will often attack your business is by slightly lowering their prices below yours. Being the market leader, one can easily be able to afford undercutting competitor prices. It goes a long way and you may have to give up some profitability. No! This does not mean one has to incur a loss, unless you have decided to take the loss-leader strategy (Sonnenfeldt, 2017).This is a case where you sell a few products and services at very minimum or no profit at all. The main aim in this case is to attract clients to spend a lot on your other goods.

3D Printing Company, however, have a different alternative: they can decide to charge higher prices than their competitors. Being a leader in your area of specialization allows you to simply sell higher-priced services or goods. This is simply because they are the best.  Additionally, they represent the higher value. However, 3D Printing Company should be careful with this strategy. If they can’t effectively convince their clients about their exceptional value, this technique can potentially blow up in their faces. In the end their competitors gain from such mistakes.

Come up with Loyalty Programs

Traditionally, loyalty programs are seen as not being effective towards the clients. They do not build loyal clients to your business. It just attracts clients who want free things.

A great loyalty program is about getting to know better your clients (Sonnenfeldt, 2017). This in turn helps to convert them into brand ambassadors. Coming up with a true loyalty program is not as easy as bribing clients. However, it’s effective and worthwhile in the end. 3D Printing Company needs to come up with effective loyalty programs for their clients if they need to stay on top. Come up with a program that will be too good for their clients to not notice and take up the chance.

Provide Great services

Many successful businesses sometime forget what got them to the top. Great customer service is really important if one has to maintain their status as a great and successful company. If you give your clients better services, they will be inclined to come back the next time they are looking for that such products or services instead of going somewhere else. 3D Printing Company needs to do this more so that they can keep their spot.

IBM

The turnaround strategy is the most ideal tactic to employ when a company is in the trench and needs revival in order to stay with the up to date changes (Faust, 2011). IBM has been a victim of the emergence of better services and goods from other companies and this has given them the ultimatum of either becoming better or suffering the consequences of competition. In order for IBM to fight back it needs to effectively implement the following factors;

Become More Digital

Technology is changing at an astonishing pace that even companies in this sector may be caught unaware. With the movement of technological advancements and developments, it’s very important for IBM to move with the rest of the industry. Going more digital does not simply mean at the need of the hour but also the demand of the consumer. IBM needs to step a notch higher and fight for its rightful place. They should introduce online technologies, latest systems as well as improve their online marketing strategies. This will assist them to gain the maximum in the current environment. When going more digital, they get an edge over their competitors and puts them in the league of companies that have been gaining huge profits through online marketing and selling (Sonnenfeldt, 2017).

The internet gives IBM a great opportunity to reinvent them and come back harder. There is no doubt that the internet has made a lot of changes in the world as well as the way businesses work and the ways in which consumers purchase products. To complete their turnaround, IBM needs to have better facilities. They need great websites, a strong SEO centric technique to approach the matter and e-commerce facility as well as a strong presence in the social media arena where all the marketing wars are happening nowadays.

Financial Restructuring

Many businesses fail due to lack of funds. Solving the problem of finances goes a long way in turning around a company. In case you are running out of capital, it’s important that you first focus on financial restructuring (Faust, 2011).

It may be a great idea looking for external funding but to make it even better, a company can still get the funds from within their company. The following are the ways that may help in this;

•             Selling fixed assets to raise quick cash.

•             Make money from company savings

•             Lay off a few of the most unproductive workers and cut down costs whenever it’s possible.

External funding should only be outsourced after exhausting internal funds. Leasing and banks are a great avenue for getting this help.

Captive company Strategy

This technique involves giving up independence in exchange for security. This is usually the case when a company is facing poor sales and increasing losses and needs to take action. A perfect example of IBM in this case. In this situation IBM may offer to be a captive company to one of the larger companies guaranteed they are existing with a contract working in their favour.

Process and Product Improvement

Apart from clients and strategy, IBM need to focus on is re-innovation of their products as well as services and their business operations. When a company fails in this area by not regularly upgrading and innovating, clients always tend to lose interest. This is a reason for the downfall of so many entities.

IBM should come up with products that are unique and not found anywhere else. This will bring them back into the market as serious competitors. New inventions always bring about clients who are yearning for different products and services. Moreover, changes regularly to the products according to the needs and demands of the market are important in maintaining the interests of the consumers. Same is accurate in the business process as well as operations. Have you employed the latest systems or technologies in your processes and operations? Have they innovated their style of work, principle and environment with the changing times? If not, they should begin right away.

Conclusion

                In the end all these strategies, both the going forward and the turnaround will be effective in putting 3D Printing Company and IBM respectively at the forefront in the market. It will increase their competitiveness as well as their relevance and help them compete effectively without so many barriers (Sonnenfeldt, 2017).

Leave a comment


Captcha

Related :-