Australia’s Niche Champions: Strengthening your manufacturing niche
As part of AuManufacturing’s Australia’s niche champions series, Simon Dawson shares three points consistently raised in conversations with SMEs, each worth considering in terms of successful niche manufacturing.
Converting a product idea into a sustainable business is never an easy task, especially in these volatile times. Economic uncertainty, technological disruptions, and changing customer expectations are constantly shifting the goalposts.
Reflecting on this from a niche manufacturer’s perspective, I am reminded of a question one of my mentors once asked me. “Just because you’ve found a niche in the market, are you sure there is a market in that niche?” The question sums up perfectly why niche manufacturers need to be continuously thinking about how their product and service innovations are able (or not) to deliver value for their customers.
With futuremap®, IMCRC has developed a business diagnostic tool that encourages manufacturers to reflect on exactly that – to identify opportunities to adopt new technologies and business models and consider how those will impact their business and their market.