As you finalize your business strategy for 2021, with possibly some adjustments from normal, your OEM partner is a great resource for you. As company leaders make strategic choices about what to do internally or externally, and where they need help and guidance, a strong partnership with an OEM/ODM manufacturer can offer benefits far beyond just delivering a product. Grandbeing Managing Director Keith Kennedy offers business leaders these four ideas to maximize 2021 planning.
LINE EXTENSIONS
Evaluate your existing product category success, and think about how to extend your offering. If you don’t have the internal resources for the expansion, your OEM can fill in the gap by providing needed development resources. It could be white labeling a stock product with your brand, or you may choose to develop a more customized solution.
For a customized approach, take time to explore the R&D capabilities of your partner to be sure they are up for the challenge. There should be a strong engineering team with an emphasis on product design, and an eye on industry trends and new technology.
ANCILLARY PRODUCTS
Sometimes companies have a strong presence within a certain vertical, or need some AV/IT pieces to round out their product offering. Perhaps you work within a market where this is the case. Are there products related to what you currently offer that could be an extra revenue stream for your business? Consult with an OEM to guide you toward appropriate products, and to also advise you how best to market them to your clients organically, so it is a natural extension of what you already do well.
FILL IN GAPS
Fill in the gaps for your natural audience, and add incremental business where you can. Now is the time when your customers are looking to consolidate resources to make their lives easier. Filling in product gaps means not having to send them elsewhere for one or two things you don’t have. Your OEM can advise you on how best to fill in that gap, and when you do, you build trust and deepen a relationship because you made an effort to make your customer’s lives easier.
CUSTOM PRODUCT
Marketing a custom product is sometimes simply a matter of having a great idea that needs developing. All companies have unique specialties and applications in the marketplace, and it’s not uncommon to think “If only there were product that does this……
” Work with an ODM, who already has manufacturing capabilities in place, to make your great idea a r eality. You will realize marketing advantages as well as you launch a completely unique product.
