A Competitive Mold Maker
In recent years, the Chinese mold industry has witnessed rapid growth. Along with the development of experience, introduction of cutting-edge technologies, as well as the hiring of well-trained specialists from all around the world, both the design and manufacturing of injection molds in China have been improving substantially. Nevertheless, as with any other industries, the Chinese mold industry is faced with great challenges in its development course. As affected by the past recession, Chinese economy is experiencing many problems and issues, including not only the automotive industry, but also many other industries, among which, the mold industry is one of the most affected, though everything is getting better as the economy is recovering.
In addition to that, the labor cost in China is also keeping rising in recent years – another factor that affects the healthy growth of the mold industry. According to the latest statistics, the cost of molds produced in some developed countries like America and Japan is not much higher than the ones made in China. This presents another challenge to all Chinese mold manufacturers.
And though the overall competition has been as tough as always, today’s competition from both within and outside China is exceptionally fierce. These are just some examples of the many huge challenges mold makers in China have to face. Most of them are trying to figure out what to do until things change for the better. But who knows what the future holds for them? So, what do they need to do to respond to the challenges and thrive?
Keep in mind that times have changed, and what was working in the past may not be working for now. This is an opportunity for you, because you can make use of the changes to provide the creative tension that keeps you moving ahead. New ways of doing business may be explored during the relatively tough times. Undoubtedly, each mold maker may have its own unique problems and issues, but here’s what you may want to do now to help drive healthy business development:
Take Full Advantage of Market Competition
Speedy execution is the key to taking advantage of new markets. Businesses in the mold-making sector that make timely efforts to respond to the emerging situations will be the most competitive ones. It will be particularly true if business growth speeds up and a company finds it hard to meet demands with the current capacity. Far-sighted mold makers will be moving forward aggressively with regards to emerging markets, new development sectors and product opportunities through strategic collaboration on a global basis.
Most of all, we must be open to searching for innovative new products and technologies that will considerably strengthen our existing product lines and promote business growth. Try hard to find out what kind of new products and new technologies are available that can help your business grow. It is suggested that you find products from overseas markets, to supplement your existing products or expand your product portfolio. The key is to extensively explore the alternatives. There are mold makers that have already found critical new products and technologies from both within and outside China. If we are not open enough to accept new technologies and products from the outside, we may soon find ourselves in a surviving mode.
Vigorously Develop New Technologies
New technologies are able to help reduce your operational cost, enhance product quality and improve customer experience. New advanced technologies are being created every day. Why not make use of this as the driver and the enabler for your business growth. Place particular focus on customer relationship management irrespective of your company size and scale.
Get the Most Out of Your Business Strategy
Take the changes in market as a good opportunity to re-consider your core business values. This initiative will help you get input from the employees through engaging them on a daily basis. If you can ask them for their extra efforts, you will get the chance to cross-train your team members in various positions. Be sure to let them know that they are playing a critical role in building brand reputation and creating customer loyalty. As time goes, you will gain a competitive edge because the cultural shift allows your team members to be more supportive and look at the big picture with a better understanding.
Sustainment and development of a strong business relationship is a very good starting point to work hard on. Frequently interact with your customers to learn about their business development trend and then find out how you can help them sell more of their products and services. The importance of customer service should never be underestimated, but it always necessitates fortification. As long as you wish to create customer loyalty and sustain a competitive edge, your service level must stand out from the competition by differentiating your approach to sales and marketing. Put innovation at the heart of your strategy, and be willing to take risks. By offering what the customer really needs and wants, you will build a beneficial customer relationship that brings enduring profitability.
Take another look at your overall business strategy, embrace changes, seek for opportunities to expand your services and try to penetrate new markets. This way, you will stand out as a leading Chinese mold manufacturer who is able to determine its own future and potential.
In recent years, the Chinese mold industry has witnessed rapid growth. Along with the development of experience, introduction of cutting-edge technologies, as well as the hiring of well-trained specialists from all around the world, both the design and manufacturing of injection molds in China have been improving substantially. Nevertheless, as with any other industries, the Chinese mold industry is faced with great challenges in its development course. As affected by the past recession, Chinese economy is experiencing many problems and issues, including not only the automotive industry, but also many other industries, among which, the mold industry is one of the most affected, though everything is getting better as the economy is recovering.
In addition to that, the labor cost in China is also keeping rising in recent years – another factor that affects the healthy growth of the mold industry. According to the latest statistics, the cost of molds produced in some developed countries like America and Japan is not much higher than the ones made in China. This presents another challenge to all Chinese mold manufacturers.
And though the overall competition has been as tough as always, today’s competition from both within and outside China is exceptionally fierce. These are just some examples of the many huge challenges mold makers in China have to face. Most of them are trying to figure out what to do until things change for the better. But who knows what the future holds for them? So, what do they need to do to respond to the challenges and thrive?
Keep in mind that times have changed, and what was working in the past may not be working for now. This is an opportunity for you, because you can make use of the changes to provide the creative tension that keeps you moving ahead. New ways of doing business may be explored during the relatively tough times. Undoubtedly, each mold maker may have its own unique problems and issues, but here’s what you may want to do now to help drive healthy business development:
Take Full Advantage of Market Competition
Speedy execution is the key to taking advantage of new markets. Businesses in the mold-making sector that make timely efforts to respond to the emerging situations will be the most competitive ones. It will be particularly true if business growth speeds up and a company finds it hard to meet demands with the current capacity. Far-sighted mold makers will be moving forward aggressively with regards to emerging markets, new development sectors and product opportunities through strategic collaboration on a global basis.
Most of all, we must be open to searching for innovative new products and technologies that will considerably strengthen our existing product lines and promote business growth. Try hard to find out what kind of new products and new technologies are available that can help your business grow. It is suggested that you find products from overseas markets, to supplement your existing products or expand your product portfolio. The key is to extensively explore the alternatives. There are mold makers that have already found critical new products and technologies from both within and outside China. If we are not open enough to accept new technologies and products from the outside, we may soon find ourselves in a surviving mode.
Vigorously Develop New Technologies
New technologies are able to help reduce your operational cost, enhance product quality and improve customer experience. New advanced technologies are being created every day. Why not make use of this as the driver and the enabler for your business growth. Place particular focus on customer relationship management irrespective of your company size and scale.
Get the Most Out of Your Business Strategy
Take the changes in market as a good opportunity to re-consider your core business values. This initiative will help you get input from the employees through engaging them on a daily basis. If you can ask them for their extra efforts, you will get the chance to cross-train your team members in various positions. Be sure to let them know that they are playing a critical role in building brand reputation and creating customer loyalty. As time goes, you will gain a competitive edge because the cultural shift allows your team members to be more supportive and look at the big picture with a better understanding.
Sustainment and development of a strong business relationship is a very good starting point to work hard on. Frequently interact with your customers to learn about their business development trend and then find out how you can help them sell more of their products and services. The importance of customer service should never be underestimated, but it always necessitates fortification. As long as you wish to create customer loyalty and sustain a competitive edge, your service level must stand out from the competition by differentiating your approach to sales and marketing. Put innovation at the heart of your strategy, and be willing to take risks. By offering what the customer really needs and wants, you will build a beneficial customer relationship that brings enduring profitability.
Take another look at your overall business strategy, embrace changes, seek for opportunities to expand your services and try to penetrate new markets. This way, you will stand out as a leading Chinese mold manufacturer who is able to determine its own future and potential.
