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Adapting core competencies to new markets

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Five factors to keep in mind when examining your company’s technological and skill capabilities for pursuing new markets:

  1. Listen to your customers for new or unusual requests; identify patterns or trends.
  2. Has the competition recently expanded into a new line? If so, consider what they know about the market that you need to know.
  3. You know the adage ‘One thing leads to another.’ Apply that to your business: What are you doing now that can act as a springboard for related work?
  4. Consider providing more umbrella services so your clients don’t have to turn elsewhere to have all of their needs met.
  5. Follow the money. These days, the hot markets include military, safety and protective, medical/personal care and going green. You can add value to your fabric products by making them smart, interactive, recyclable, antimicrobial, temperature-controlled, odor-absorbing, color-changing, water-repelling … find out what the customer demands and make it so.

Carol Brzozowski is a freelance writer based in Coral Springs, Fla.

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