Aviation manufacturers must change with the times or get left behind.
Carolyn M. Brown pinned an article for INC. Magazine entitled “How to Successfully Rebrand Your Business.” Below is my interpretation of why rebranding is relevant to aviation manufacturers.
The aviation industry is innovation driven. However, not all aviation manufacturers embrace innovation without some sort of government mandate. If you are standing still, you are losing business and market share. Changes in the business climate require adjustment, and in some situations a complete overhaul, for business improvement.
10 steps for implementing change:
- Change requires an open mind. Humans are creatures of habit and habits are hard to change. Approach change with an open mind, shift your thinking, and be open and receptive to different viewpoints and perspectives.
- Determine what’s working and what’s not. Conduct a SWOT analysis of your company’s strengths and weaknesses, but don’t stop there. Look at the aviation industry as a whole and determine where it’s going with regard to technology, platforms, and defense spending.
- Listen to your customers, suppliers and employees. Social media provides a great avenue for listening to customers’ concerns and opening conversations. Gather feedback and input; however, don’t forget that actions speak louder than words.
- Know what your total market is. Is your business segmented into buckets? What is the market value of each bucket? What is your percentage of that market value? What future trends, regulations, or platforms will affect market share?
- Foster new relationships. Reaching out to your competition and understanding their distribution channels can change the way you sell your products. Distributors, OEM’s, and MRO’s each have a preferred way of acquiring products. Does your distribution channel make it easy for them to do business with you?
- Expand your territory. Digital distribution gives you a global reach in expanding your customer base. Reaching a broader customer base can make up for less business with existing customers. Product functionality improvements also lead to new customers and increase customer loyalty.
- Don’t lose momentum. Change is painful. Not every thing you do will be successful. Keep the conversations moving forward. Make sure key issues have action plans in order to stay on track. Change also costs money. Budget for new processes, resources, and personnel.
- Hold team members accountable. Change is easily derailed by lack of commitment and action. Make sure there is a clear, concise plan with responsibilities, actions, and feedback loop.
- Tell your story. People remember stories long after events unfold. Tell your story through social media platforms. Bold actions stand out, creating memorable impressions.
- Don’t be afraid to make mistakes. Change is about challenging the status quo and making improvements for the future. Mistakes will be made along the way and corrective actions taken, but that’s why it’s called experience.
To view the complete INC. article, click on the following link: “How to Successfully Rebrand Your Business.”