Expert blog: When a business is at risk of being obsolete, a product pivot could be the solution

The company's initial response was to look at similar products they could produce, such as chairs and sofas, but this was just a surface-level solution.

The real breakthrough and transformation occurred when focus shifted from thinking of product to intrinsic skills and competencies. In this stage, we explored the manufacturer's competencies and skills, and what sort of products can be designed and developed with the same set of competencies.

Deeper introspection revealed that the company's true expertise lay in the realm of metal processing - a suite of skills including cutting, polishing, and bending. This was a pivotal moment to understand what they are truly capable of regardless of current products and market. This marked the beginning of the transformation journey.

With this strong capacity in the metalworking area, they started looked for opportunities in different markets and industries where their metalworking competencies could be leveraged, leading them to a completely unrelated yet lucrative market - body piercing jewellery.

This sector, though vastly different from automotive, required similar metal processing skills. With minimal additions to their production line and investment in smaller-scale machinery, they began crafting various types of body jewellery. This strategic pivot paid off spectacularly, as within five years they emerged as the leading exporter of body piercing jewellery from the UK, capturing new markets across Europe and beyond.

Unfortunately, the company found itself again in the same position when the market began to saturate with the influx of cheaper alternatives. Remaining true to their ethos of adaptability, they once again analysed their core competencies to identify another emerging opportunity.

This time, the search led them to the medical sector, specifically to wound clamping devices. These devices, essential in remote and emergency scenarios like construction sites, mining operations, and battlefields, were in high demand. So, with further adjustments to their machinery, they started producing metal wound clamps, eventually becoming a key supplier to prominent organisations like the Ministry of Defence and the NHS.

This case study is a powerful example of competencies-NPD fit, where the company's success does not always lay in finding new markets for existing products but taking a step back and aligning competencies with new market opportunities.

At CBIT we regularly support ventures in their journey to disrupt the industry norms through embodying an integrated research approach, and creating a synergistic blend of industry transformation research, disruptive business practices, and education. The aim is to fuel a continuous learning, innovation, and evolution cycle.

A pivotal part of CBIT is the Venture Builder. This dynamic wing of CBIT has steadily gained recognition for empowering disruptive businesses to redefine industry norms. The Venture Builder puts innovative businesses under the microscope, conducting comprehensive 'fitness assessments' to identify promising 'blue ocean' market opportunities. This process is integral to our vision of fostering transformative growth and steering companies toward untapped avenues of success.

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