“Irrespective of ad claims and slogans on trucks, people are not an organization’s most important asset. Having good people is a strategy for creating, acquiring, and building assets,” says Jeffrey Fox in his book How to Be A Fierce Competitor. Employees that work for building product manufacturers quit, are terminated, retire, work hard, etc. Fox argues that profitable customers are a company’s single most important asset.

Customer Database

A customer database can be one of the most significant resources a building product manufacturer has. Product manufacturers collect information that is vital about architects, contractors, distributors, etc. Having a database can help a product manufacturers keep in contact with customers. This helps build loyalty, repeat business, and improves opportunities for product specification.

Trade Secrets and Intellectual Properties

Trade secrets include such things as a product manufacturer’s processes and precise product formulations. For example, a paint manufacturer that has proprietary formulations that make their paint healthier than their competitors should protect their intellectual properties. Manufacturers are increasingly the targets of sophisticated efforts to steal proprietary information, harming global competitiveness.

Cash

A cash budget is management’s approximation of cash on hand at the beginning of a budget period and the estimated cash inflows and outflows. A cash budget is a way to determine if a product manufacturer has the cash necessary to meet future obligations. For example, a product manufacturer experiencing cash-flow problems may need to borrow money in the short term for facility equipment repairs, the payment of federal taxes or a monthly payroll.

Website

First impressions count. Architects, contractors, LEED consultants are passing judgement and making decisions about whether or not they will utilize your product based on your website. Design professionals are likely to dismiss your company entirely if your website doesn't offer basic product information such as 3 part guide specs, product data sheets, LEED v4 product documentation, Safety Data Sheets, submittal sheets, Health Product Declarations, etc.

It is crucial that building product manufacturers protect their customer databases, website, and trade secrets by using cybersecurity measures. The Small Business Administration offers ten cybersecurity tips to protect your website and company. Product manufacturers should establish policies on how employees should handle and protect information and other sensitive data.

Desirable Product

At the end of the day, a building product manufacturer needs to have a desirable product that architects, contractors, interior designers, and other design professionals want to use. If a building product manufacturer has a great product that is not the end of the story. Building product manufacturers need to build brand awareness about their products, educate architects about their products, and build rapport with decision makers at AEC firms.

AIA online courses, lunch and learn programs, and trade shows can help building product manufacturers promote their products. Offering free AIA online courses is a significant way to generate leads for product manufacturers and increase product specification opportunities. Overall, a building product manufacturer has many resources to utilize to make their company a success. What is your company’s most important resource? How does your company reach architects?