The original equipment manufacturer (OEM) market is drastically changing, especially for midsized players. The big players have the right resources to keep getting bigger and the smaller guys are agile enough to seemingly move at the speed of light, leaving midsized OEMs feeling squeezed out of gaining market share.
Such was the sentiment expressed by Jason Voiovich, vice president of marketing and Scott Nelson, CTO and EVP of Logic PD, who discussed this midsized market challenge with TMCnet during day one of ITEXPO West 2014, taking place until August 14 at the Rio in Las Vegas.
Logic PD, a product realization company boasting 50-plus years of expertise and incomparable market knowledge, helps midsized OEMs accelerate their growth and bring new products to market.
Realizing success means getting your foot in the door, Voiovich and Nelson told TMC. How much risk you take usually directly correlates with how much value your company will provide down the road. After all, the window to bringing a new product to market, and then capitalizing on that product, is oftentimes shorter than anticipated.
“A lot of companies don’t realize that if they don’t open the window, it still closes at the same time,” Nelson said. In other words, you only have so much time to get in and become relevant; there’s no side door once the window of opportunity officially closes. Therefore time to market is, and always has been, key for OEMs of any size. It’s also important to remember that taking that step doesn’t necessarily mean you’re going to fail; it simply means you’re going to learn a must-have business lesson.
Another piece of the puzzle lies in which tools you go to market with. If you come to market with the wrong tools you will undoubtedly struggle. And with the market in a constant state of evolution and rapid development, go-to-market strategies are constantly changing. As such, OEMs need to be supported by the industry’s strongest resources to stay ahead.
“Midmarket OEMs want to achieve what the big guys are doing but at the rapid pace of what a Silicon Valley startup can do,” said Voiovich. This is where Logic PD comes into the picture. The company boasts over five decades of deep market understanding and experience, as well as the necessary tools and resources for swiftly sidestepping commonly-faced obstacles, so that its customers can go from being a competitor to being the competitor in their respective spaces.
“Mid market companies need to act quickly,” Voiovich advised, “otherwise they’re going to lose out and they know it.”