We spoke of the necessity of “remaking” yourself to focus on profitable niche markets in a downturn. Charlie Eddins from Renco Corporation, a document management company, told of his creative (and successful) company strategy:
We at Renco have evolved again. While document scanning still has a large place in the market we have seen the need to organize and access information in a better way. Allowing secure web access to sensitive documents and records reduces costs, saves time, creates more value in the ability to share information as well as enhancing the image of the provider. We handle the technical issues, help meet required HIPAA standards with complete tracking tools, and can customize our system to any niche market or particular industry.
Knowing that change is inevitable, we have built in the flexibility that is needed in our global economy and provided the link to increase document security and productivity.
This is an excellent example of growing through going after focused market segments. Renco is able to preserve price by their outstanding total customer value (less cost and headaches with regulation requirements, greater client image and information).
How have you shifted (or are thinking of shifting) your market focus in this economy?