When a business is struggling with competition, the most effective strategy may be to completely transform the business model rather than trying to improve the current product; Bridgeport's success demonstrates that by abandoning their failing consumer goods business and pivoting to manufacturing the industrial machines that produced those goods, they became the essential backbone of American automotive and aerospace manufacturing.
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The Business That Succeeded by Failing! ๐๐คฏAdded:
Stop obsessing over selling your product if your business is sinking. [music] Sometimes the key is to destroy your own company. That's exactly what a company called Bridgeport did. Originally struggling with consumer goods and hedge trimmers, [music] they were getting crushed by competition.
But instead of giving up, they made a radical pivot. [music] They stopped making tools and started building the industrial machines that made those tools.
Their revolutionary Bridgeport milling machine became the invisible backbone of American manufacturing, used by every major automotive and aerospace giant.
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