IAAF briefing outlines industry growth opportunities
The Independent Automotive Aftermarket Federation (IAAF) has carried out its final ‘Bitesize Briefing’ before its 2020 Virtual Conference with an eye-catching presentation from Adrian Botham, founder and managing director of Servispart Consulting on “How aftermarket capability innovation is transforming parts and equipment businesses”.
Botham provided an engaging report from an upcoming Aftermarket Growth study on how the aftermarket is changing and put forward five high growth strategies.
The report featured responses from OEMs, parts manufacturers parts distributors, equipment and service providers and identified the growing technology challenges facing aftermarket business such as e-commerce and social media.
The report then looked at high growth companies and the strategies that can be employed to achieve this high level of growth such as market research, strategic planning, becoming a disruptor, effective parts management and e-commerce expertise.
Botham pointed out that effective deployment of the above strategies could result in a quicker decision making ability leading to a higher subsequent growth rate.
IAAF’s Wendy Williamson provided a brief summary of the latest IAAF activity, highlighting the importance of Block Exemption Regulations and why their renewal is crucial for the aftermarket. She also covered type approval updates and the latest threats around cyber security.
Mike Smallbone, IAAF’s head of membership development, said: “The presentation provided positive strategic advice, based on extensive research, at a time when the market is undergoing enormous transition. We will take this positivity into the upcoming IAAF conference on December 3 as the aftermarket looks back on a year no one predicted and also forward towards Brexit and an evolving industry.”