turbo500
Well-known member
I thought this made for some interesting reading. Not sure how accurate it is - what do our US friends think? Are Shark really dominating the market lately?
<span style="text-decoration: underline;">How Shark Ate Dyson's Lunch In America's Vacuum Cleaners Market</span>
Britain’s Dyson knows a thing or two about innovation and shaking up tired consumer products. But over the past year it has lost its leadership of the US vacuum cleaners market, the largest in the world.
Euro-Pro, a 100-year old company that had a mere 1 per cent share of vacuum cleaner sales in 2008, now controls more than 20 per cent of the US market.
Over the past seven years, its Shark vacuum cleaners and Ninja blenders and food processors, all manufactured in China, have increased sales at a compound annual growth rate of 25 per cent, enabling the firm to triple its workforce from 250 to 800 employees.
This growth has been aided by an aggressive push on television shopping channels, with $130m spent on TV advertising last year.
But the company has doubled revenues from $800 million to more than $1.6 billion and usurped Dyson as leader of the US vacuum cleaner market since bringing in consultants Gap International two years ago.
Chief executive Mark Rosenzweig, the third generation of his family to lead the company, kick-started the growth by moving the privately-owned company’s headquarters from Montreal, Canada to Newton, Massachusetts back in 2003.
Five years later, the firm radically overhauled its product portfolio, dumping what Rosenzweig referred to as “opening price products” and replacing them with a focus on innovation. Design was moved in-house from external contractors, sharp new brands were created and work began on creating a loyal consumer base.
Sales responded accordingly but Rosenzweig and Euro-Pro president Mark Barrocas wanted the firm to commit to near and long-term “breakthrough goals” in revenue, profit, and customer satisfaction that they believed would require a significant shift in its culture and talent development.
http://www.forbes.com/sites/andrewc...ons-lunch-in-americas-vacuum-cleaners-market/
<span style="text-decoration: underline;">How Shark Ate Dyson's Lunch In America's Vacuum Cleaners Market</span>
Britain’s Dyson knows a thing or two about innovation and shaking up tired consumer products. But over the past year it has lost its leadership of the US vacuum cleaners market, the largest in the world.
Euro-Pro, a 100-year old company that had a mere 1 per cent share of vacuum cleaner sales in 2008, now controls more than 20 per cent of the US market.
Over the past seven years, its Shark vacuum cleaners and Ninja blenders and food processors, all manufactured in China, have increased sales at a compound annual growth rate of 25 per cent, enabling the firm to triple its workforce from 250 to 800 employees.
This growth has been aided by an aggressive push on television shopping channels, with $130m spent on TV advertising last year.
But the company has doubled revenues from $800 million to more than $1.6 billion and usurped Dyson as leader of the US vacuum cleaner market since bringing in consultants Gap International two years ago.
Chief executive Mark Rosenzweig, the third generation of his family to lead the company, kick-started the growth by moving the privately-owned company’s headquarters from Montreal, Canada to Newton, Massachusetts back in 2003.
Five years later, the firm radically overhauled its product portfolio, dumping what Rosenzweig referred to as “opening price products” and replacing them with a focus on innovation. Design was moved in-house from external contractors, sharp new brands were created and work began on creating a loyal consumer base.
Sales responded accordingly but Rosenzweig and Euro-Pro president Mark Barrocas wanted the firm to commit to near and long-term “breakthrough goals” in revenue, profit, and customer satisfaction that they believed would require a significant shift in its culture and talent development.
http://www.forbes.com/sites/andrewc...ons-lunch-in-americas-vacuum-cleaners-market/