• Login
    • Join
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Exclusives
    • Labels & Packaging
    • Markets
    • Technology
    • Equipment
    • Supplies
    • Buyers' Guide
    • Events
    • Jobs
    • More
  • Magazine
  • News
  • Exclusives
  • Labels & Packaging
  • Markets
  • Technology
  • Equipment
  • Supplies
  • Buyers' Guide
  • Events
  • Jobs
  • Current / Back Issues
    Features
    Editorial
    Columns
    Digital Edition
    eNewsletter Archive
    Our Team
    Subscribe Now
    Advertise Now
    Top Features
    Smart Labels

    Finishing Equipment

    Label Insights: Anderson & Vreeland addresses benefits of proper plate storage

    Narrow Web Profile: American Non Stop Label Corp.

    Labelexpo Europe 2023 Product Preview
    Breaking News
    Converter News
    European Label News
    Industry News
    Industry People
    M&A News
    New Products
    Expert's Opinion
    Live From Shows
    Top News
    Bobst to 'unwrap the future of flexible packaging' at open house

    IDENTCO brings new automated wire marking system to Mexico

    Maan Engineering chooses Vetaphone for linerless labels

    PRX Market debuts, Tower Products acquired and more

    Flexo Wash to exhibit at FTA Fall Technical Conference
    Blog
    Video Bites
    Beauty & Personal Care Labels
    Beer Labels
    Beverage Labels
    Flexible Packaging
    Folding Carton
    Food Labels
    Glue-Applied
    In-Mold
    Industrial Labels
    Medical Labels
    Pharmaceutical Labels
    Pressure Sensitive
    Prime Labels
    Promotional Labels
    Security Labels
    Shrink
    Smart Labels
    Specialty Labels
    Spirits Labels
    Wine Labels

    Bobst to 'unwrap the future of flexible packaging' at open house

    IDENTCO brings new automated wire marking system to Mexico

    Recyclable, deinkable stand-up pouch wins Gold in Germany

    Avery Dennison innovates for EV revolution

    Volt Tough serves variety of applications
    Africa
    Asia
    Australia
    China
    Europe
    India
    Latin America
    Middle East
    North America

    IDENTCO brings new automated wire marking system to Mexico

    Recyclable, deinkable stand-up pouch wins Gold in Germany

    Eaglewood Technologies opens Cincinnati service center

    Pixelle improves safety with Valmet robot

    TLF Graphics adds SEI Laser Labelmaster from Matik
    Flexography
    Digital Printing
    Prepress
    Finishing
    Sustainability

    Bobst to 'unwrap the future of flexible packaging' at open house

    Maan Engineering chooses Vetaphone for linerless labels

    Recyclable, deinkable stand-up pouch wins Gold in Germany

    Appvion introduces pre-siliconized Résiste SR

    Vibrant Labelexpo Europe 2023 concludes in Brussels
    Digital Printers & Presses
    Flexo Presses
    Label Converting Equipment
    Label Finishing Equipment
    Prepress Equipment

    Bobst to 'unwrap the future of flexible packaging' at open house

    Flexo Wash to exhibit at FTA Fall Technical Conference

    Kenco Label & Tag adds sheeting system from Daco Solutions

    Durst honored at PRINTING United Alliance Pinnacle Awards

    Machinery technicians: the label industry's unsung heroes
    Dies And Tooling
    Flexo Supplies
    Ink & Coatings
    Prepress Supplies
    Pressrooom Supplies
    Substrates

    Maan Engineering chooses Vetaphone for linerless labels

    Flexo Wash to exhibit at FTA Fall Technical Conference

    Recyclable, deinkable stand-up pouch wins Gold in Germany

    Avery Dennison launches Volt Tough electrical insulation tapes

    Appvion introduces pre-siliconized Résiste SR
    All Companies
    Categories
    Company Profiles
    Label Converters
    Trade Associations
    Add New Company
    International Buyers Guide Companies
    Meech International

    HEIDELBERG USA

    Wilson Manufacturing

    Delta ModTech

    Lemu Group America
    Industry Events
    Webinars
    Live from Show Events
    • Magazine
      • Current & Past Issues
      • Features
      • Editorial
      • Columns
      • Digital Edition
      • eNewsletter Archive
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Buyers' Guide
      • All Companies
      • Categories
      • Company Profiles
      • Label Converters
      • Trade Associations
      • Add Your Company
    • Labels & Packaging
      • Beauty & Personal Care Labels
      • Beer Labels
      • Beverage Labels
      • Flexible Packaging
      • Folding Carton
      • Food Labels
      • Glue-Applied
      • In-Mold
      • Industrial Labels
      • Medical Labels
      • Pharmaceuticals Labels
      • Pressure Sensitive
      • Prime Labels
      • Promotional Labels
      • Security Labels
      • Shrink
      • Smart Labels
      • Speciality Labels
      • Spirits Labels
      • Wine Tables
    • Markets
      • Africa
      • Asia
      • Australia
      • China
      • Europe
      • India
      • Latin America
      • Middle East
      • North America
    • Equipment
      • Digital Printers & Presses
      • Flexo Presses
      • Label Converting Equipment
      • Label Fishing Equipment
    • Supplies
      • Dies And Tooling
      • Flexo Supplies
      • Ink & Coatings
      • Prepress Supplies
      • Substrates
      • Pressrooom Supplies
    • Online Exclusives
    • Slideshows
    • Experts Opinions
    • Videos
    • Podcasts
    • Infographics
    • Blog
    • Whitepapers
    • Events
      • Industry Events
      • Live from Show Events
      • Webinars
    • Jobs
    • Resources
      • Supplier Gallery
      • Literature Showcase
      • Homepage Showcase
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    The Bottom Line

    Two examples of making decisions quickly – and wisely

    ...

    Rock LaManna03.13.17
    Business decision making is a blend of instinct and analysis. Whether you’re “going with your gut” or reacting to data, the one common factor required is speed. But how do you make a prompt decision that’s also wise?

    It’s hard to underestimate the importance of time to market in an uber-competitive world. The best CEOs aren’t afraid to pull the trigger, but that gets more difficult when you consider the paradox of big data.

    You now have more and more data at your fingertips. More metrics. More trends. More things to analyze, and more variables to consider. So how do you know when the time is right to move forward? Let’s take a look at two different strategic approaches to making smart decisions fast. 

    Topp Labels: What to do when opportunity knocks
    I recently spoke with Israel Perez, the director of operations for Topp Labels. Based in Miami, Topp Labels started in the label business back in 2012. Their story is unique because unlike many in the printing and print-related industries, Perez and his partner, David Topp, did not begin their career in printing.

    Both founding partners’ backgrounds are in electronics.  They made their mark in the cellular phone industry back in the early 2000s, specializing in prepaid cellular service technology as the founders of TracFone Wireless. “All our lives, we were focused on electronics,” Perez says.  “Mr. Topp was one of the pioneers in UL certification, and he developed a lot of products back in the 70s.”

    Their experience in technology gave them the mechanical aptitude and expertise to see a business opportunity, even if they were unfamiliar with the particular vertical. 

    The founders had previously owned a company focused on repairs and reverse logistics for TracFone and handheld device  specialist companies such as Motorola, Asurion, Palm, RIM and LG. However, around the year 2008, cell phone prices dropped precipitously.

    With the cost of data still high and the prevalence of smartphone technology low, reverse logistics of low-end cell phones became less appealing. The market was disappearing at a rapid pace, shifting offshore where labor was cheap.

    When business heads south, your ears perk up for new opportunities. And when one knocked, Topp and Perez answered.

    Coating machine provides entry point
    Topp and Perez learned of a machine equipped with new coating technology. They decided to purchase the machine and dive into a new industry.

    As longtime early adopters to technology, Topp and Perez were able to learn the nuances of the new technology and quickly became pioneers.  “The coating machine was the only one of its kind in the Southeast,” Perez says.

    The company rapidly passed by many of the bigger players, who were slow to adapt to the new technology. One thing led to another, and soon they were developing their own materials, as well as staking their claim in converting and digital printing.

    The decision to jump on the new coating machine was both a recognition of the impact of a new technology and what it takes to make it work. In the case of Topp Labels, they were green to the industry, but they knew that by being early adopters to a new technology, they would make up for a lack of industry experience.

    Technology in place, Topp Labels cultivated relationships
    Topp Labels was smart. They had the technological edge in place to take a position as an industry innovator. But they knew that having cutting-edge technology is only part of the battle. You also have to have the business opportunities to put those presses to work.

    Their next step was to begin cultivating those relationships by building a sales force of elite, extremely knowledgeable sales reps, all former owners of flexo companies. They leveraged the previous relationships they had with customers, and built on those opportunities.

    “We get knowledgeable, hard-working people who don’t just sell product. They maintain relationships,” Perez explains.

    Building an elite sales team is one thing, but retaining it is another. Topp Labels is attentive to their company culture, and it’s based on teamwork. “We all chip in and listen to each other’s recommendations,” he says. “I can see by the comments of our sales force that they are at ease and at peace working here.”

    Continuing to push the envelope
    Topp Labels is looking to do more unique, high-end labels and stand-up packaging. And they’ll continue to innovate by pushing the envelope on technology. 

    The company’s two Xeikon 3050 and 3500 digital presses allow it to offer one of the widest format digital label presses in the country, and Topp Labels has an AB Graphic Digicon 500 Series that handles the finishing. The company also has two Mark Andy presses – a 13" 8-color, and a 17" 2-color machine.

    What has worked in the past will work in the future for Topp Labels.  By making decisions quickly on leading-edge technology, it can keep  its competitive advantage.  It’s a smart mindset, considering how quickly things are evolving and how customers are demanding more and more.

    “There are so many changes happening on different orders,” Perez says. “There are a lot of changes happening in the industry as a whole.”

    Failing Fast: Why wait for the 90 percent  failure rate?
    Topp Labels is proficient at anticipating the needs of the marketplace and getting ahead of the curve on new technologies. Its approach is a mix of business acumen, technical know-how and great timing.

    I love the desire to get new solutions to the marketplace as quickly as possible. But is there a point where haste makes waste?  What if you could move quickly AND, at the same time, conduct market research to ensure you’re making the right call? 

    That’s the goal of Dr. R. Andrew Hurley and his team at Package Insight. The company conducts consumer biometric testing on packaging, incorporating eye tracking and emotion analytics. They test new packaging products in actual store settings, with the intent purpose of helping you “fail faster.”

    Spending a million dollars on a 10 percent chance for success
    Dr. Hurley champions the idea of “failing fast.” The average consumer product requires 22 months (in North America) to launch and an expenditure of $1 million. Yet over 90% of new products fail after two years.

    Spending $1 million on an idea that has a 90% failure rate doesn’t sound like a recipe for success. So instead of spending all the money upfront on what a brand thinks will be the finished product, Dr. Hurley emphasizes the “minimum viable product.”

    The “minimum viable product” is the bare essence of the new product. It’s the concept itself, presented in a way that a customer can understand it. “Produce the least you need to do to the product and get it out as fast as possible,” he says.

    Dr. Hurley points to Brazil as the masters of this lean startup approach. With a population of over 200 million people, they move to market quickly and embrace failure – or rather, learn from their failures.

    “Skip the focus group, skip the stage gate process,” Dr. Hurley adds.

    How does eye-tracking work?
    Eye tracking has been with us since the mid 1900s, but today’s equipment makes it less intrusive for the research participant and more effective in the end.

    A participant from a specific target market will wear the eye-tracking glasses into a retail store. Using proprietary technology, Package Insight will collect over one million data points in an average study.
    They are essentially looking at two metrics:
    1. Time to first fixation (How many seconds does it take to find an object of interest on the store shelves)
    2. Total fixation duration (How long you spend looking at the object)
    It’s a simple formula that is applied to an in-context and real retail environment. You need to get someone’s attention, and then you need to keep it. “If you can demand and command attention, you win,” Hurley says.

    Instincts and analytics, risk-taking and research
    Life’s all about striking a balance, and I bring the stories of Topp Labels and Package Insight to your attention because I think both of these business leaders have discovered the right blend.

    Topp Labels’ approach emphasized speed and cutting-edge technology.  The company had no desire to “fail” fast – no one does. But they were not about to take a passive approach and copycat other risk takers.  They get there first.

    Israel Perez notes that there was a big learning curve, and they worked hard to understand the new equipment and technology. They “failed fast,” and by the time they did, they had mastered the new equipment and were filling orders.

    Package Insight helps you take a similar approach, failing incrementally, and iterating with each new test. It’s surprising that more new product roll-outs don’t subscribe to Dr. Hurley’s unique approach. Over time, it’s an approach that should appeal to CFOs as much as CMOs.

    You learn from your mistakes. Whether you’re making decisions based on experience or on scientific research, Topp Labels and Package Insight prove that the key is to get to those mistakes faster than the competition and make the corrections first.

    “I love the desire to get new solutions to the marketplace as quickly as possible. But is there a point where haste makes waste?”



    Rock LaManna, President and CEO of LaManna Alliance, helps printing owners and CEOs use their company financials to prioritize and choose the proper strategic path. He can be reached by email at Rock@RockLaManna.com.
    Related Searches
    • xeikon
    • market research
    • finishing
    • waste
    Suggested For You
    Xeikon Xeikon
    What makes a winner in today’s label game What makes a winner in today’s label game
    PeterLynn installs Xeikon CX3, increasing capacity 50% PeterLynn installs Xeikon CX3, increasing capacity 50%
    New eye-tracking research shows brand impact of foils and laminates New eye-tracking research shows brand impact of foils and laminates
    Bobst to host Technology Forum and Open House in Italy Bobst to host Technology Forum and Open House in Italy
    Xeikon Café 2017 sets new records Xeikon Café 2017 sets new records
    Annual Converters Expo draws record numbers Annual Converters Expo draws record numbers
    Two Choices: Staying even with the competition or selling equipment Two Choices: Staying even with the competition or selling equipment
    Infographic highlights food and beverage industry focus on brand protection Infographic highlights food and beverage industry focus on brand protection
    What does Xeikon have up its sleeve? What does Xeikon have up its sleeve?
    Omet introduces Omet introduces 'Rock‘n'Roll' and 'Easy-Strip' for matrix stripping efficiency
    How you know you are ready to retire How you know you are ready to retire
    Xitron announces release of new inkjet plug-in Xitron announces release of new inkjet plug-in
    India India's Kwality Offset Printers goes digital with Xeikon 3030 Plus
    Domino video celebrates Argent Domino video celebrates Argent's new digital press and Open House

    Related Buyers Guide Companies

    • Xeikon

      Xeikon

      ...
      Donna Covannon, Director, Marketing North America 04.17.20

    • What makes a winner in today’s label game

      ...
      Rock LaManna 05.30.17

    • Beauty & Personal Care Labels | Beer Labels | Beverage Labels | Digital Printers & Presses | Digital Printing | Europe | Food Labels | Pressure Sensitive | Prime Labels | Spirits Labels | Wine Labels

      PeterLynn installs Xeikon CX3, increasing capacity 50%

      The UK converter installed its first Xeikon machine back in 2012 and has since enjoyed tremendous growth.
      04.27.17


    • Beauty & Personal Care Labels | Flexible Packaging | Food Labels | Prime Labels | Promotional Labels | Specialty Labels | Spirits Labels | Wine Labels

      New eye-tracking research shows brand impact of foils and laminates

      A study titled "Brand impact delivered through packaging" presents proof of consumers’ preferences in luxury packaging.
      04.19.17

    • Europe
      Bobst to host Technology Forum and Open House in Italy

      Bobst to host Technology Forum and Open House in Italy

      The event will take place in the Competence Center of Bobst’s Center of Excellence from May 11-12, 2017.
      04.13.17

    Loading, Please Wait..

    Breaking News
    • Bobst to 'unwrap the future of flexible packaging' at open house
    • IDENTCO brings new automated wire marking system to Mexico
    • Maan Engineering chooses Vetaphone for linerless labels
    • PRX Market debuts, Tower Products acquired and more
    • Flexo Wash to exhibit at FTA Fall Technical Conference
    View Breaking News >
    CURRENT ISSUE

    September 2023

    • Smart Labels
    • Finishing Equipment
    • Label Insights: Anderson & Vreeland addresses benefits of proper
    • Narrow Web Profile: American Non Stop Label Corp.
    • Labelexpo Europe 2023 Product Preview
    • Labelexpo Europe 2023 Preview
    • Label Insights: Flint Group explores newest ink technologies for
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    PLT Health Solutions Granted Claims for Botanical Ingredient in Canada
    CRN Files Petition with FTC For Clarity on Health Products Compliance Guidance
    Vitafoods Europe Relocates to Barcelona Starting 2025
    Coatings World

    Latest Breaking News From Coatings World

    AkzoNobel Names Sweet Embrace as Interpon Color of the Year 2024
    PPG’s New Paint for a New Start Transforms 27 Schools Worldwide with Colorful Makeovers
    PPG's New Paint for a New Start Initiative Transforms School for Children with Autism in Spain
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Moon Surgical Completes First U.S. Cases with Maestro System
    Senseonics Finishes 365-Day CGM Study Cohort
    Surface Solutions Group to Showcase GlideMed Coating at MD&M
    Contract Pharma

    Latest Breaking News From Contract Pharma

    WuXi Vaccines Launches Vaccines CDMO Site in China
    MilliporeSigma Launches Integrated mRNA Services
    IQVIA Names Richard Staub President of R&D Solutions
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Jennifer Coolidge Collaborates with e.l.f. Cosmetics for 'Dirty Pillows' Lip Collection
    Victoria Beckham Beauty Introduces First Fragrance Collection
    Voloom Taps Julius Michael as Brand Ambassador
    Happi

    Latest Breaking News From Happi

    Extracts-Unlimited Attains Organic Certification
    The Kline Group Breaks Down the Unbreakable Bonding Market
    ACI Welcomes Ana Fraisse as Manager, Sustainability Engagement
    Ink World

    Latest Breaking News From Ink World

    Sapphire Ink – SB Eco Series Receives Oeko-Tex Eco Passport ZDHC Level 3 Certification
    Flint Group Digital with Xeikon Present at FEFCO Technical Seminar
    R.E. Carroll Inc. Packs, Donates 400 Backpacks to Students
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Bobst to 'unwrap the future of flexible packaging' at open house
    IDENTCO brings new automated wire marking system to Mexico
    Maan Engineering chooses Vetaphone for linerless labels
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Ana Fraisse Joins The American Cleaning Institute
    Weekly Recap: Soft N' Dry Seeks to Expand Private Label Roll Out, Albis Completes Work on Line
    Lenzing Earns EU Ecolabel at Indonesian Plant
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Abyrx's MONTAGE Settable Bone Putty Cleared for Cardiothoracic Surgery
    Theradaptive Receives DOD Clinical Trial Award of Up to $7.4 Million
    Saluda Medical's Evoke Spinal Cord Stimulation OK'ed for MRI Scans
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Nedap Teams with Foot Locker to Extend RFID Project
    Epishine Welcomes New CEO Anders Kottenauer
    ALIYO LED-on-foil Technology from ams OSRAM Creates New Effects

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login