Tags – Manufacturing Growth Strategy
Whenever someone tells me they are looking for more business, I always ask them the same two questions:
- “What are you doing to generate leads?”; and
- “How are you converting those leads into customers?”
The response is almost always the same: they say they have a website, but it doesn’t generate any sales or traffic; so no one sees it.
In addition, many people say they are confident in their ability to close business if someone would just call, but then admit that they don’t even have a website that is generating more calls, or a marketing plan to get more calls.
The reality is: nearly all businesses that want more manufacturing leads and customers will need to build relationships with targeted prospects before potential buyers can be attracted to them.
For some reason, many manufacturing companies are only satisfied with getting new customers through referrals. But if you sell to other businesses, it’s nearly impossible to get enough referrals to make up for the number of leads you need.
In short, the best way to generate manufacturing leads is to have an inbound marketing plan that includes building your online presence, plus a process to nurture relationships.
Steps to Generate Real Growth
Industry experts estimate that most manufacturing companies will not see sustainable growth without investing in the right technology and talent.
However, a recent study by MFG showed that over 70% of small and medium manufacturers (SMEs) are struggling to achieve their R&D goals.
So, how can your manufacturing business grow in such an environment?
Here’s a look at the top three ways you can increase growth in your manufacturing business:
1. Attract customers with value instead of price
According to Euromonitor International, the customer values quality and service over price, which means that you should offer value to your customers instead of focusing on just lowering prices.
2. Adapt business strategy to new market trends:
One of the best ways to increase your manufacturing business is to develop a flexible business plan that fits into the evolving market needs.
You need to be more agile and adopt strategies used by start-ups, as they are better equipped to handle rapid changes in the market. In order to stay competitive, you must study your target customers’ spending habits and adjust your resources accordingly.
3. Invest in modernising your business infrastructure
To gain real benefits, you must plan to invest heavily in new equipment and technology for future growth.
Our Suggested Manufacturing Marketing Process
In today’s market, manufacturing companies need to use every channel available to them in order to be successful and adaptable in a market that is increasingly becoming more competitive.
The sad reality is: manufacturing companies are constantly struggling to stay afloat due to the increasing demand for low-cost products.
However, by identifying and understanding their ideal customers, manufacturers can create more effective marketing campaigns that will allow them to sell their products at a higher price point.
Customer acquisition is the initial process of attracting new customers; bringing current customers back and encouraging existing customers to purchase more. It is important to develop a customer base because this helps build business growth, creating sustainable income through repeat purchases which create revenue streams for the long term. The goal is not only to accumulate many customers, but to gain profitable customers.
This is where your marketing processes need to start from.
To learn more, get in touch with us today.
In the meantime, check our extended digital marketing services.
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