Running a manufacturing company in today’s slowing economy is becoming increasingly difficult. Falling prices, foreign competition, and stockpiled inventories have left many manufacturers scrambling for new business.
Like most of our clients, you’re probably feeling the affects on your bottom line.
There are proven strategies to help you expand your customer base and market share.
Consider implementing these approaches to help you through the lean times:
- Market potential analysis. Whether you’re looking to introduce a new product, or taking your current product to a new market, an industry and market analysis is a cost-saving first step.
Using proven research methods, you can examine factors such as growth or decline in the industry, identifying competitors, purchasing trends and pricing. You then compile the data, interpret it, and use the information to help you decide whether or not to enter the market.
- Customer satisfaction analysis. Do you know how your products and services are perceived by your principal customers? Finding out can help you improve current customer relationships and lay the foundation for persuasive marketing and sales strategies to attract new business.
- Lead generation. Because most mid-sized manufacturers do not have a dedicated sales function, you could use a strategy for identifying potential customers.
Using targeting criteria established in your baseline research, you’ll identify business prospects to call and gauge their likelihood of purchasing your product/service. This affordable, effective, and targeted strategy yields pre-qualified leads for you to follow up with.
IMEC has established a network of local marketing experts with years of experience delivering marketing and sales solutions for manufacturers to become more competitive while delivering a solid return on your investment.
For assistance implementing any of these business-generating strategies, call 677-3765. IBI