Digital marketing is ever-evolving, and the reason for that mostly comes from Google, as the juggernaut keeps on changing their algorithms that affect the overall performance of marketing. They mainly do this because the competition is only getting bigger and bigger.
The annual sales quota drives company success. The amount of products you manufacture relies on how much you sell, and the other way round. It’s the time-honored principle of supply and demand.
What’s new are the changes in sales tactics and strategies happening all over the industry due to the technological advancements and changes in consumer behavior. It’s right for the manufacturing process. Then it must also be true for sales.
A company can employ any and all the marketing techniques and still not find value in them. This comes from a lack of assessing which parts are working, and which ones are not. Many companies use vanity metrics or metrics where the only purpose is to help you and your marketing team feel better about yourselves. An example of a vanity metric could be Facebook 'Likes'. When you use these KPIs, you'll amaze your co-workers and your stakeholders by knowing which marketing tactics are working and which ones are not working. It's not as hard as it used to be with modern tools like marketing automation integrated to CRM, the ubiquitous spreadsheet with pivot tables, etc.
Each quarter, the United Nations Industrial Development Organization, UNIDO, reports on current growth trends of world manufacturing production. The main objective of the report is to provide an overview of current growth trends of world manufacturing broken down by country groups and major industrial sectors.
Although the data is backward looking, every manufacturer has the opportunity to use the quarter to quarter trend to plan for future growth strategy.
Sound familiar? To use a few old and tired cliches, maybe it's time to take a fresh look or think outside the box or take off the blinders.
I recently visited a manufacturing company here in Colorado struggling to stop a slow decline of revenue. I'll call them Acme to maintain anonymity. Acme is a private company with annual revenue of about 300 million dollars. Their management team desperately wants to grow the business but they just don't know how to engage with the people in their target audience.
What if I told you there was a way your manufacturing firm could increase annual growth rates to 10 percent, 20 percent, 30 percent, or even higher? Would you be interested in hearing more?
United Nations Industrial Development Organization (UNIDO) has just published the World Manufacturing Production Statistics for Quarter 1, 2017. The results for the Industrialized Economies of North America, Europe, and East Asia are improving albeit very slowly.
North America shows an increase in manufacturing output of 1.1% compared to Q1 2016. Manufacturing output in Europe increased 1.4% and East Asia by 4.2%. The US manufacturing output growth was unremarkable at 0.9%, but Canada showed a marked increase of 2.7%. In Europe, in spite of Brexit, UK manufacturing sector improved by a strong 2.7% aided partially by a weaker sterling.
We’re in the midst of the biggest communication revolution in the history of the world. The internet is revolutionizing our access to information and it's affecting your business every minute of every day. The last communication revolution started 575 years ago when Johannes Gutenberg invented the printing press. His invention, like the Internet, revolutionized how people got access to information and the amount of information that was available.
It was John Wanamaker, a marketer operating around 1900 who famously said, “Half the money I spend on advertising is wasted; the trouble is I don't know which half.” The sad truth is that, according to a recent report by the Aberdeen Group, 51% of modern marketers in the 21st century aren’t doing any better than Wanamaker was able to achieve 117 years ago.
This is a guest post. We welcome guest posts about helping manufacturers increase sales and/or advance their marketing function. Send in your idea to email@example.com and you too could be a guest blogger on MMG.
Guest blogger - Marilyn Cox, PMP - VP Marketing at The Second City
Analytics tend to be the most underutilized feature of marketing technology. It's not that people don't recognize the value potential, but often they don't know where to start. And when you consider that many marketing teams don't have dedicated analytics resources, reporting can become an overwhelming activity.
If you're manufacturing organization without dedicated analytics resources, I suggest you consider a Metrics task force. Bring together team leads from across the organization and conduct interviews with those stakeholders who are impacted by marketing metrics. Talk with operations, sales, finance, and your internal marketing team to understand what insight they want. Don't ask what data they want, ask what information and insight would allow them to perform their jobs better.