In order to grow in today's market, manufacturers need to steal market share from their competitors. However, if you don’t understand how your competition market themselves and win business, you’ll find that very difficult.
UK manufacturing output has remained largely the same over the past 30 years – to the chagrin of all concerned, not least the individual manufacturers.
Over that time, UK manufacturing has witnessed stagnation in its overall contribution to the national economy as other industries have increased around it.
In 1990, the sector accounted for 17% of the UK economy; by 2018, that contribution had waned to just 10%.
Many factors have contributed to this: the 2008 recession, Brexit and Covid-19, the latest in a long line of significant economic shocks.
Not only this, but there is another brutal reality confronting manufacturers: their traditional sales and marketing techniques are no longer as effective as they once were.
In an age when buyers hold all the power, B2B purchasers spend as little as 17% of their buyer’s journey meeting with potential suppliers.
Harness the power of Inbound Marketing
Buyers are empowered with 24/7 access to online information. As many as 93% of all B2B purchases start with an internet search. But merely having a website is no longer enough.
Manufacturers and engineers need to be as empowered by digital technology as their customers. That means using sophisticated inbound marketing – rather than outdated outbound marketing – to acquire market share from competitors.
“Inbound marketing is a business methodology that attracts customers by creating valuable content and experiences tailored to them. While outbound marketing interrupts your audience with content they don’t always want, inbound marketing forms connections they are looking for and solves problems they already have,” HubSpot (Marketing automation software).
You need to target customers who are searching for helpful information right now. If your competitors are there ready to help and you aren’t, there’s a big chance that your organisation will be overlooked.
This means more than simply ranking well on page one of Google. And it means more than the tired old ‘sell, sell, sell’ mantra of the 20th century. Times have changed: your prospects want genuinely helpful information from experts they can trust.
Proper marketing starts with a documented strategy. Sadly, many marketers in manufacturing still don’t have one. But over the past year, the number of marketers with a documented strategy has increased by 21%. And it is predicted to rise again year-on-year.
Industrial companies not investing in inbound marketing right now are already behind the curve. The average manufacturing organisation now uses a mixture of the following to generate leads: social media; videos; email; blog posts; infographics, and whitepapers.
You may have the best product/solutions on the market but if your competitors have a bigger advertising budget, larger online reach and a solid inbound marketing strategy, then you’re going to struggle.
Either disrupt or be disrupted – the choice is yours.
How to out-manoeuvre your competitors
The only thing worse than losing a sale is not having the chance to lose it in the first place!
You may have the best product/service on the market but if your competitors are finding your prospects first then it counts for nothing.
Knowing how your competitors are using digital marketing and having a clear strategy for your own is vital. You need to be more magnetic to your customers than any of your competitors.
Find out more about how your competitors are using digital marketing with a free report from specialist B2B marketing agency Intergage.
This digital marketing competitors report will give you powerful and compelling insight into:
- How and where your competition is advertising
- How big their budget is compared to yours
- How you compare to them in Google search
- Which keywords your prospects are using to find them and not you
- What your market share is compared to theirs
This report will strip your competition naked – revealing their lucrative marketing secrets, giving you the insight you need for competitive advantage.
Use it on your competitors…before they use it on you!
Intergage has been engineering marketing solutions and manufacturing sales opportunities for more than 20 years. The B2B marketing agency works with industrial companies to make them magnetic to their target customer, using inbound marketing and automation tools to generate leads and boost business growth.