New way to Market for Manufacturing
Written By: Bruce McDuffee-Founder and Executive Director of Manufacturing Marketing Institute (MMI)
Chapter 6 Overview
The Bad News Is the Good News
“The bad news is that the global economy is not growing more than 2-3 percent each year. According to the latest United Nations Industrial Development Organization (UNIDO) World Manufacturing Production report for Q3 2015, overall manufacturing output is expected to grow at only about 2 percent year-over-year.
The good news is that most or perhaps all of your competitors will settle for single-digit growth as the new normal for manufacturing companies. Most, if not all, of your competitors will not read this book and even if they do, will not be able to stop their product-pitching ways. They will not believe that growth can increase by following the new go-to market framework. Very few manufacturing organizations will be able to change their culture from pitching products to sharing expertise. The firm that is able to embrace this new way to go to market will be able to grow their business by 10, 20 or even 30 percent. Where will that growth come from? It will come from your competitor’s market share.
The opportunity is astounding for manufacturing companies ready to reinvent their go-to market strategy. Leaders often talk about innovation as a keystone to manufacturing success. Innovation applies to marketing more than any other function. Walk the walk when it comes to innovation. Most B2B manufacturing leaders consider innovation to be about new products or new processes within the production and distribution lines. There is no area today riper for exploiting innovation in marketing. Discard all of that old product culture baggage and try something new and innovative in marketing.
The bad news of the global economy is very good news for a manufacturing firm ready to make this change. You must be first in your market space because, as in all things in free-market capitalism, even innovative marketing will eventually equalize. Make hay while the sun shines and make the change to the new way in your go-to-market strategy.