The recent pandemic has caused much disruption to businesses. The focus now has almost completely shifted to online. Businesses from all industries have begun to shift to digital efforts in order to capture the attention of their audience.
The above is true for industrial and manufacturing companies as well. While traditional marketing methods such as trade shows or cold calls work, solely relying on these methods aren’t sustainable anymore. Adopting a generalized digital marketing strategy won’t work either. Why? Every business is different and what works for someone else may not work for you. The digital landscape allows a lot of flexibility, but it can be challenging in this way.
OneIMS breaks down how to proactively generate new business in this guide for industrial and manufacturing companies.
What Drives Growth in Industrial and Manufacturing Business?
The simple formula for increasing revenue for any business is:
Acquisition + Retention = GrowthThe simple formula for increasing revenue for any business is: Acquisition + Retention = Growth Click To Tweet
However, there is more to this formula than meets the eye. The two crucial parts of the equation, acquire and retain, are interconnected. So, your online marketing strategies need to drive both.
Companies tend to focus more on acquiring new customers. But nurturing and retaining existing customers is actually much more profitable. In fact, acquiring new customers costs a company up to four times more than retaining existing customers.
Having said that, one cannot deny that acquiring new customers is an essential part of growth for any business.
Steps Towards Acquiring New Leads
The acquisition of new customers starts with creating brand awareness, i.e. letting people know that you exist. You want people to buy from you, but if they do not even know of your existence how would that be possible?
To get people to become aware of their brand, you need to show that you have a solution to their problem. Most people come to the internet to look for ways to solve the problem they are having – they are not necessarily looking for specific brands. Writing helpful blogs that answer a potential customer’s questions can get them to trust your business and discover that your product or service can help them. However, in order to land on their search page, you’ll need to implement keyword research and incorporate words or phrases they are using into your content.
A well-designed, search engine optimized and keyword-rich website will also lead customers to your website and provide them with a positive experience. If your website doesn’t offer a great user experience you will lose traffic – regardless of how good your content or products are.
Let’s imagine your company is offering a 3D printing system for industrial use. What problem does it solve? It can help produce complex parts in low volumes without the necessity of investing in heavy equipment and tools.
So, how do you go about marketing this 3D printing system? The answer is, by creating content that talks about the problem and provides the solution and doing so on a high-quality website that offers a seamless customer experience. Once people are aware of a solution to their problem, they will move on to the next stage of researching different companies’ products/services and comparing them.
This is where you have to re-engage potential customers with retargeting efforts. This can be in the form of sending a relevant email or targeting helpful ads at people who have viewed your website. Displaying testimonials from past customers on your website can also help further instill trust between you and the lead.
Steps Towards Retaining Existing Customers
Nurture and engage. The only way to retain the people who have trusted you enough to invest in your business already. How do you do it? By sending them relevant content and providing excellent after-sales service.
The catchword here is relevance. There cannot be a one-size-fits-all customer retention strategy. Let’s say a customer is interested in knowing about latest manufacturing innovations. If you keep sending them emails regarding the tools and equipment you are offering, they will probably opt out of your mailing list after a while. The trick is to send them emails that contain both the latest updates and how your company plans to implement them for your customers. A Customer Relationship Management (CRM) system can help you continue to nurture current customers effectively.
What Drives Effective Online Marketing?
Now that you know the simple formula for growth, how do you achieve it?
No matter what stage of the customer journey you are in, you must identify your target audience and use digital marketing strategies that are interesting and relevant for them. From considering your offers to deciding to buy from you, your strategies should work as a guide throughout their journey, making it easy for them. It will not only build trust in your brand but will help you to stand out as a thought leader in your industry.