The current economy and a global supply chain have forced many manufacturers to reevaluate how they do business these days. Traditional sources of new business – word-of-mouth referrals and repeat business from existing customers have slowed to a trickle for many of these industrial companies. They now find themselves in uncharted waters where they have to think of and appreciate marketing as something more than mere sales support.
Business owners and executives crave stability and predictability but expectations and behaviors of industrial buyers have changed. It is time to get out of your comfort zones and rethink your industrial marketing strategies and tactics if you want your company to survive and thrive. That is an important and sometimes painful lesson that many manufacturers have learned over the past couple of years.
Entering new markets (49%) is cited as one of the top three areas where manufacturers and industrial companies will be spending more time and effort in 2011. (Source: 2011 Economic Outlook Survey by GlobalSpec.)
How do you enter a new market where you have no brand awareness, credibility or customer references?