How Manufacturing Marketers Can Stay Agile and Efficient in Planning for Business Growth
The manufacturing industry is defined by the development and technology around cutting edge products across B2B, B2C, and B2B2C. In a capital-intensive industry, with complex physical operations, manufacturing companies need to accurately forecast, plan for, and drive business performance in order to meet customer demands and ensure ROI for their business. As with all industries, manufacturing has been impacted greatly by the effects of the COVID-19 pandemic, as many factories were shut down or have been operating at limited capacity. Now, in the second half of the year, companies are working to recover and thrive by retooling their workplaces to plan for changes, expanding supply and talent channels, and more. For manufacturing marketers, agility is key as they work to contend with new messages, strategies, buying behaviors, and the evolving media landscape, all while remaining as efficient as possible with their resources and budgets.
Testing and innovating around new tactics
In manufacturing, changing customer and market demands can greatly impact business outcomes. Given unexpected shifts in channel and marketing mix management, manufacturing marketers have had to be more tuned in than ever and ready to test new approaches. For example, marketers are no longer able to focus on primarily event-based marketing– trade-shows and in-person events– and have had to pivot to an increased online, digital, and virtual marketing and communications approach. Understanding and measuring the success of these tactics is critical to the success of the business. With 65% of marketers facing moderate to significant budget cuts due to COVID-19, marketers need to do more with less and ensure they are optimizing every dollar spent.
Unifying siloed departments, market segments, product categories, and more
Manufacturing companies often have a variety of product lines, and many are likely to diversify their offerings beyond products (digital offerings and aftermarket services) within their business portfolios to offset the impacts of COVID-19. Additionally, manufacturing marketing teams often operate in silos from other teams, managing data across multiple markets and regions without a single source of truth to simplify the analytics process and share best practices and performance insights. It has never been more important for marketers to collaborate across stakeholders and align on goals, particularly as businesses adjust to remote working environments and iterate on business strategies.
Staying competitive and adapting to market volatility through a single system of record
As manufacturing companies prepare for the next new normal phase and strive to emerge with growth strategies in place, marketers can lead the way with a strong foundation in data and measurement. Aligned to a single system of record for all of their marketing data, marketers are able to connect and unify data across business units, market segments, product lines, and more for a fully transparent view. This allows marketers to measure the impact and ROI of every marketing campaign and any new tactic or message they may be testing. With immediate speed to insight marketers are able to make in-flight changes to campaigns and reallocate spend to the most effective messages, campaigns, and channels. With automated reporting and visualization capabilities, marketers can also share performance and collaborate with key stakeholders to ensure that everyone is aligned to the same set of facts and working toward shared goals, even as those goals evolve based on changing market trends.
Datorama is a marketing intelligence solution that helps marketers find great efficiencies– whether that’s time spent on manual data processes or ensuring greater effectiveness across their entire marketing budget. With more time on their hands, marketers can dedicate their resources to testing and learning and finding better ways to engage with customers to account for new realities.
Hear from one of our manufacturing industry Trailblazers, Cummins Inc., to learn how they’ve used Datorama to drive a global digital strategy with always-on marketing analytics. With Datorama, Cummins was able to harmonize multiple data sources across paid and organic channels, while plugging in data sets from their agency partners.