Manufacturing Companies’ Top Priorities for 2018
2017 has been a good year for manufacturing companies, but those that wish to continue to be prosperous must now turn their attention to the year ahead. According to KLR’s yearly manufacturing outlook report, the steady growth that U.S. markets have experienced thanks to the current political environment is expected to continue into the new year.
While many manufacturing firms have been cutting back on unneeded expenses, a lot of them are also raising their marketing budgets with the aim of boosting future revenue. Here is a look at the top three priorities for these companies in the year ahead.
Finding New Markets
It might seem obvious that expanding markets is a sure path to growth for many firms, but next year, lots of them will be thinking outside the box to find ways to boost their revenue in untapped markets.
Boosting Shares in Existing Markets
New markets are one priority, but increasing their share in existing markets is also a top concern for businesses. Indeed, 64 percent of manufacturers who responded to the survey said that they expected their growth in the next 12 to 18 months to come from higher market share as well as organic growth in their current domestic markets. They are hoping to accomplish this with stronger customer relationships, innovation, better hiring practices, and beating their competitors.
Responding Swiftly to Changing Patterns in Consumption
Social media is making it easier than ever before for manufacturers to keep in touch with customers. The insight they gain from this engagement can help them learn which features, solutions and products their customers desire. This means they can be reasonably certain that whatever they develop is going to be well-received by consumers, and it takes some of the risk and expense out of product development.
Manufacturing companies are always going to face challenges, but the general consensus right now is that focusing on the aforementioned three areas is the best way forward.
This blog post was based off of an article from Cerasis. View the original here.