Industrial Marketing in Tough Economic Times
Unless you’ve been hiding in a cave for months, you know that the U.S. economy is in some serious trouble. There are very few industries that haven’t been affected by the country’s economic woes. In times like this, it is the natural inclination of business owners to start cutting employees and departments considered to be extraneous to the company’s core revenue source. It’s no secret that marketing and advertising are usually at the top of the list. I’ve always considered this to be a “shooting yourself in the foot” mentality, and I’m not alone. “Successful companies do not abandon their marketing strategies in a recession; they adapt them,” said John Quelch, Harvard Business School. The author of the hugely successful book, “Guerilla Marketing,” and a powerful advertising executive, Jay Conrad Levinson said, “Marketing is not an event . . . It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, and change it, but you never stop it.”
I believe a tough economy presents companies with opportunities to gain ground on their competitors. Some will stop marketing altogether, and as their name disappears from your industry’s landscape, you can capture the “top of mind” position with your customers and prospects. Some of your competitors simply won’t remain stable through the downturn and they will either go out of business or become an acquisition for a larger company. Either way, the company that finds creative marketing strategies and continues to make marketing a high priority will be on top when the economy once again gains solid footing.
Here are some things to consider and evaluate to help you keep your marketing program on track, even in a bad economy.
Read more...
10 Success Tips for Industrial Companies on Facebook
I've written in detail about ways that manufacturers and industrial companies can start using Twitter and LinkedIn for engagement and relationship building; but I've stayed away from the subject of Facebook. I've struggled myself building a community on Facebook, and honestly don't see many small to mid-size industrial companies building an interactive community, either. The word "interactive" is key. I see plenty of "likes" for posts on industrial companies' pages, but not a lot of comments or ongoing conversations. Granted, I follow a fraction of the industrial companies that have a Facebook page; however, everything I read and everyone I talk to seems to agree with me. With over 500 million active users on Facebook, why aren't more industrial companies fostering interactive, informative communities for their employees, vendors, customers, partners, distributors, and those looking for their expertise? How can industrial companies "do Facebook" and be more successful?
If you're an industrial company with a Facebook page that isn't really meeting your expectations, here are 10 tips that will help you build a more vibrant Facebook community.
1. Figure out the challenges your customers face, and provide them with expertise and solutions.
Whether you are the business owner, a social media manager, a marketing person, or something in between: find a source that will tell you what objectives and needs your customers have. That may be inside sales; manufacturers' reps; distributors; or if you are dealing with customers on a regular basis, you may have that knowledge yourself.
2. Don't just talk - listen.
Don't use Facebook simply to push out company news - be a resource and "go to" for your customers and prospects. You can be pro-active with your content by monitoring what is being said on Twitter (through your own group of followers or with keyword searches and hashtags) and in the LinkedIn groups you belong to. Take the time to listen to the questions your customers and prospects seem to be asking, then answer them with your Facebook content.
Read more...
How Industrial Companies Can Use Social Media to Stand Out at Trade Shows
While trade show attendance in the industrial sector seems to be in decline, I have been hearing some very interesting stories from companies that are leveraging social media to make their trade show strategy more successful. Almost every manufacturing or industrial company invests a large portion of its marketing budget on trade shows. If you’re one of those companies, the use of social media can set you apart from many others at the show and increase your exposure and influence, considerably.
I read (and hear) much about how trade shows will eventually be replaced by hybrid and virtual online events, but I don’t agree. As of yet, there is simply no substitute for the one on one communication that occurs at a trade show. A Skype or GotoMeeting discussion just doesn’t measure up to a face-to-face human interaction. There is no digital technology that allows you to experience a product or piece of equipment in a fully sensory way. At a trade show, you can touch equipment and components. Many times, you can actually see equipment in operation which, to the trained senses, will tell you so much more than a video or some other form of digital exposure. All of your senses are allowed to make judgments about the product’s quality and ability to meet your needs. For these reasons, I think trade shows will continue, although just like trade publications, there will be fewer and the value they provide will have to be more significant.
If industrial companies want to maximize their trade show investment, they need to get more social – with social media, that is. Here are some of the ways social media is helping industrial companies boost trade show attendance at their exhibit, connect more fully with customers and associates, and create buzz for their company and products.
Read more...
