Methods for growth can be broadly grouped into four categories, which one best describes you?
Whether you’re experiencing boom or bust … or simply bumbling along, the circumstances we find ourselves in have inevitably created opportunities for UK manufacturers to adapt and grow.
Despite the challenges of managing production and logistics through a pandemic and the Brexit shitshow, many of our clients remain positive!
Whatever change is afoot in your business we’d like to help you refine your marketing and focus on developing an effective marketing approach that supports your growth strategy.
Choosing a Marketing Approach that Fits
Which of the following scenarios best describes your current situation?
1. Market Penetration
You’d like to sell more of the same things to more of the same types of clients.
Your products, services and markets have remained largely unaffected by the pandemic and Brexit. You’re happy that your supply chain and customer base are solid. You’re confident that you’re selling the right things to the right people. The best way to grow is to do more of the same. You might need to amplify your marketing to generate more sales… do a bit more… be a bit louder! Things are good, but could always be better.
2. Product & Service Development
You’d like to develop new shiny things for your existing clients.
Your offer is still relevant to your customers and the market is strong, but you can see that either your customers’ needs have changed or there is the potential to sell additional products on top of what you’re already selling. Selling new products and services to your existing customer base is a proven marketing strategy and comparatively low cost. Product and service development is marketing – listen to your customers, understand what’s changed and what they need now, define new propositions and fire up the marketing machine!
3. Market Development
You’d like to sell existing products and services to entirely new markets.
You have confidence in your products but your market has changed to the point that your products are no longer relevant. Selling your existing products and services into new markets is also a comparatively low cost marketing approach. Although, just because the products and services already exist, doesn’t mean they won’t need to be adapted or communicated differently to suit a new market. For example, if you’ve been selling widgets and your existing clients have stopped buying your widgets, could the widgets be sold in an entirely different way, for different propositions to appeal to an entirely different type of client… or possibly even the end user?
For example, if you’ve been supplying products to restaurants that have now closed down, could you take the same product to supermarkets? Or directly to the end consumer through a subscription service? This could be an exciting point in time for your business to pivot, taking your much-loved products to your end consumer through a new channel.
You’d like to develop entirely new products and services for entirely new clients.
Perhaps your market has dried up or you’ve spotted a gap in the market and therefor an opportunity. You have the resource, skill, kit and capability to try something entirely new. Perhaps crucial for survival or just helping you achieve your aspirations. Whatever the reason, you’re going to need to do some research – understanding the audience and defining the relevant propositions to formulate a successful marketing strategy!
Needless to say, wherever your business is right now, we can help you map out the right growth strategy. Now is the time to forge opportunities for UK manufacturing to grow.
3 weeks ago