Industrial manufacturers are always looking to save costs, increase revenue, and differentiate themselves from competitors. Day to day, this means working on ways to improve old processes and systems, make the most of innovation and market changes, and manage customer data for maximum impact. So which path is the shortest and most efficient to improve your digital marketing and the customer experience? Digital transformation. And with the right map and guidance, it’s closer than you think. We know you have questions, and the answers to many of them are below.
Manufacturers are flooded with options to help them drive digital transformation and create better B2B buyer experiences. Choosing which ones to pursue is the challenge. We’ve looked at the industry from every angle and read what insiders and thought leaders really think. Know this: just four basic elements of your business can keep your brand in pace (or ahead of) the industry. They can also keep B2B buyers engaged, believing in you, and buzzing around your brand. To help your manufacturing firm digitally transform — and help boost the bottom line — focus on these four practices:
- Reduce customer churn and improve segmentation with real-time data
- Develop and manage content in one place — and deploy it across channels
- Sell more and retain more customers with self-service commerce
- Build brand and engagement by meeting buyers on the channels of their choice
1. Reduce customer churn and improve segmentation with real-time data
According to IBM’s Institute for Business Value report Manufacturing 4.0: From data to decisions, less than 3 in 10 organizations consistently use data from equipment, processes, and systems to draw insight for process improvement.
The survey of 2,360 manufacturing industry executives in 32 countries also states that 90% of all manufacturing data is unused, including 2,200 terabytes of data that can be generated each month for a single production line. And fewer than one in five manufacturing executives have real-time access to important manufacturing data across the enterprise.
Without customer data, orgs can’t make sound decisions. Untapped, underutilized data is the next frontier for manufacturers to help them make choices based on safety, efficiency, and customer satisfaction. Data unification and predictive analytics with artificial intelligence (AI) — AI being the IBM findings most important technology for the industry — are both ripe with potential to interpret customer behavior across channels and help predict their next steps.
What’s the best way to present the right product?
This is what data powered by artificial intelligence (AI) can do for manufacturing. Imagine anticipating your existing customer’s needs at the exact moment they arise. Know when an upgrade is available or when parts wear out — and get ahead of offering a replacement or an upgrade. Get products and services in front of customers exactly when they need them.
Is it possible to know your customers’ needs before they do?
Keep an eye on customer product usage, their engagement with complex machinery or repairs, and be mindful of their growth goals. All of this can help you target customers at risk of jumping to a competitor. Knowledge is power. And if your sales team is better informed it can look for opportunities to incentivize, upsell, or cross-sell to keep your customers on board (and help acquire new ones).
How can manufacturers define and target buyers and buyer groups?
With complete customer views, you can generate and act on real data insight to deliver connected, personalized experiences that build trust.
2. Develop and manage content in one place — and deploy it across channels
Timely content marketing is a driving force to improve sales. The challenge is creating and managing content across multiple digital channels. And manufacturing marketing teams are squeezed to do more with less. According to a 2022 report Manufacturing Content Marketing: Benchmarks, Budgets, and Trends from the Content Marketing Institute and partners, 75% of marketers strongly or somewhat agree that their team has been asked to do more with the same resources. And half of them feel that it has become increasingly difficult to capture their audience’s attention year-over-year. More than half — 55% — feel that they have well-informed insights but lack measurement data showing ROI.