As a manufacturing business owner, you need to be extra cautious with costs as well as investments these days, for good reasons. Yes, the business world has recovered from the crisis that had befallen in the previous year. But the memory of those hard times still looms large over the horizon. If your manufacturing business has established a firm base, growing (or in other words) expanding your boundaries comes with its own set of challenges. Some are handling finances in the proper way. The others are taking vital decisions regarding investment on new equipment, industrial certifications and skilled employees, quality control, etc. The list is endless. Do you want your manufacturing business to gain a reputed name in the market? Then, read this blog at one go. Our expert team in Vendosmart has identified 5 ways to grow your manufacturing business.
Yes, you may face obstacles in the initial stages. You may remain cautious with making an entry into new markets, costs and others. But, following the 5 ways to grow your manufacturing business as per this blog will hold you in good stead.
1. Take Your Time to Plan the Right Strategy
Have you (CEO of the manufacturing company) taken a firm decision to expand your business? Then, remember to plan the right strategy. Good events (sales, profits, acquiring customers & business partnerships) do not happen immediately. You may need to make some changes in your company employees and operations.
2. Hire the Right Talent
Artificial intelligence, Machine Learning, Robotics and Automation. The mentioned and other new technologies have taken the manufacturing world by storm. Does your manufacturing company have the equipment & budget to include these technologies? Think over. If yes, then you need to not only invest in new machines and technologies but also hire skilled professionals to do the job. Or, you can ask your existing employees to complete the certifications.
Certifications that can enhance your presence in the manufacturing industry are –
- Lean Manufacturing Certification
- Certifications in Health and Safety
- Six Sigma Certification
- Project Management Certification
- Logistics Certification
There are also other kinds of certifications or marks. They can make your manufacturing product stand apart from your competitors. They are:
- ISO certification – Depending on the business, you can get a certification. Some examples are ISO 9001, ISO 14001, ISO 22000 etc.
- ISI Mark
What Are The Benefits Your Manufacturing Business Can Gain From Marks Or Certifications?
- Improvement in sales
- Customers will trust your products
- Customer Satisfaction
- Manufacture of high quality products
- Dedicated and well-equipped employees
- Reduction in risk and expenses
- Improvement in productivity
Your office members will take time to get Certifications, Licenses and buy Equipment. Yet, as per economy experts, this method is considered as one of the best 5 ways to grow your manufacturing business. But how will you showcase to the target audience and clients about the benefits they can gain by entering into partnerships or becoming a consumer to your business? You need to showcase them in your digital presence (website).
3. Work on Your Digital Presence
You may have hired the best professionals in the industry. Your industrial products have garnered praise and appreciation from clients and consumers. But how do you advertise the best points about your manufacturing business to the target audience and global netizens? As per industry experts, it is having a digital presence (a website). It will act as a representative of your manufacturing business.
Benefits of Having a Website
Do you have an excellent website with an in-house team? You can showcase your business capabilities (certified team members, certifications and other details). You can place these details at specific places such as the Header and Footer. As per marketing supplier experts, this method is one of the 5 ways to grow your manufacturing business.
What Is The Next Step?
You can hire a professional company to build, design and maintain your website. You should have a dedicated content marketing, SEO, social media and digital marketing team. This is to upgrade as well as update the content regarding your manufacturing business in a proper manner. The SEO team ensures your website comes on top when a buyer searches for your industry products. The content marketing team will update the website by posting content in the form of articles, blogs, videos and infographics. The digital marketing team pushes your high quality manufacturing products to the forefront via ads. All the teams, in unison, can work to boost sales. There are billions who spend nearly two hours on social media every day. Your marketing team can use these platforms to attract clients, grab projects and develop partnerships.
4. How to Grow Your Business through Networking & Partnerships
Networking is the best method to develop contacts and relationships with other businesses. Then, with time, these contacts and relationships, you have to utilize to grow your manufacturing business outside the sphere of influence. Your marketing team can participate in industry trade shows, business luncheons, local commerce chambers, online forums & industry events to know competitors, fellow manufacturers, manufacturing suppliers and more. As already mentioned, they can also use networking platforms such as LinkedIn. This is to identify customer organisations which are in need of manufacturing business companies. They can then establish connection with decision makers in these organisations to get manufacturing projects for your business. The most important factor, the marketing team will get to know about the new markets and technologies prevalent in your industry.
5.Developing Business Partnerships
Of late, many manufacturing businesses follow the easy method of becoming a vendor in online custom manufacturing market places. The reason, they can get predictable work orders. This is a digital platform where buyers or sourcing professionals get to meet manufacturing suppliers, custom parts manufacturers, 3D printing vendors, machining vendors, CNC laser cutting service vendors, rapid prototyping service vendors, moulding service providers and other contract manufacturing vendors. The platform makes it easy to exchange their requirements, agreements get drawn and products (components, parts) get manufactured as per the quality standards.
Online custom manufacturing marketplaces ensure the buyers (sourcing professionals) search and hire the right manufacturing partner for their project within a short time. These digital platforms also serve as a business networking place for manufacturing companies to develop partnerships. They can also enter into mergers with other organisations and expand their presence across new markets.
We have outlined the important 5 ways to grow your manufacturing business in this blog. Please note, there are also other ways. For example, taking note of your competitors, diversifying your manufacturing sector, entering into new markets and more. But of late, manufacturing companies are making a beeline to become a vendor in custom manufacturing market places. Are you a manufacturing business owner? Then you also need to follow the same way as shown in this blog to grow your manufacturing business. You can also expand your customer base across new geographies.