12 MiMfg Magazine October 2020
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Five Biggest Marketing Mistakes Manufacturers are Making in the COVID-19 Economy
By Jason Piasecki • Revel
U . S . manufacturing production dipped 19.7 percent in April 2020 compared to the previous year , according to Federal Reserve figures . Although output has started to rebound , many manufacturers still aren ’ t back to their pre-COVID levels due to the global economic downturn . The current crisis has led to unprecedented changes in industrial buying behavior . Marketers are adjusting their strategies accordingly . Keeping the following mishaps in mind will help you to avoid them .
Under Communicating According to the “ 2019 Crisis Impact Report ” from Crisp Thinking Group , 90 percent of buyers say they are likely to shop with a brand that responds well to a crisis . This is your opportunity to shine . The worst thing a company can do is “ go dark ” with their marketing now . Leverage the tools you already have to connect with your audience including your website , social media , email marketing and video .
Forgetting About Your Customer ’ s Needs Buyer personas are a semi-fictional representation of your ideal customer based on research and real data about existing customers . According to Cintell , companies who exceed lead and revenue goals are twice as likely to create personas than companies who miss those goals . By creating buyer personas , empathetic marketers stand to gain market share when they keep their buyers ’ needs at the forefront of their message .
Stopping Marketing Altogether Henry Ford famously said , “ A man who stops advertising to save money is like a man who stops a clock to save time .” Advertising is a critical part of a successful business . A McGraw- Hill Research study showed that companies who continued advertising during the 1981-82 recession experienced significant growth throughout , and even beyond the recession . Those companies saw a 2.5X increase in sales over competitors who pulled back or stopped marketing completely .
Failing to Adapt Your Marketing Strategy We ’ re all feeling the pain from COVID-19 . Savvy manufacturers are shifting their pandemic marketing plans from lead generation to communication and education . Rather than trying to sell something someone can ’ t afford right now , this strengthens companies ’ positions as thought leaders in their industry and creates lasting bonds with customers .
Ignoring the Numbers “ What gets measured gets done .” Whether it was Peter Drucker , Tom Peters or Rheticus way back in the 1500s who said it , measuring something gives you the information you need in order to make sure you actually do it . Immersing yourself in tools like Google Analytics and Moz gives you a leg up on your competition . High-performing companies glean actionable insights and pivot their strategy to take advantage of trends based on the numbers .
The Coronavirus pandemic has challenged us to rethink the way we attract customers . By avoiding these mistakes , manufacturers can position themselves to weather the storm and be ready when the floodgates open again . 6
Jason Piasecki is a Partner and CEO of Revel . He may be reached at 231-727-9778 or jason @ revel . in .