After several years of declining due to a tough economy, the United States manufacturing industry is finally on the upswing. According to a recent report by the National Association of Manufacturers (NAM) and IndustryWeek, 87.3% of manufacturing business owners had a positive outlook for the future of the industry. This figure is up from 70% just one year earlier. If you’re in the manufacturing business and your company is still struggling to recoup lost revenue after the recent recession, there are a few things you can do to speed up the recovery process. Here are three ways to make sure you’re setting your business apart from industry competitors.
Upgrade your Equipment
If you have room in your budget and your manufacturing equipment is showing its age, it may be time for an upgrade. Purchasing new equipment has a couple different benefits for manufacturing companies. The most obvious is that your company has the ability to produce more products in less time. The increased product supply gives you the flexibility to take on new customers, an opportunity that you may not have had when you were using older equipment to develop products. Take a look at the equipment on your manufacturing floor to determine if a replacement is needed. Whether your business could benefit from a new deburring machine or screening equipment, an upgrade can help you create products more quickly and effectively grow your customer base.
Get on the Road
The manufacturing industry has a number of valuable conferences for professionals to attend. If you haven’t already planned to attend an upcoming industry conference or trade show, consider researching relevant events and adding some to the calendar this year. Many professionals feel that it’s counterintuitive to attend these conferences because they aren’t directly connecting with customers. This is an unfortunate misconception that can result in countless missed opportunities for companies. Building your professional network through attending key industry events can help you raise awareness about your brand and gather valuable leads on potential customers.
Revamp your Marketing Efforts
Digital marketing is creating countless opportunities for tech-savvy businesses interested in reaching a new audience online. If you haven’t already, consider developing a digital marketing plan for your manufacturing company. Take a look at what your competitors are doing online, and talk to your marketing team about which approach makes the most sense for your business. Whether you decide to get started with social media, blogging, or publishing pieces in select industry journals online, digital marketing is an effective way to connect with a wider audience.
The recent recession hit the American manufacturing industry hard, and many companies are still struggling to recover lost customers and revenue. Luckily, things have begun to take a turn for the better after years of decline. If your manufacturing company is interested in staying ahead of competitors in the coming years, consider upgrading your equipment, attending more industry events, and revamping your marketing efforts to reach a broader audience. These strategies can help set your business apart from the competition in the eyes of potential customers.
