6 Business Development Tips for Manufacturers
Managing a successful manufacturing operation has a lot of moving parts. It entails becoming the expert in multiple roles. To better build your manufacturing business, take a look at the following 6 manufacturing business development tips for manufacturers that want to attract business that maximizes the bottom line.
Know What Your Audience Wants
To develop your business, you need to understand who your client is and what they want. The most successful contract manufacturers have aligned themselves so well with their customers, they are an extension of, and integral part of day to day operations. High-earning manufacturers understand their audience and know how to predictably make products that their audience will buy. You can do this best through face to face meetings. To explore expanding in to new areas of business employ surveys, market research, and data analysis.
Research What Your Competitors are Doing
NASCAR drivers still look around them, even while they’re in first place. It’s imperative to know what the “other guys” are doing in your market. If you don’t research what your competitors are doing, they can quickly make a move and take over your share of the market. During the past couple of years, manufacturing has become even more dynamic and challenging. Do all you can to stay in tune to your market.
Make Yourself a Subject Matter Expert
Try to position yourself in the market as a subject matter expert (SME). Certain companies have a reputation for doing certain things well. Even in the space of contract manufacturing, your brand can deliver the best production value for a given niche. Creating and maintaining a digital information precense online is a great way to share knowledge and build your reputation as the go-to for expertise in your industry.
Maximize How Much Is Done In-House
Outsourcing is a quick way to eat up your profit margin. A successful manufacturer will do the most in-house that they possibly can. With today's overseas shipping challenges and componet shortages, this strategy is now more important than ever! For a manufacturing company like Rolex, making parts in-house can ensure everything is up to their stringent standards. In addition, prices and turnaround times are minimized. Crunch the numbers and determine the true cost of production then find out how much you could save long-term by swapping your process to an in-house operation.
Market disruptors often make a name for themselves through a series of innovations. Take Apple, for example. Time after time, their innovation has led to massive paydays for their company.
Innovation in your space will be specific to the market you’re serving. You can look to innovate in a few different ways:
- Updating the manufacturing process
- Implementing new design tools
- Improving the design of your product
- Introducing a new product
Optimize Your Operation Though Digitization
Click here to Learn abour digital tarnsformation of manufacturing processes and Smart Factories.
These 6 manufacturing business development tips will help you effectively competes and expand your market share, regardless of your industry or how large your operation is.
Looking for new a ERP system? Download the guide: Selecting an ERP System in 7 Easy Steps