How Manufacturing Companies Can Increase Sales in 2023?

Your company is only as successful as the sales it generates. What did they say, "when life gives you lemons, make lemonade." Increasing sales is all about tapping into new opportunities and dealing with difficult challenges to shape a positive future for the company.

2020 is behind us, and as we sigh out a breath of relief, we need to prepare for the dramatically different and challenging situation that wait for us in 2023. Increasing sales is something every manufacturing company strives for, but it can be quite challenging. Recent economic developments have forced the manufacturers to change their business model and adapt new practices overnight to prepare for the challenges this new hopeful year has in store for us. However, it is hard enough for manufacturers to deal with customers' snapback demand without having to worry about innovative products, advanced solutions, and high consumers appetite.

With manufacturing firms growing at a rate of 5% annually, you need a strong sales and marketing strategy to stay competitive. Rising material costs and pressure to reduce prices from B2B buyers are among the root challenges for manufacturing companies. As a result of technological advancements and changes in consumer behavior, manufacturers are forced to look in a new direction to amplify their revenues.

In this comprehensive guide, we are going to discuss a wide range of strategies and techniques that will help generate more sales. 

Adapt to new customer preferences:

The first and foremost thing marketers need to take into consideration is the post-COVID customer preferences. Buyers' purchase decision criteria are changing rapidly. Driven by the flood of data, new digital purchase channels, and the ability to make informed decisions. Firms are now investing twice the amount in digital tools and training, along with going for eCommerce platforms for added benefits.

Align Marketing with Sales:

Customer persuasion now spans across marketing, sales, and service. Aligning of marketing and sales department can significantly boost sales. Also known as Smarting, when the two departments join heads and work together, they have better chances to win the competitive race. The marketing team provides a predetermined number of leads to the sales department, which is then responsible for chasing those leads till the end of the sales road. With the goals becoming quantifiable, it gets easier for manufacturing companies to re-evaluate performance and decide where to invents and which channels should be targeted more.

Improve Products:

With the high tide of competition at the brink, it is worthwhile for manufacturing firms to see if they can improve their products by using high-quality materials. Using better quality materials and marketing them appropriately can win a competitive edge. This will, in turn, support marketers to improve your reputation and attract more B2B buyers to your business. Marketing to improve sales can't work in silos; emphasis on product improvement is crucial.

Implement Digital Marketing:

Are you dreaming of increasing sales without the internet? If your sales strategy does not include digital marketing, you are setting your manufacturing firm up for failure. Digital marketing is not a luxury for businesses anymore but a necessity that can’t be ignored. Traditional practices can take you only so far, but with digital channels, there is always more than can be done in order to enhance your presence online. From SEO, PPC, SMM, content marketing, influencer marketing, and email marketing, there are so many strategies that a manufacturing firm can use to their benefit.

Tradewheel.com, for instance, is a trusted global platform that is developed keeping in mind the requirements and demands of manufacturers. Here you can list your products, display their production capabilities, and connect with millions of customers that are ready to buy. As a seller at Tradewheel.com, you will get a digital storefront that would work to attract global buyers.

Focus on existing accounts:

Even though gaining new customers is the main concern for businesses, retaining the existing customers is the fuel. Customer retention is the soul of any business and a cost-effective way to increase revenue. Harvard Business School report expresses that a 5% increase in customer retention rate can result in 95% increased revenue. Targeting the existing customers and retaining them for up-sale or future business always delivers a better turnover rate. Existing customers tend to buy more manufactured goods, spend more money, and are convinced easily than first-time visitors. And since you have already established business connections, the cost to attract customers is also reduced.

Target New Accounts Not Markets:

When reaching out to new B2B buyers, it is essential to understand that each buyer has a unique pain point, point of view, and reason for buying or not buying a certain product/ service. Reaching to them with one unified approach might not be the brightest idea. Because their motives can be vastly different, the solutions you offer must be targeting their very needs.

The sales team can initiate a conversation by reaching out to the customers. And asking them about their pain points and what they are looking for to uncover their needs. Based on the information, a customized sales offer must be drafted and presented to the potential client. Although it requires time it would be an excellent strategy that is sure to yield fruitful results.

Final Thoughts:

Though 2023 is still uncertain at large, the techniques mentioned earlier are accredited as the top strategies for boosting sales. These strategies are designed to deliver noticeable results. If you are a manufacturer how aims to amplify their business sales, then Tradewheel.com can help you reach your goal. Never once in recent history have manufacturers been forced to transform their organizations so quickly. But change is the need of time, and pandemic accelerated many trends that would have taken their sweet time to grow on businesses had the situation was otherwise. E-commerce businesses are the dire need for any manufacturing firm, and Tradewheel.com is helping manufacturers tap into new international markets for amplified business opportunities.