Manufacturers must have an intimate knowledge of what their clients demand in order to satisfy the very technical needs of most buyers. The expectations of these clients are both rigorous and precise, with the threat of terminating contracts and jumping ship to another manufacturer always looming. Without guidance from research, manufacturers could see contracts slipping away without any inkling as to why.
To help manufacturers stay on their toes and add real value to their offerings, here is how you can use market research to help both your clients’ and your own bottom line:
Market Research Helps You Follow Innovations
With disruptive technologies like big data, additive manufacturing and internet-of-things connectivity, manufacturing is changing in huge ways. Plant facilities now are investing almost as much in server-side technology as they are in acquiring new machinery and industrial equipment.
As an example, manufacturers are providing Apple mobile devices to 64 percent of employees and Android mobile devices to 45 percent, according to Forbes. A full 81 percent of manufacturers are seeking cloud solutions that enable this type of mobile access from anywhere in the plant.
Changes like these can quickly make your firm seem obsolete if you take your finger off the pulse of progress for too long.
Keep an Eye on the Competition
Looking past technology, the communication techniques manufacturers use to court clients can have a huge impact on the expectations and impression a client has of their firm.
Specifically, 86 percent of manufacturing firms have adopted content marketing as a major lead-generation component. In addition to print magazines and newsletters, they use an average of 11 other digital and media-based tactics to educate prospects and convince them that they are the right firm for their production needs.
Manufacturing companies that neglect trends like these could be quickly outclassed and see their prospects dwindle over time.
Know Your Environment and Thrive
Only by observing relevant trends these can a manufacturing company survive in the current rapidly-evolving business environment. Take steps to further your knowledge and improve your odds of obtaining valuable production contracts with thorough market research.
To learn more about how market research works and how it can help out your firm, you can take a look at our free guide to field data collection.
