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In this episode, we talk about the key to differentiation as you learn how manufacturers can achieve differentiation. Ideas, suggestions, and examples abound in this podcast episode of Manufacturing Marketing Matters.
Guest: Andrea Olson, Founder & CEO Prag’madik, Author of No Disruptions - The New Future for Mid-Market Manufacturing
Highlights:
"Marketing is about communicating, positioning and perception" [3:00] When you ask your customers about how they perceive your differentiation or position, be sure to maintain objectivity, sometimes a 3rd party is best.[5:00] You can get differentiation on features and benefits if you have a huge, unlimited marketing budget, but it can be a bit disingenuous. [7:20] Perceptions are built over time. Andrea shares an interesting and relevant case study about Dominos Pizza. [10:20] Differentiation is the responsibility of all leaders and all functions within the organization. [16:10] If you want to be better at differentiation, first take a look at the current customer experience. [18:20] You can achieve a differentiated position with a comprehensive marketing program that offers helpful, useful content. [20:30]Interview Questions:
Question 1 – First, let’s level set. What does ‘differentiation’ look like? In other words, how does a company know it has differentiation?
Question 2 – In the manufacturing world, most companies try to differentiate on features. Could be specific features or broader features like quality or delivery.
Is this differentiation strategy working? Is it achievable and sustainable in our globalized marketplaces?
Question 3 – Let’s talk about the tough ones, the commodities; manufacturers of things like ball bearings, chemicals, industrial gas (nitrogen), raw steel or lumber. The perception is usually that they are all the same. When that is the perception, the buyers go to lowest price.
How can a commodity manufacturer achieve a differentiated position and perception in their marketplace? Or is it really only possible by shaving to razor thin margins?
Question 4 – Internally, who are the players who define and achieve differentiation in the marketplace?
Challenge Question:
This week our challenge question comes from a VP Marketing in the Pittsburgh area, a manufacturing company that produces welding equipment. Here it is “We sell welding equipment to end users all over the country. Over the past couple of years, our profit margin has been eroding despite our efforts to differentiate the product line. To the point of your book, we do pitch the products heavily and have not shared any expertise. What would you suggest for creating differentiation with a common product like welding equipment.”
Be clear about what you are offering. Look at associated options that are around the product not about the product. Like delivery or training. Understand your target audience, their pain points, their perception, areas where they struggle and you can help.Takeaways:
Go out and do some deep dive customer interviews or surveys. Do a competitive analysis from a differentiation perspective. -
Guest: Joel Blake, Partner and Technical Sales at Marketing Technologies
Highlights:
Increase your rep, distributor, or reseller sales by supporting them with abundant sample products and stories behind those parts. Make sure they have up-to-date collateral. [4:40] Videos of the manufacturing process in action are also helpful for distributors to share new processes with the end users. [6:00] Those manufacturers who give better support to their distributors get more attention which can translate to more sales. How about a regular sales phone call with your distributors to keep them up to date? Ask your distributors what they need! [7:30] Joel's one wish from manufacturers - "Place more emphasis on the digital aspect of marketing. Get with the digital marketing age." [11:00] Joel is proud to represent the Millennial viewpoint and advocates the digital processes throughout manufacturing! [13:00] Here's what Joel sees his manufacturers doing for marketing support, some are using email, some are experimenting with social media like Twitter and LinkedIn. [16:00] Big opportunity for manufacturers is to support their distributors by providing educational material beyond the product and company manufacturing. This would get the attention of distributors and will very likely get you more distributor sales from your reps. [18:50] Manufacturers - put together an educational webinar and produce it for your distributors and their customers. Joel shares some great ideas off the top of his head. [21:40]Interview Questions:
Question 1 – Joel, you represent several manufacturers. How would you describe excellent marketing and sales support and contrast that with inadequate or poor marketing and sales support from the manufacturer? How much does your perception of the support affect where you put your daily and strategic efforts?
Question 2 – If you had one marketing support (or sales support) wish that could be granted, what would you wish for from your manufacturers? Follow up with why did you choose that?
Question 3 – Let’s talk specifically about marketing. Of those manufacturers who do provide marketing support, what specifically are they doing to support you? Are any of your manufacturers or have you heard of any others who are supporting distributors with educational content like webinars, ebooks, white papers? (content besides company and product information)
Question 4 – What is the one thing a manufacturer could do for you and for any other distributors out there that would inspire you to put more effort into selling their products?
Challenge Question – This week I’m repeating our challenge question from last week because it is from a distributor of manufactured products. The question comes from the St. Louis area, a distributor of manufactured products, process instrumentation devices. “I’m the owner of a manufacturer’s rep company where we sell to various manufacturing companies. It’s getting tougher to get their attention these days and we seem to be fighting over the lowest price more often than not. Lately, the first and last call we get is for a price quote. We’re pretty good at pitching the product, but it’s not working so well lately. How can we position the company as a premium supplier by sharing expertise?
Define your differentiation and unique value to your customers. You can use educational content to differentiate. Pitching the product is not a good way to differentiate. In fact this is a straight line to being perceived as a commodity. There's value in reliability, price is rarely the top concern in a purchase decision.Takeaways:
Make sure sales and marketing are aligned and on the same team. Don't do marketing and sales the same way as everyone else in the industry. Look outside of manufacturing and see what they are doing for innovative ways to differentiate your sales and marketing activities. -
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Guest: Tom Repp, Owner and Principle of The Repp Group
Tom and I made these predictions back at the end of December. There's only 2 months left this year, how are we doing so far?
Manufacturing Business Development Predictions:Tom Prediction 1 - In each mfg. sector there will be one company that will emerge as brand leader by virtue the fact that they hired a marketing evangelist that knew how to leverage the web for brand awareness & lead generation. [3:20]
Tom also talks about the idea of content saturation to get first page results on the SERP. Manufacturers who embrace this idea and develop educational content will emerge as winners in their markets while others may languish and, perhaps, even perish.Bruce Prediction 1 - The idea of increasing sales by sharing expertise will start to accelerate. I’m starting to see it more often. For example, manufacturers will catch on to the power of producing useful, helpful content that is about the problems of the people in the target audience and not so much about themselves. [8:30]
Bruce cites CMI research that demonstrates a high usage of content marketing. Manufacturers who adopt this concept will beat the others, but the train is leaving the station. Now is the time to get on board and start sharing expertise.Tom Prediction 2 - Manufacturers will budget & hire digital marketers rather than another traditional sales person. [11:15]
Manufacturers will understand that they get higher ROI by hiring a digital marketer than by hiring a sales person. Marketing must lead the engagement where sales works on the lower funnel. This is another reason for the huge opportunity because most manufacturers will not catch on to this secret. Check out Tom's blog post "Fire a sales person and hire a marketer".Bruce Prediction 2 - Manufacturers will start to realize that they can gain significant advantage by shifting their mindset from sales oriented to marketing oriented go-to-market model. Their buyer’s behavior has changed. Buyers want to learn and self-educate first. This is a paradigm shift that will get significant traction with manufacturers during 2017. [16:00]
Is there a stigma attached to the term "marketing" or a preconception for the marketing function? That will change. Teach first, pitch later.Tom Prediction 3 - Millennials will start to take over buying decisions and also ownership (i.e. off spring) of many of these industrial companies...thus accelerating the shift to online branding and marketing. [20:15]
Millennials are telling their parents and grandparents in family owned manufacturing business that getting on board with a digital marketing mindset is a must for survival.Bruce Prediction 3 - Social media use a a tactic or channel for manufacturers (B2B) will decline in 2017. [22:30]
Two big problems with social media; it's hard to prove attribution to social media and getting attention with social media is pay for play on all major channels. Manufacturers will start to realize that the resources they are pouring in to social media just isn't paying off.Takeaways:
Tom's takeaway - here's a way to get proof. Type in the word 'allintitle: (your keyword)' to see the results of your competitors websites. If the number is under 10,000, then if you build content around those keywords you can get your company on page 1 of the search engine results within weeks. Bruce's takeaway - Before any of the manufacturing marketing predictions can happen for your company, check in on your fundamentals of marketing. If you don't have a proper, full marketing plan, step back and get it done. It will pay off big-time for your business and it will help advance your marketing function within your manufacturing company. -
Question 1 – Let’s talk about this perception that marketing has no return or that it is impossible to measure the return of a marketing investment. What is your take on that perception? (with a slant to the B2B manufacturing sector)
Question 2 – How do you define and calculate return on investment or ROI for the marketing function? What are some metrics manufacturing marketers should be tracking?
Question 3 – Could you share a success story with the audience about a B2B manufacturer or a B2B company who was able to successfully measure ROI and what were the positive outcomes to the business and the marketing department as a result?
Question 4 – Let’s imagine a manufacturer or a marketing director at a manufacturing company out there listening. He has 1 or 2 people on his staff, not much budget and when times are tough, marketing is the first place where budget gets cut. What are some initial steps he could take to start to prove a return on the marketing investment, change the perception of marketing as a black hole expense and even begin to position marketing as a direct source of revenue?
Challenge Question – This week our challenge question comes from a robotics manufacturing company in northern Indiana. Here it is “I’m a VP marketing at a mid-size manufacturer and I have a strong passion for marketing by educating our customers to help them solve their problems. I’m new here and I’m having trouble getting buy-in for a content marketing strategy that is not completely about the products. I have 2 questions; how can I break through the culture barrier that says we can only market by pitching the product? Second, how long does it usually take to prove the concept of content marketing?”
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Highlights: A company that designs, builds and manages aquatic experiences was faced with a challenge of gaining awareness in an expanded market and a perception of offering a commoditized product. [3:30] John shares his framework for approaching a lead generation project. The goal was to become top of mind for cities who are interested in building or managing a pool facility and generate qualified leads. [5:30] John talks about the content assets that were used for the lead generation aspect of the project. [8:45] John describes how he worked with the client to define the audience [10:45] Here's how they decided what content to use, how it was important to the chosen audience and what pain point the content addressed. [15:45] John talks about using social media, FaceBook, LinkedIn and others, for a highly targeted audience. [20:00] Re-targeting can be a powerful tactic to gain awareness in the lead generation case study. John explains how it works and why it's fo powerful. [22:50] "The results were huge!" Cost per lead was only $25.50 per lead which is pretty good with a total spend of around $6000 and a 700% increase in net new leads. [25:00] Counsilman-Hunsaker is the company, here is the link to the case study.
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This podcast deals with the sometimes contentious relationship between manufacturers and their channel partners. Learn how you can get more sales from your channel partners.
Guest: Debbie Pierce, CEO Nitromojo
Highlights:
Sometimes trying to decide exactly who the manufacturing customer really is can be confusing for manufacturers. [4:00] The most successful manufacturers have great communication, visibility, and transparency with their channel partners. Lack of transparency can cause fear on both sides. [7:10] An automated feedback loop can be a huge benefit for attribution and sales projections. [9:50] The 'where to buy' section of the website is a big black hole where sales attribution information disappears and a huge opportunity to for connecting to the end buyer. [16:00] The tri-lateral model changes the old linear model to a circular model that keep channel partner, end user, and manufacturer all in the loop. [23:00] Action steps for getting started with a better channel partner sales strategy: [25:50] Modify your website to capture those end buyers who visit the 'where to buy' page or other lead generation activities such as a trade show. Develop and implement an end customer feedback dialogue that provides actionable results. -
On this episode of Manufacturing Marketing Matters, I’m joined by Randall Laveau. Randall is the marketing practice lead at Sales Benchmark Index (SBI).
In this conversation, Randall talks with us about strategy vs tactics or how tactics sometimes masquerade as a strategy. The importance of a strategy in the marketing plan is crucial. Randall explains how understanding your market will influence your strategy. There is a relationship between strategy and execution. Strategy is doing the right thing. Execution is doing things right. You will also learn the importance of using metrics and analytics to communicate with management and request additional resources to see results from the marketing strategy.
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This week our guest expert Marcelo Prado and I discuss the huge importance of digital marketing for manufacturers. It is really a matter of survival. Those manufacturers who are willing and able to build their go-to-market strategy around the digital world will win, those unable or unwilling will become extinct. Marcelo shares the why and the how.
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This week we talk all about branding strategy for manufacturers. Is it worth the time and effort? Chris Wirthwein shares his experience and answers the question with some 'yes' and some 'no'. In short, a strong manufacturer brand can be a huge advantage if approached from a customer centric approach. Listen and learn if you should pursue branding or just let it die.
Highlights:
"Brand" is what you have and "branding" is what you do. Brand is a perception of your company. Branding is the things that you do that affect those perceptions. [4:20] Consider owned, earned and paid media for branding activities. Chris recommends emphasizing the owned type. [10:10] Interesting idea; what your sales people say to customers and prospective customers is owned media. Your employees could even be considered as owned media. [12:00] It's important to understand the difference between the corporate brand and the product brand. [14:50] Chris' book, The People Powered Brand, talks about the 5 foundations of a people powered brand: [18:20] Consistency Credibility Desirability Uniqueness Do-ability Poor brand alignment can cause a lot of problems including recruitment of talent, the value of a company and profit. [21:20] Chris comes to the conclusion that branding strategy is not dead for B2B manufacturers. Branding is, indeed, an opportunity to gain competitive advantage. [30:50] -
Most manufacturing websites are pretty poor. Sorry, but it's true. Typically, they are focused on describing the company and the products with little regard for the website visitor's problems or needs. The good news is that 90% of your competitors' websites are just as bad, so you have a big opportunity to take a leading position and usurp the search traffic. Tim Doyle talks about how to build a top performing manufacturing website in this week's podcast.
Guest: Tim Doyle, VP Sales at TopSpot
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In this episode, we discuss the power and potential of LinkedIn for lead generation in manufacturing organizations. Bill Sterzenbach from Upward shares ideas, suggestions and real stories about how you, the manufacturing marketer, can and should use LinkedIn for lead generation; more qualified leads, higher conversion rates and a full sales pipeline.
Guest: Bill Sterzenbach, Partner at Upward Brand Interactions
Highlights:
There seems to be a bias against social media, therein lies a huge opportunity for the industrial enlightened. [2:50] LinkedIn is a place where professional go for growth. [5:50] 62% of B2B marketers find LinkedIn to be the most effective way to engage with their target audiences. The people who get the most benefit are those who understand the people who make up their target audience. [7:00] It's about people talking to people more than a brand talking to an audience. [9:30] Bill shares a case study about Parker Hannifin and Caterpillar are using LinkedIn well and having had great success on LinkedIn. [12:20] Here are three things you can do right now to have better success with LinkedIn: [15:20] Put in a practice to get more followers and set an objective. Post at least weekly on a regular basis. Use your internal team to help promote the channel. Learn about how paid or sponsored content works on LinkedIn. [19:10] It's a good practice to use both pay-per-click and LinkedIn sponsored content. [25:40] Get out there and do it badly, don't wait until it's perfect to start. [26:50]Interview Questions:
Question 1 – Let’s start of broadly and talk about social media in general. How should manufacturers view social media when it comes to their business development? Is it table stakes in this day and age? Is it a good way to grow awareness? Is it a waste of time?
Question 2 – Let’s zero in on LinkedIn. Rather than assume everyone knows what it is, would you first share, what is LinkedIn? How does it work? Real example of how a manufacturer might use LinkedIn…
Question 3 – Sounds like it could be a pretty powerful business development tool. Suppose there is a manufacturing marketer out there listening, they have a LinkedIn company page, but aren’t doing much with it. What are 3 things they could do right away towards using that page for business development?
Question 4– I know LinkedIn offers paid advertising. How does that work? A couple of examples would be great.
Is there one ad type you recommend over others? (which one and why that one?) Is it for everyone?
Challenge Question: Send in your challenge question!
This week our challenge question comes in from New York, a manufacturer of industrial gases. Here it is, “I’m the VP Sales and Marketing at a company that manufactures and delivers industrial gases. I listened to your podcast a couple of weeks ago about sharing content to differentiate. Would that work with a commodity like Nitrogen or Oxygen used in an industrial environment? If yes, could you throw out a couple of examples on your next podcast?”
Helpfulness is a great differentiator for commodity products. In a survey, purchasing and buyers will choose a company offering helpfulness over all others. The larger, more premier companies value helpfulness most. Better customers value service on the front lines and all around helpfulness. Use social media to prove your brand is helpful. TOMA + credibility + reciprocity = differentiation and bigger market shareTakeaways:
Set some goals for your social media program. Get buy-in from stakeholders.Offer from Bill and Upward - free lunch and learn in person or via webinar. Prefer if you can bring at least 20 people. Fill out the form here and request to learn more about LinkedIn.
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Interview Questions:
Question 1: Derek, as I mentioned, this is an age-old problem that probably goes back to the first civilization in Mesopotamia. What are some tips and advice you can offer to our manufacturing marketers out there who face this challenge?
Challenge Question:
Question 2: You mentioned technology. How does technology, the internet and ease of access to information play a role? Should distributors be worried that it is easier than ever to reach out to the manufacturer just as much as they are worried about being cut out? Maybe the days of using distributors, manufacturer’s reps or re-sellers are coming to an end, what do you think about that
Question 3: Could you share an example of how the ideas and suggestions you mentioned earlier have worked for a manufacturer and the distributor as a win-win proposition? What type of results did they see in this example?
Question 4: Is it an opportunity for savvy manufacturer who gets it and learns to work closer with his distributors to gain a competitive advantage over those not willing to change the way they go to market?This week our challenge question comes from the VP Sales & Marketing at a Midwest plastics manufacturer. Here it is “We’re really a service provider of injection molding. Our customer base is mostly retailers. It’s almost impossible to differentiate our service from our competitors, so it almost always comes down to price. We and our competitors seem to be spiraling into the abyss of tiny margins. Do you think your idea of sharing expertise could help my business to increase profit margin and revenue? Nobody else is marketing that way in our space.”
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This week we are re-posting the most popular episode of the year. Did you know that content marketing has super powers to grow your manufacturing business? It's true, but you need to know how to release the superpower. Robert Rose shares just how powerful content marketing can be for your business.
Interview Questions:
Question 1 – Robert if I were to get 10 of my audience in a room and ask them to define content marketing, I might get 10 different answers. Just to level set with the audience, would you share, in a practical sense, what is content marketing? What is not content marketing?
Question 2 – In your experience dealing with B2B manufacturing companies, if there is an opportunity for manufacturers who adopt content marketing to gain an advantage; increased market share, more sales, competitive advantage, etc., would you describe that opportunity? Content marketing is a common term these days, thanks to CMI, isn’t everyone doing it now?
Question 3 – Manufacturing is, some would say, a different animal as compared to high tech or the service sectors because they make a product and the company culture revolves around that product. Content marketing is about sharing expertise and not about pitching the product, correct? When I talk to manufacturers, they struggle with this idea of sharing knowledge and not pitching the product to gain engagement. In your dealings with manufacturers, have you also seen this culture hurdle and how do you advise a manufacturing marketers who want to get started with content marketing to deal with the product culture?
Question 4 – Most of the manufacturers I talk to still go to market with a 1990s strategy, meaning they rely on a field sales team or distributors to build relationships one to one. But their customers want to buy like it’s 2016. Is this what you are seeing as well? Would you agree that herein lies the opportunity, closing that gap between how mfg goes to market and how their customers want to buy, for savvy B2B manufacturers? I don’t think content marketing is for every manufacturer, it’s not easy and it’s not for the faint of heart, but if done well, it really pays off. Suppose there is a CEO or VP Sales and Marketing of a mid size B2B manufacturer listening to this podcast who understands the potential power of content marketing but doesn’t know how to get started. What would you advise?
Challenge Question – This week our challenge question comes to us from a VP Sales and Marketing at a Midwest metal fabricator. “I just attended an industry conference where one of the speakers was talking about how we should get into content marketing by starting a blog. We started a blog and nobody is reading it. What is your advice, should we continue with content marketing or, since the blog is not working, go back to pushing our widgets?”
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This week, we delve into the importance of marketing planning. Remember the comedian, Rodney Dangerfield? His shtick was “I don’t get no respect”. I wrote a blog post a few weeks ago, suggesting that Marketing is the Rodney Dangerfield of manufacturing because marketing gets no respect in manufacturing.
And why is that? The 2 biggest challenges I hear from manufacturing CEOs, leaders, VP Sales is always (after talent acquisition) that they need more leads and more awareness in their target markets.
Marketing is the solution to these challenges (and also a solution to the talent acquisition challenge by the way). But, alas, marketing still gets no respect. Sales can’t solve these challenges on their own anymore. Maybe they could back in the 1990s, but not today.
Our guest expert today is going to talk about marketing strategy and planning. He’ll share with our audience why marketing does deserve respect and why marketing planning is so critical to a manufacturing company’s survival. He’ll share a few ideas about how to get started with a marketing plan, and share some other pearls of wisdom about why you can gain a huge competitive edge with a proper marketing plan.
Guest: Bruce Clark, Associate Professor of Marketing at the D’Amore-McKim School of Business at Northeastern University
Highlights: [4:40] Bruce C. shares why and how tactical marketing is different than strategic marketing. [7:50] There is evidence that the earlier you involve marketing in a strategic process, the more successful it will be. [10:00] Check out Clayton Christensen's framework "Jobs to be Done" [13:15] The basic framework for a marketing plan - Where do we want to go? Where are we today? How will we get there? [16:00] Marketing planning and strategy is most important when your industry is changing and especially when it is changing fast. Marketing is changing from transmission to conversation. [19:45] Bruce C. compares and contrasts niche market versus broad market. [22:20] You need to think about how the money works and the economics of your offering. "No plan survives contact with the customer." In other words, you need to have guidance in place for changing conditions. [27:30] A marketing plan should be a guide not a script. [31:30] A marketing plan should be a process the entire company is engaging with on a regular basis. Interview Questions:
Bruce's Twitter: @bruceclarkprofQuestion 1 – Bruce, let’s level set to get the ball rolling. I expect that when most of our listeners think about ‘marketing’, they think of the tactical aspect, i.e. trade shows, advertisements, email, and so on. I’d like to suggest that this perception misses the most important aspect of marketing, strategic marketing. Would you talk about the two different parts of marketing, strategic versus tactical when it comes to the marketing function? Do you agree that the very term marketing is usually relegated to the tactical side? Why do you think that is the case?
Question 2 – Now that we’ve set the stage, let’s dig into the strategic side of marketing. Why is marketing strategy and associated marketing planning so vital to the B2B manufacturer in this day and age? What do you think will happen to manufacturers who can’t or won’t step up their strategic marketing game?
Question 3 – What is the single most important part of a marketing plan? What pitfalls would you advise our listeners to avoid?
Question 4 – Suppose there is an owner or CEO of a mid-size manufacturer out there listening. He’s never had a marketing plan, but now, he thinks it’s time to go through the exercise with his team to create a proper marketing plan. What are the first few steps he should take to get the ball rolling?
Challenge Question:This week our challenge question comes from a Marketing Director at a company that manufacturers industrial scales in upstate New York. Here it is. “We’re a B2B manufacturer of industrial scales, have been around for more than 50 years and very successful up until the last couple of years. We’re getting killed by overseas competition offering a lower price. Our go-to-market strategy has always been built around a direct field sales team supported by a small marketing team. Sales relationships are not able to overcome the price difference any more. You advocate that we stop pitching the product and start sharing expertise. We’re ready to give that a try, but have no idea how to get started. What should we do first?”
Think about why your customers are weighing things and how you can help them make that process better. Send the marketing team out with the sales people to learn what's happening in the field. Takeaways: Figure out where you are and where you want to go. The best plans are guides not scripts. -
This week we learn about how and why marketing must become a strategic component of the business. The first step is to start thinking strategically. Not only can marketing make your business a lot more money, it can also save your business a lot of money.
Guest: Andrea Olson, Founder & CEO at Prag'madik
Highlights: [3:15] Quality should trump quantity when it comes to marketing activity. One way to save money is to use marketing automation for the routine activities and focus more on the strategy (marketing and business). [5:00] Andrea explains why more manufacturers are not adopting automation for the front of the house when they are embracing it for operations. You have to have a marketing strategy before you can use marketing automation effectively. [11:00] Marketing needs to be elevated to a strategic component of the business before it can be a money making part of the business. Ask the tough questions about what should be continued and what should be stopped. [13:30] Andrea talks about ROI and attribution, using a trade show as an example. [16:00] Any size marketing team can gain these advantages, but if you are a small team, start small with one particular piece and make it better, look at it from the CEO or CFO perspective. [18:30] Marketers must understand the financial aspect of the business so they can communicate with the leadership. [24:00] Andrea brings up a good point, why does Sales get unlimited touch points, but Marketing gets limited touch points? [27:30] Andrea shares a real-life practical example. Interview Questions:
Andrea's book: No Disruptions: The New Future for Mid-Marketing ManufacturingQuestion 1 – Andrea, I’m sure our listeners out there are on the edge of their seats, wondering how they can turn their marketing function into a profit center and, at the same time, save money. Let’s first talk about how they can save money. How does that work?
Question 2 – And, the other side of the topic, how can they turn marketing operations into a profit center?
Question 3 – A lot of manufacturers I talk to have a small, sometimes one person, marketing team. Is this something they can do? Or is it only for larger teams?
Question 4 – It seems like you’re saying that, not only can marketing generate leads, awareness and sales pipeline, but it can also be a revenue stream in and of itself. Could you share an example of a company that has done it?
Challenge Question:This week our challenge question comes from the general manager at a Colorado company that makes various composites. Here it is, “I’m the GM at a B2B manufacturer of composites. We sell all over the globe. Our marketing team has always held the role of support to the sales team. They aren’t strategic thinkers and we’ve never thought about marketing as a strategic component up until recently. In reading your book, it seems we might be missing the boat on the opportunity a strategic marketing function can offer. Should we get started making the conversion to a marketing focused strategy from a sales and product focused strategy? What is the first step?”
Make it a customer focused strategy and break down the sales, marketing, operations silos. First step is to get someone in who understands the strategic component by hiring a VP or bringing in a consultant. Yes, start thinking about marketing as a strategic component of the business. It's a matter of survival. First step is to start talking about it and look at the team. Takeaways: Define marketing's role in the organization, take a fresh look at how marketing can help solve the current business problems. Start to understand the role of the CFO and understanding the finance of the business. For example understand inventory turns, cost of customer acquisition. -
This week we learn about a government program that offers matching funds for marketing initiatives. Who’s interested in some federal grant matching funds? Did you know there is a federal program called Trade Adjustment Assistance for Firms (TAAF) that will match up to your $75,000 investment in certain initiatives including; production, information systems, management, quality and, of course, my favorite initiative, marketing.
Guests: Tania Bahr-Torline & Amy Graziano, Program Managers at RMTAAC
Highlights: [3:30] TAAF is designed to help small and medium size manufacturers affected by foreign competition. [4:50] Amy shares the 5 criteria that a manufacturer must fulfill to be eligible for the matching funds. [6:30] Tania talks about how the grant funds can be used my manufacturers. [7:40] There is an approval process for consultants, but for the most part, the manufacturer chooses the consultant they want to work with. [9:30] Learn how much your firm can get. Maximum benefit is $75,000 and usually the funds are spread out over multiple years. [11:00] Listen to two great success stories where manufacturers who were facing stiff foreign competition and, with TAAF funds, were able to turn around their businesses. Interview Questions:
RMTAAC Website: www.rmtaac.org
TAAF Website: www.taacenters.org
Phone number: 303-499-8222Question 1: Tania, let’s start off with you, would you please give us an overview of the larger federal program, TAAF, and then how the regional offices fit in under that?
Question 2: Amy, let’s talk specifics, how does a manufacturer qualify for the matching funds? Tania, what can the funds be used for?
Question 3: Amy, who does the work? Does RMTAAC have specialists on staff or does the manufacturer go out and find a consultant?
Question 4: Tania, I’m sure everyone is wondering, how much assistance can a firm expect to receive? How often can a manufacturer take advantage of the program?
Question 5: I’d love to hear from each of you on this one, what is your favorite success story? Amy, let’s start with you. Tania do you have a favorite success story?
Amy's Takeaway: If you're interested in this program, don't rule yourself out. Let TAAF help you determine if you're eligible.
Tania's Takeaway: There is another very important component of the program is a business planning phase. A lot of companies feel that planning process is as valuable, maybe more, than the money itself.
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This week we're talking about an under-utilized method for growing your manufacturing business, a business coach. Learn about the benefits, what makes a good candidate and how it works.
Guest: Colonel (ret) Burl Randolph, Founder, President, Chief Consultant of MyWingman, LLC
Website: MyWingman, LLC
Burl offers a free consultation if you want to learn more about his coaching service - contact information is on the Guest Experts page.Get started with your marketing plan. Free templates and sample manufacturing marketing plan.
Highlights: [4:00] Burl expains the difference between coaching and mentoring and introduces the concept of your professional and/or business blindspot. [5:00] An important distinction is that the coach is not the expert, the player is the expert in their industry. [8:00] A coach is the person who provides you with unfiltered advice and feedback. It is very difficult to get objective feedback from subordinates. A coach is a person whom the CEO can freely vent to without being judged. [17:10] Coaching is best for someone who has a willingness to learn, willingness to grow and willingness to execute on the outcomes of a coaching session. [23:00] A big part of the coaching process is accountability. Who else will hold a CEO accountable? The coach can play this role. [24:00] Burl shares some questions you should ask if you are considering a business coach and when a coach is not a good idea. Some people are simply uncoachable. Interview Questions:Question 1: Burl, let’s start off with level setting. The term ‘coaching’ probably conjures up all kinds of perceptions in the minds of manufacturers. Let’s hear your definition of what it means to be coached or the process of coaching? What’s the difference between a coach and a mentor?
Question 2: What are the benefits of coaching? Who can benefit from coaching in the manufacturing world? Are there certain criteria like leadership level or company size?
Question 3: Let’s say you were going to coach a CEO at a mid-size manufacturing company, could you describe a month in the life of the coach and coachee (if that’s a word)?
Question 4: What are a few questions one should ask themselves when contemplating using a business coach? Are there any reasons coaching might not work?
Challenge Question:This week our challenge question comes to us from a manufacturer of steel tubing located up in Washington State. Here it is: “We’re a B2B steel tubing manufacturer and I’m the Marketing Manager with a small team of 3. We, the marketers, know that we need to be doing content marketing and sharing our expertise. We get the benefits of that. When I try to sell the idea to our CEO and VP Sales, we get shut down because they say if we share our information, then the competition will get it too and we lose our edge. Do you have some tips about how to get them to move away from product brochures and trade shows (we spend half million dollars a year on trade shows) to buy in to the idea of creating content.”
Provide results through examples. Use examples of the competitors or other companies in the area who are having great success at content marketing. Understand the difference between marketing and sales. Content marketing does not promote your proprietary information, it promotes your expertise in a particular problem faced by the target audience. Ask to do a small pilot program. When you share expertise, you develop TOMA and credibility in the minds of the target audience. Takeaways: Take advantage of free consultations and learn more about the possibilities of coaching for your professional life. -
This week we're discussing how sales and marketing alignment can increase revenue. You will also learn what it is and how to get alignment.
Guest: Desiree Grace, VP Sales & Marketing at Anamet Electrical, Inc.
Highlights: Here are some statistics from the HubSpot website: Misalignment between sales and marketing technologies and processes costs B2B companies 10% of revenue or more per year. Companies with good alignment practices in place generated 208% more revenue from marketing efforts. When sales and marketing teams work together, companies see 36% higher customer retention and 38% higher sales win rates. [4:40] Sales and marketing are like siblings and the other departments are like the cousins. [6:50] Alignment is based on open and honest communication without either side getting defensive. [9:10] Product launches are a great example where tangible costs of the launch are increased when there is not strong alignment. ROI may even be negative because of poor alignment. [12:20] Desiree shares an alignment success story at Anamet Electrical by creating a rep council to share field information. [18:00] Deriree shares the idea of using a beta test instead of a large full scale roll out. [19:20] Here are a couple of steps to getting started: First, take a look at your base organizational structure. Are both teams under the same leader? Might need to change that structure. Find places where the teams can work together on a common project or task just to get started talking and sharing ideas. This creates understanding and understanding leads to alignment. Start with a customer survey and develop the questions collaboratively between sales and marketing. [23:30] Desiree shares her own success story with sales and marketing alignment at her company. One of the hardest parts of alignment is in preventing people from taking debate and criticism personally. [26:50] One of the biggest pitfalls is with long term employees who don't want to change. Be prepared to deal with resistance and the need to sell internally. Interview Questions
Website: anametelectrical.comQuestion 1: Desiree, let’s start with the basics, how do you define sales and marketing alignment? Sales aligned with marketing? Marketing aligned with sales?
Question 2: I mentioned a statistic at the beginning of the podcast; misalignment can cost a manufacturing company up to 10% of revenue per year and well aligned companies generate 208% more revenue than non-aligned. As a manufacturing go-to-market practitioner and leader, have you personally seen similar results? What are some other tangible benefits of sales and marketing alignment you have seen in addition to revenue increase?
Question 3: I suspect most of our listeners agree that there are tangible benefits to their top line and bottom line. But they are probably wondering, how is it done? How do I get my sales and marketing teams to work together? Could you sum up 3 or 5 steps to get started?
Question 4: Would you mind sharing your own success story of achieving alignment in your professional experience? Do you have any pitfalls or lessons learned you could share with our audience based on your experience?
Challenge Question (send in your own challenge question)This week, our challenge question comes from a chemical manufacturer in Massachusetts, here it is: “We manufacture chemicals mostly for waste water treatment plants. We have a big field sales team calling on municipalities and large manufacturers. Our marketing team is very small and they are responsible for making brochures, setting up trade shows and the website. Recently, our main competitor has been eating our lunch. We get a lot of RFQs, but we’re losing, even to higher prices. When we ask the prospects why they are choosing the competitor, they say because they (the competitor) are very helpful and they really seem to know what they are doing. We make a better product and have a better company, but, apparently, we aren’t getting the message out. How can we get the message out and start winning business again?”
Learn how the competition is being helpful, find out what they are doing to create the perception. Find out why the customer has the perception that they know what they're doing. Close those gaps from the customer perspective. Your competition is ahead of you and probably sharing information to get that credibility. You should start creating content and start being helpful with your own unique expertise. Takeaways: Start looking at your internal data and start mining your employees knowledge, experience and ideas. -
Our guest expert today is going to talk about the major disruption that is affecting the manufacturer - distributor - end user relationships and how your company can be the survivor.
Guest:
Highlights: [4:00] The relationships on both sides, the manufacturer and the distributors, are ending because of retirement. In the past, the relationship was the catalyst for business, if the relationship goes away, behaviors have to change. [10:10] Technology will play a critical role in this disruption. The manufacturers and distributors who can work together to serve the end user will be the survivors, those that do not will not make it. [12:00] Here's why the end user comes out the winner, at least in the short term. [15:14] It's all about education and problem solving. [17:30] Derek shares a real life example of how a good manufacturer-distributor relationship helped an end user with a big problem. [23:45] The upside potential for manufacturers and distributors who can and will adjust, is huge. This is a once in a lifetime opportunity to differentiate and gain market share. But the downside is even more dramatic in a negative way. Interview Questions:
Derek Weber, President at goBrandgo
Website: gobrandgo.comQuestion 1: Derek, as I mentioned, this is an age-old problem that probably goes back to the first civilization in Mesopotamia. What are some tips and advice you can offer to our manufacturing marketers out there who face this challenge?
Question 2: You mentioned technology. How does technology, the internet and ease of access to information play a role? Should distributors be worried that it is easier than ever to reach out to the manufacturer just as much as they are worried about being cut out? Maybe the days of using distributors, manufacturer’s reps or re-sellers are coming to an end, what do you think about that
Question 3: Could you share an example of how the ideas and suggestions you mentioned earlier have worked for a manufacturer and the distributor as a win-win proposition? What type of results did they see in this example?
Question 4: Is it an opportunity for savvy manufacturer who gets it and learns to work closer with his distributors to gain a competitive advantage over those not willing to change the way they go to market?
Challenge Question:This week our challenge question comes from the VP Sales & Marketing at a Midwest plastics manufacturer. Here it is “We’re really a service provider of injection molding. Our customer base is mostly retailers. It’s almost impossible to differentiate our service from our competitors, so it almost always comes down to price. We and our competitors seem to be spiraling into the abyss of tiny margins. Do you think your idea of sharing expertise could help my business to increase profit margin and revenue? Nobody else is marketing that way in our space.”
Derek shares a great story about Schlitz beer and how they increased market share by sharing expertise. Think about what your customer is trying to accomplish and how you can help them get there. When you share knowledge and help them solve a problem, you get TOMA, credibility and reliability. Then you will get the first call. The best place to find topics is in the inboxes of your service and tech support email. Takeaways: Don't underestimate the changes and make sure you're prepared for the future. Make sure that you're partnering with good people.Related podcasts and blog posts:
MM 051 - Learn exactly what your distributors need from you to sell more
MM 063 - Channel partner sales strategy for manufacturers -
This week we push the envelope and discuss recruitment and selection process in manufacturing industry. It's all about creating a culture that positions your firm as a highly desirable place to work. Here's how you can achieve that perception.
Guest:
Highlights: [6:30] A lot of people are setting up for the "gig" economy as consultants or contractors. [8:30] Adrian shares why just recruiting at a time of need is the wrong way to go. Recruiting should be an ongoing effort even when there is not an immediate need. [9:20] Recruitment should not be an island operating on its own, it should be a process integral to the growth strategy and plan. [10:40] Here's how your manufacturing company can become a highly desirable place to work: Develop a great culture Develop a superb reputation for training and development Build partnerships with educational institutes [12:00] Adrian shares some great examples of companies that are creating a highly desirable place to work. [15:20] Best practices for manufacturers to get the very best choice for their recruitment. You need to have quantity and quality in the pool of applicants. [18:10] Some ideas about writing a well balanced job description. [21:15] A simple framework for creating an attractive and truthful position offering. [23:30] Adrian talks about 'fit' and how a company knows if a candidate is a good fit for culture, team and duties. [26:00] Your reputation as a great employer or a poor place to work spreads quickly and a company should always be working on that perception. [27:40] The companies that have the highest performance are unequivocally, always superb trainers. This single attribute will attract high quality talent. Interview Questions:
Adrian Hargreaves, Managing Director, Hargreaves Marketing Ltd
Website: hargreaves-marketing.co.ukQuestion 1: Adrian, what are you seeing in the talent market place? What is the typical process when it comes to recruitment of talent in the manufacturing space? What, if anything, is wrong with that traditional process?
Question 2: How should companies be approaching the recruitment process? I know most companies try to cram everything possible into the job description (the unicorn or the purple squirrel) and just hope for the best. Is there a better way you recommend that they should create the job requirements to ensure success?
Question 3: How about the process itself, should firms have a specific process? What are a few best practices you would suggest to ensure a good outcome?
Question 4: Perhaps the most important aspect of finding the right talent is ‘fit’. Fit could mean a lot of different things. I bet if we got 10 managing directors in a room and asked them to define ‘fit’ in the context of hiring talent, we would get many different answers. How do you define fit and how important is it in high performance recruiting? Finally, the recruitment process doesn’t end with the first day on the job, correct? Could you expand on that idea?
Challenge Question:This week, our challenge question comes from a manufacturer of recreation vehicle aftermarket parts right here in Colorado, here it is: “We’ve been lucky enough over the years to have a few great customers who kept us busy and profitable. Lately, they are looking for other suppliers and diversifying their supplier networks. Our business is suffering. We’ve never had or needed a sales or marketing function. Now we need a strategic go-to-market function and we need to execute fast. What position should be my first hire? Sales, marketing, consultant or something else? Any real-life examples appreciated!”
Take a look at the internal values, do those values include taking care of the customer? Make sure that every employee is aware of the customer-centric values. Go out and talk to the customers that are leaving. This should be the MD/CEO making the connection if possible.Send in your challenge question to the show.
Takeaways: Don't wait for a vacancy for a role before you think about recruitment, make it part of your company plan. Be a magnet for ambitious, career minded people by developing a reputation for training and development and become a highly desirable place to work. Develop high level level of community partnerships. Treat each recruitment as a campaign. The most important word in recruitment is relevance. Related podcasts and blog posts:MM 049 - Are You Truly Customer Focused?
MM 081 - Customer Focus, the Key to Great Content Marketing - もっと表示する
