In a recent article from Industrial Distribution, the term “omnichannel” and what it means for distributors was discussed. Omnichannel means the connection of all systems, platforms, departments and sales channels. With omnichannel capabilities, distributors can provide customers with a consistent experience across all touch points.
Why are omnichannels important to B2B customers?
Omnichannels allow users to have a fluid shopping experience and give them options when they shop. Over time the number of channels that customers can engage with has grown and will continue to grow. In a study from McKinsey & Company, they found that modern B2B buyers want to engage with distributors across 10 or more channels and move between channels seamlessly.
With more channels for buyers to access this leads to more sales.
What Is Omnichannel?
An omnichannel model gives you a holistic view of the customer experience and buying journey. When you understand your buyers’ buying patterns then you will know what products they are in the market for and how to better your business.
By having multiple channels, it allows users more opportunities for buying and makes it easier to buy from you.
How many channels do you offer your customers today? If it’s anything less than 10, it’s possible you’re not reaching all your potential customers.
Over the past decade, we’ve watched LinkedIn go from a job recruiting site to now being a true networking ecosystem. Join Matt Sonnhalter for a Marketing Minute to learn more about the exciting potential of using LinkedIn for your company.
If you’re a manufacturer that markets products and services to the construction, industrial, or manufacturing markets, you must know how much your marketing efforts are paying off. That being said, measuring the return on investment (ROI) for each individual effort can be difficult. However, with the right approach, it’s possible. In this article, we’ll discuss how to measure the ROI of your manufacturing marketing efforts to help you make better decisions about your marketing spending and strategies. More accurately, we’ll cover creative ways to measure different types of engagement. This will help you ensure that every penny counts towards achieving the best outcomes possible.
1 Understand the Basics of Return on Investment (ROI)
A return on investment is anything that brings you a return after an initial investment. More often than not, this is a monetary return, but not always. That being said, one of the most important things for any business is figuring out the ROI. If you know what you are investing into and why, you can maximize efficiency and bottom line. When it comes to manufacturing marketing efforts, as with all marketing efforts, your goal should be to maximize returns while minimizing expenditures. Using metrics like time spent or money saved will help you gauge whether you are on the right track to success or failure. As a result, you’ll be able to make decisions quickly and efficiently.
2 Identify Your Key Performance Indicators (KPIs)
Identifying key performance indicators is essential to measure the ROI of your manufacturing marketing efforts accurately. Your KPIs can help you set goals and measure progress. They can also help you prioritize tasks, increase productivity, and improve customer satisfaction. It can be challenging to figure out which KPIs are relevant for your type of business. This can be especially difficult for manufacturing marketing efforts since it requires specific marketing. However, no matter the type of business, the same principles hold. You need to establish processes that incorporate feedback systems when meeting particular objectives. This will ensure that you accomplish all your tasks thoroughly and efficiently. Additionally, with the data you gather, you will have all the information necessary to make informed decisions that yield results.
3 Analyze the ROI of Different Types of Manufacturing Marketing Efforts
When it comes to marketing efforts in the manufacturing industry, many different options are available. It can be challenging to determine which ones will yield the best ROI. This is where analyzing different types of ROI becomes essential. Understanding how each strategy affects your bottom line lets you decide which methods make sense for you. This is the best course of action if you wish to figure out how to allocate resources accordingly. Doing this is going to allow you to get a complete understanding of the efficacy of your marketing initiatives.
4 Make Use of Software Solutions to Track Your Campaigns
Automation and software solutions make the process of tracking campaigns easier and faster. Not only that, but they free up valuable time to focus on other business processes. By taking advantage of automation, companies in the construction, industrial, and manufacturing markets can get real-time information to track the effectiveness of their campaigns. This data help with making more informed decisions on optimizing their efforts to maximize ROI. Additionally, automation can help identify growth opportunities.
Furthermore, it can show areas where campaigns need tweaking or improvement. Keeping an eye on the performance of your campaigns using software will even give you a competitive edge in your market. That being said, CRM is the best software to use for this purpose. If you can make the most of your CRM, you won’t have issues staying on top of your ROIs.
5 Utilize Data Analytics to Identify Areas for Improvement
By utilizing data analytics, manufacturers can gain greater insight into their customers. Furthermore, they can identify areas in need of improvement. Data analytics allow a manufacturer to compare customer feedback over time. This, in turn, makes it possible for them to detect any changes that may warrant attention. Combing data analysis with target research will also help you recognize customer trends. This is important because staying on top of the changes in your industry will help you adapt quickly and accurately. This assessment of customer preferences allows companies to remain agile and respond to customer demand in a timely manner. As a result, this is going to increase customer satisfaction.
Additionally, harnessing the power of data-driven decision-making can significantly improve multiple aspects of the business. For instance, by leveraging advanced analytics tools and techniques, you can better understand your whole operation and figure out how to improve them.
6 Develop Strategies to Maximize Your ROI
Maximizing your company’s ROI is the key to sustainable growth and profitability. However, you need to understand how to structure your investments across different advertising platforms to achieve this. And, for this to work, you need to create a strategy. When creating a strategy, you must be careful because what’s on paper may not be so cut and dry when you put it into practice. For this reason, you must regularly monitor metrics such as sales volume and cost efficiency to ensure they work in practice. If you don’t do this, there is no way to ensure success.
Conclusion
In order to effectively measure the ROI of your manufacturing marketing efforts, first and foremost, it’s important to understand your ROI. In addition, identifying KPIs can help to ensure accuracy when it comes to the data you collect. Furthermore, software solutions like CRM can help streamline the process. So, following these steps will increase the likelihood that you will hit the right targets with your next marketing effort. Not only that, but you will also be able to accurately measure the ROI and make any improvements if at all necessary.
About the Author
Michael James is a seasoned marketing professional with years of experience in the manufacturing industry. He has developed a deep understanding of the unique challenges and opportunities of marketing products. In his free time, Michael loves spending time hiking and surfing.
Let’s face it, third-party cookies and Ad IDs have been a crutch for advertisers over the past decade.
Well now as data restrictions tighten and tech companies (i.e., Google and Apple) make it harder for advertisers to track users, everyone is scrambling to find alternatives to using cookies.
One alternative is using your first-party data which is the data you collect on your audience based on their activity within your website, app, email services or social media.
A new study from LiveIntent and Advertiser Perceptions lists the top ways advertisers plan to grow or enhance first-party data, with the Top 3 areas being:
1) Growing email lists via newsletters
Nine in 10 advertisers see newsletters as valuable in understanding your audience. The use of growing your email list will help businesses to activate their data and fully understand their audience. Newsletters will also allow businesses to personalize their communication efforts and see who they should be targeting. Lastly, they will also help to provide first-party data and show you relevant content that businesses can use to build a connection with consumers.
2) Site/app visitation behavior
Website and app visitation can provide important behavior that can be used to track their data. When users connect to your website, the website can collect your audience details. From websites or apps, you can gain users email address, name, mobile number, location based on shipping information and behavioral data. With all this data you can easily see what audience persona or following you have and market directly towards them.
3) Social media
Social media is a vital tool in collecting your audience’s data. Your audience will most likely be using social media way more than just typical Google. Especially in this day and age, people are constantly on a social media platform throughout the day. With social media, you can directly see who your audience is and can even focus on paid media to target and get more insights. With knowing your audience, you can also look for ways to improve on social media to try and expand your first-party data.
Data is very important in knowing who your audience is and seeing who you should be marketing towards.
What’s your company doing to increase their first-party data?
CLEVELAND – April 2023 – Sonnhalter, a communications firm marketing to the professional tradesman in the construction, industrial and MRO markets, announces NIBCO as one of its newest clients.
Founded in 1904, NIBCO is a leading provider of valves, fittings and flow control products for commercial, industrial and institutional construction, marine markets, as well as residential and irrigation markets. Headquartered in Elkhart, Indiana, NIBCO offers more than 56,000 SKUs to the plumbing industry.
“As NIBCO continues to grow and expand, Sonnhalter’s knowledge of the industry will help NIBCO to increase our brand awareness,” said Sally Boyer, marketing communications manager at NIBCO. “At NIBCO, we have a manufacturing history spanning over a century of producing high quality products, and with Sonnhalter we can continue to push boundaries.”
Sonnhalter will be assisting NIBCO in managing its earned media, social media, paid media and overall marcom strategy.
“NIBCO is a company with a rich history and expansive list of valves, fittings and flow control products,” said Matt Sonnhalter, vision architect at Sonnhalter. “We look forward to working together to enhance NIBCO’s brand leadership in the industry.”
About Sonnhalter
Established in 1976, Sonnhalter is the leading B2T marketing communications firm to companies that target professional tradesmen in construction, industrial and MRO markets. Sonnhalter is located in the historic Brownell Building in the heart of downtown Cleveland. Sonnhalter’s brand identity highlights its expertise in marketing to the professional tradesmen. Its tagline, “Not Afraid To Get Our Hands Dirty,” promotes the employees’ willingness to roll up their sleeves and dig deep into clients’ businesses, also, it refers to the market it targets: the tradesmen who work with – and dirty – their hands every day. Sonnhalter developed the acronym “B2T,” which stands for “business-to-tradesmen” to capture the essence of its specialty. For more information, visit the company website at Sonnhalter.com.
About NIBCO INC.
Founded in 1904, NIBCO INC. is a leading provider of valves, fittings, and flow control products for commercial, industrial and institutional construction, Navy marine markets, as well as residential and irrigation markets. NIBCO is headquartered in Elkhart, Ind., and has 13 manufacturing plants located throughout the United States and globally. Visit NIBCO.com for information on the complete line of NIBCO products.
By the time I reached Indianapolis for the NTEA Work Truck Week, my seventh trade show in just over 52 days, my battery/energy level was running close to empty! Luckily for me there were plenty of batteries and charging stations since electric vehicles were once again the hot topic of the show. You couldn’t walk 10-feet down any aisle without tripping over something EV-related.
As the industry’s transition to electric power accelerates, much of the news coming out of Work Truck Week was related to electric vehicles, including the launch of eight commercial EVs, as well as associated auxiliary power solutions, bodies and equipment.
The Green Truck Summit, NTEA’s full-day advanced fuels and vehicle technology conference, was also sold out for the second year in a row, with nearly 1,000 attendees.
And the overall attendance of the show returned to pre-pandemic levels with 14,885 industry professionals, setting a new record with a 17% increase over the 2022 event.
Here are just a few of the commercial electric vehicles which were unveiled at the show:
-Isuzu Commercial Truck of America and Hino Trucks both chose Work Truck Week 2023 to announce their first all-electric trucks, Isuzu’s N-Series EV and Hino’s M5e and L6e.
-Mack Trucks unveiled its first electric vehicle in the medium-duty segment, the Mack® MD Electric.
-Shyft Group revealed the new Blue Arc Class 5 All Electric Crew Cab, while Ideanomics and VIA Motors introduced the VTRUX® electric work truck.
-Workhorse Group pulled the silk from its new W56 zero-emission step van.
-JB Poindexter & Co business units announced several new products and developments, including Project ZEVX, an EAVX, Reading Truck and ZEVX electric concept, and an all-electric C250 postal truck demonstration vehicle developed by Morgan Olson for Canada Post.
-Ram Commercial showcased its new Ram 1500 Battery-electric Vehicle Concept, and Bollinger Motors provided updates on its new B4 all-electric fleet truck. Meanwhile, Ford Pro marked the one-year anniversary of the Ford E-Transit all-electric van.
And while the commercial EVs dominated the headlines at the show, there was one booth that caught my eye as I was walking the last day of the show. Loop Energy, an industry-leading developer, manufacturer and supplier of hydrogen fuel cell systems for vehicle OEMs and power generation system manufacturers. They were showcasing their newest commercial vehicle solution. Who knows…maybe hydrogen could be the next alternative fuel/power source in the decades to come. I guess maybe we are not that far away from flying vehicles:)
Well, that’s a wrap for the 1Q 2023 trade show season, time to rest up for the Fall trade show circuit!
