Business owners are familiar with building their own go-to-market strategy. It's the official plan of how a new product gets launched, who the target audience is, the marketing plan, and sales strategy. But each product, industry, and market are different — especially in the manufacturing and industrial world. And with the move toward a digital transformation of sales and marketing, are business owners missing out on incorporating digital efforts into their go-to-market strategy? According to a small business survey done by Thomas, only 15.69% of small businesses in the U.S. are using digital marketing as a primary marketing tactic and 30% are still using word-of-mouth.
The following steps outline how to plan your new product launch with digital marketing and newer, better growth methods.Read More »
It’s an active period of growth for some textile manufacturers, and despite the uncertain economic times, there’s a strong potential to continue growth momentum. Growing your business means different things to different people — it’s all about your goals. You may just be looking to increase orders or you may have a five-year plan to double your business and expand your facility. Whatever your growth goals are, here are ways textiles manufacturers can get more customers and stay ahead of the competition.Read More »
Last quarter “steel” was one of the most sourced products on the Thomasnet.com platform. Sheet metal and metal stamping facilities are rising and contributing to the growth of this market. But it also comes as no surprise when steel and metals represent an important supply source to the aerospace, aviation, and medical industries — timely to today’s global pandemic of COVID-19.
So how can steel and metal manufacturing businesses continue the momentum of their business growth? First, make sure you have a clear business plan. Some manufacturers try to grow their manufacturing business by doing everything possible. Choose business goals that are realistic and document them so you can see your milestones and track your growth along the way. You may overwhelm yourself and your employees if you don’t have a clear plan first.Read More »
Almost without notice, COVID-19 changed the way businesses operate and how individuals live. The manufacturing industry has shown inspirational resilience throughout historical times, yet the continuous effects of COVID-19 on the economy have pushed the manufacturing industry to reimagine the way they do business.Read More »
Encompassing broad items as simple as bandages all the way through to ultra-high-tech pacemakers, the U.S. medical device market is the largest in the world. Forbes called it a “disruptive” market of $410 billion through 2023. Today, “disruptive” is an appropriate word.
More than a decade ago, the medical device manufacturing industry saw an increasing emphasis on design and simplicity, driven by software and technologies. And innovation contributed to a shift in power from the pharmaceutical to the medical device industry. These days, there is still a high demand for technological, intuitive devices — with a faster time-to-market than ever before. Hospitals, medical facilities, and other markets are pressuring medical device manufacturers to be more secure, innovative, cost-effective, and efficient.Read More »
As of 2018, the global pharmaceutical industry was spending approximately $150 billion every year on research and development — but sales and profits continue to decline. While many manufacturing companies have adopted technologies to innovate their shop floors and processes to increase sales and productivity, many pharmaceutical manufacturing companies are still behind in adoption.Read More »
Many manufacturers and engineers have volunteered to address the shortage of supplies to combat the coronavirus pandemic but some supplies are taking a long time to produce. Invoking the Defense Product Act (DPA) allows the federal government to direct U.S. manufacturers to ramp up production of emergency medical supplies immediately.
After delays of rolling out its usage, FEMA confirmed earlier, Tuesday, March 24th of using the DPA for the first time during the coronavirus pandemic to order about 60,000 test kits and 500 million personal protective masks. However, FEMA then announced later that same Tuesday, “At the last minute, we were able to procure the test kits from the private market without evoking the DPA.”
The uncertainties of today's crisis coupled with manufacturers' exempt status from state-wide closures signal that the industry should remain prepared for the enactment of the DPA. Here’s what it means for U.S. manufacturers and how they can prepare.Read More »
To limit the coronavirus spread, many companies have gone completely virtual and the workforce in some states is required to stay at home, with the caveat of essential businesses and manufacturers exempt from these mandates.
Although the world has seen unprecedented changes during the past few weeks, manufacturers and industrial companies need to keep their customers at the center of their business strategy now more than ever. The world we live in is incredibly digital. So for your customers that still have jobs to be done, here’s how you can take advantage of technology and stay connected with them.Read More »
Many companies worry about how their business will fare in bad economic conditions, but sometimes opportune outcomes stem from times of economic uncertainty — especially for manufacturers.
With seemingly difficult economic conditions on the horizon, there are plenty of indicators that can seem at odds with one another. Recently, the stock market had its worst week since 2008 while sourcing activity for North American suppliers on Thomasnet.com saw record-breaking numbers. Based on a Coronavirus Impact survey conducted this month, over half of the manufacturers surveyed are ‘likely to extremely likely’ to bring production and sourcing back to North America and 47% of U.S manufacturers report they are now seeking domestic sources of supply — likely the reasons for sourcing surge.Read More »