New Year, New Operational Strategies for Manufacturers

As we approach the close of 2020, there is a lot to reflect upon and take into account for the coming year. To help us do this, in a recent article for Industry Week, John Drosos examined the interviews of more than 60 executives and 100 leading manufacturers regarding industry trends.

Specifically, the interviewees identified strategies for growth to implement in 2021. Drosos culled their responses down into the following strategies for implementing growth in the coming year:

1. Adjust to customer preferences for new technology by implementing digital tools and channels, using data to inform your decisions, and adding tech-savvy staff members to your team.
2. Transition to new selling models, such as Anything-as-a-Service (Xaas) and add long-term customer support systems to your offerings.
3. Stop keeping your sales, marketing, and service functions siloed—integrate them in order to provide a smoother customer experience and a more effective return on your efforts.
4. Develop a new mix of direct and indirect selling channels that meets the desires of your customer base.
5. Integrate new digital and technical specialists into your team and reevaluate what is considered competitive compensation in each role that you employ.
6. Expand your sales operations functions to include new focus areas and draw upon new technologies.

Drosos’ conclusion about the overall nature of interview responses is that “manufacturers are revising their strategic business models to reflect a new reality: the buyer journey has changed, and they are responding accordingly through broad-based commercial initiatives and investments.”

For full details, click here to read the article in its entirety at Industry Week.