Manufacturing an excellent product is just one side of the coin. That product must also be marketed and sold to the right customers to generate revenue and drive your company’s growth. Collaborating with an expert sales and marketing partner can take the selling pressure off your team while generating a significant return on investment.
How do you know when it’s the right time to invest more efficiently in sales and marketing? Take a look at some of the tell-tale indicators below and determine if it’s time for you to pull the trigger and bring in a sales and marketing partner.
1. Slow Growth
It’s tough to maintain steady growth. Factors including employee turnover, supply chain issues, and economic conditions can cause your company’s once-growing bottom line to stagnate. Without a steady flow of qualified leads that are receptive to your sales message, no business can sustain itself for long. A well-designed and executed marketing and sales program will give your business the boost it needs to get on an upward trajectory.
2. Limited Resources Devoted to Sales & Marketing
When faced with limited resources, companies often cut their marketing and sales budgets first. However, by not investing in marketing and sales, companies are giving their competitors a chance to pass them by while making it difficult for new customers to discover their brand and products.
3. The Owner is the Sole Rainmaker
It’s not uncommon for the owner of a small or mid-sized manufacturing company to act as the only source of new business. If you are a business owner in this situation, ask yourself: How much work are you getting done as a business owner? And how much MORE could you get done if you were able to delegate some responsibilities? Contracting with a sales and marketing partner can give business owners that much-needed support while avoiding the long-term responsibility of bringing on new staff members.
4. Hard Time Standing Out
While it can be difficult to find buyers amidst the competition, Deloitte discovered that the manufacturing companies are among the lowest-spending industries when it comes to budgeting for sales and marketing. This means that by simply investing in a marketing and sales program, you’re giving your company a competitive edge over many of your manufacturing peers.
5. Interest in Entering New Markets
The temptation to enter uncharted waters, in terms of both products and industries, is enticing; it requires more time and effort, though, not to mention a new strategic approach. When looking to new markets, it’s essential to define a clear approach that doesn’t neglect your existing markets.
6. Not Enough Time to Spend on Growth Efforts
These days, everyone is busy and there’s just not enough time in the day to get everything done. Many small and mid-sized manufacturers don’t have the time or resources to devote to sales and marketing efforts which is why an expert sales and marketing partner can take on the workload for you and reach new leads on your behalf.
7. Difficulty Hiring Sales and Marketing Staff
Recent economic reports show that for every one unemployed person, there are two jobs open. Talent is difficult to find and, if you’re having difficulty hiring additional staff members, bringing in a sales and marketing partner will increase your sales volume by augmenting your existing team. Your current sales staff is likely to be more effective handling qualified leads and answering detailed product and service questions as a result.
8. Taking a Shotgun Approach
A common approach to sales and marketing is to throw everything at the wall and see what sticks. An effective marketing and sales program requires planning, an understanding of your strengths and unique capabilities, sharp messaging, and a strategic approach to identify the most attractive markets and the most qualified prospects.
9. Bad Past Experience with Outsourcing Sales and Marketing
Outsourcing your company’s outreach efforts and brand representation to a third party requires a lot of trust. If you’ve had a bad experience in the past, it’s understandable that you would be hesitant to try again. However, unlike other services, DVIRC works exclusively with manufacturing companies. We take time to develop custom action plans to address competitive conditions, identify target markets, draft unique selling points, and structure our outreach. Our clients also get unlimited access to a project dashboard, customer database, and project tools that are reviewed twice monthly to instill business development best practices.
10. Dependent on Just a Few Clients
Having a diversified client base is key to stability. When your company’s revenue is tied to just a handful of customers, the ramifications of losing a single customer are magnified. As a recent example, manufacturer Germantown Tool had nearly 50% of their contract manufacturing coming from a single company and sought to improve that figure. Once they started using DVIRC as an outsourced sales and marketing team, they saw $6,000,000 in new business generation by reaching into new markets.
Since 1988, DVIRC has helped hundreds of small and midsized manufacturers within the region and across the country enter new markets, capture new customers, and experience profitable growth. Dollar for dollar, our lead generation, and market research services are among the best in the nation and often yield an initial 12-month ROI of 4X. On average, a $25,000 project will yield a $100,000 Return on Investment. For less than a part-time employee, you get a team of seasoned professionals supporting your growth objectives!
Thinking about entering a new market or being more aggressive about growing your sales? Contact our Customer Support & Success specialist Teri Grumbrecht or fill out the online contact form here.