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Why Manufacturing Companies Should Invest in Digital Assets: Insights from ITREconomics

Two professional engineers using clipboards while discussing work in a steel metal manufacture factory plant

As someone responsible for the success of your manufacturing company, whether it be a controller, CEO, Private Equity, or Venture Capitalist, you’re constantly looking for ways to improve your business and increase profits.

In today’s digital age, investing in digital assets such as an online brand, an effective and efficient website, and online marketing campaigns that are profitable can help you to reach a wider audience and drive more sales. According to Alan Beaulieu with ITREconomics, a consulting firm that specializes in providing economic forecasting and consulting services, investing in digital assets is more important now than ever before.

Here’s why.

“A high probability exists that the decade spanning 2030–2040 will be one of lost opportunities, great economic distress, lost fortunes, deep regrets, and despair over what might have been. Protect yourself: Plan for this future and strive to stop it from occurring.” (ITR Economics CEO Brian Beaulieu And President Alan Beaulieu)

Digital Assets and the Manufacturing Industry

The manufacturing industry is evolving at an unprecedented pace, with new technologies and trends emerging all the time. To stay competitive, manufacturing companies must embrace digital transformation and invest in their digital assets. This includes having a user-friendly website that users can access through their mobile devices, establishing a social media presence to claim your legitimacy, and investing in online marketing campaigns to deliver results, not just numbers on a spreadsheet.

According to ITREconomics, the manufacturing industry is expected to continue growing in the coming years and those businesses that do not invest into smart opportunities will swiftly fall behind the competition. By investing in digital assets during this time, manufacturing companies can position themselves for success in the years to come. This is because digital assets can help manufacturing companies to:

  • Recruit more employees: When your website is built with the intention of attracting new and capable employees, having a strategic approach to showcasing your core values and culture is paramount to not only attracting the top talent, but also convincing them to reach out to your company for employment options. Having an outdated or broken website will immediately detract a potential employee, especially the younger ones. If you were to go to your competitors website and see that their website’s website was outdated, how would you react? More than likely you would be relieved because they arn’t using current trends, but what about the inverse? If you went to a competitors website and they had up to date information on their recruiting efforts and had engagement on the website, would that be a threat to your operation?
  • Establish credibility: Having a mobile-user-friendly website and active social media presence can help manufacturing companies establish themselves as credible players in the industry. This can help to build trust with potential customers and lead to more sales. It is known that your accolades that you earn through various organizations and associations are well earned and not easily attained, but do your website or social media visitors know what it took to earn that award? How have you communicated your credibility to the world, not just collecting dust in your entry way.
  • Drive more sales: By investing in online marketing campaigns such as Google Ads or social media advertising on LinkedIn, manufacturing companies can drive more traffic to their website and generate more leads for your sales team members to bring in for new business. A warm lead is better than a cold call, and with strategically placed ads and dynamic content on your website, you can have your customers already bought into your process before a sales team member approaches them.

Investing in Digital Assets: Key Considerations

Investing in digital assets can be a major decision for manufacturing companies, and it’s important to approach it with a strategic mindset. ITREconomics predicts continued growth in the manufacturing industry, making it an ideal time to invest in marketing services.

Some ways to approach your marketing plan could be…

  • Establish clear goals: Before investing in digital assets, it’s important to establish clear goals for what you want to achieve. This could include increasing website traffic, generating more leads, or improving brand awareness, or even improving the amount of Career or Job Opportunities forms are submitted. When talking to your team about what they would like the website to do, consider what specific KPIs that you place your team members with, does the website contribute to those goals?
  • Choose the right channels: There are many digital channels available to manufacturing companies, including websites, social media, email marketing, and online advertising. It’s important to choose the channels that will be most effective for your business and your target audience. We have seen that when you are able to articulate your ideal target audience, you are able to get a direct pulse and response from those contacts when you are able to have a strategic approach to your marketing.
  • Work with a reputable partner: Investing in digital assets can be a complex process, and it’s important to work with a partner who has the expertise and resources to help you achieve your goals. Look for a reputable partner who has experience working with manufacturing companies and a track record of success.

By partnering with a strategic digital marketing agency, such as Evolve Systems, you can take advantage of their expertise and resources to create effective marketing campaigns. When you partner with the right agency, you are investing roughly the same amount into the agency than a team member, but have access to the time and talent of multiple specialists.

Some ways to invest in digital marketing services include:

  • Strategic Landing Pages: Create targeted landing pages that attract your specific target audience that can convince and convert to get them to your sales team faster.
  • Content Marketing: Create informative and engaging content such as blog posts, videos, and infographics to attract potential customers.
  • Search Engine Optimization (SEO): Optimize your website and online content for search engines to improve your visibility in search results.
  • Email Marketing: Use email marketing campaigns to nurture leads and stay in touch with customers.

Investing in digital assets is more important than ever before for manufacturing companies. According to ITREconomics, the years 2023 and 2024 are a particularly good time to invest in digital assets due to the predicted growth in the manufacturing industry. By having a strong online presence, manufacturing companies can reach a wider audience, establish credibility, and drive more sales. By approaching digital asset investment with a strategic mindset and working with a reputable partner, manufacturing companies can position themselves for success in the years to come.

We have created a free downloadable guide outlining some of the top reasons why manufacturing companies should be consistent in their digital marketing and online presence. Take advantage today to start evolving your digital presence!