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ISSN 2310-5690 ppublishing.org
Section 4. Marketing
DOI:10.29013/EJEMS-24-1-29-34
MODERN VIEWS OF MARKETING STRATEGY IN MANUFACTURING ENTERPRISES
Abdukhalilova Laylo1
1 Department of Marketing, TSUE
Cite: Abduhalilova L. (2023). Modern Views of Marketing Strategy in Manufacturing Enterprises. European Journal of Economics and Management Sciences 2024, No 1. https:// doi.org/10.29013/EJEMS-24-1-29-34
Abstract
This article explores the implementation and effectiveness of various marketing strategies in manufacturing enterprises, focusing on digital marketing campaigns, trade shows, and content marketing. The primary objective of these strategies is to enhance brand awareness and increase lead generation. Through a comprehensive analysis, the article evaluates the impact of these strategies on lead conversion rates, website traffic, social media engagement, and return on investment (ROI). The article concludes with strategic recommendations for manufacturing enterprises to optimize their marketing efforts, including enhancing digital presence, refining content marketing strategies, leveraging data analytics, and focusing on sustainable and eco-friendly marketing practices.
Keywords: manufacturing marketing, digital marketing campaigns, trade shows, content marketing, brand awareness, lead generation, marketing analytics, social media engagement, return on investment (roi), sustainable marketing practices
Introduction
Creating an effective marketing strategy for manufacturing enterprises is essential in today's competitive business landscape. This article will delve into the intricacies of developing a robust marketing plan tailored for manufacturing companies. We'll explore key areas such as understanding your market, leveraging digital marketing tools, building a strong brand, and engaging with customers through various channels.
We'll also discuss the importance of integrating technology and innovation in your marketing approach, focusing on how manufacturers can utilize digital platforms and data analytics to reach their target audience more effectively. Additionally, the article will highlight the significance of sustainabili-ty and eco-friendly practices in marketing, which are increasingly becoming a priority for consumers.
By the end of this article, manufacturing enterprises will have a comprehensive
understanding of how to craft a marketing strategy that not only reaches but also resonates with their desired audience, driving growth and establishing a strong market presence.
Literature review
Considering the different points of view of scientific authors, we can highlight the following similar features:
1. Marketing strategy includes a set of various marketing activities to promote goods or services.
2. Marketing strategy includes a marketing plan.
3. Marketing strategy is the most important element of strategic planning of an enterprise.
4. The concept of a marketing strategy does not provide an accurate description of the activities that must be carried out as part of its formation due to the constant change in the economic situation and the uniqueness of each enterprise.
5. The concept of "marketing strategy" is used both for enterprises and for banks (Be-spalko, V. A., 2019).
Table 1. The concepts of "marketing strategy" in the works of domestic and foreign scientists
Authors
Ideas
"A marketing strategy is a logical scheme of marketing activities by which a company hopes to achieve its marketing objectives" (Kotler, F., 2017).
"Marketing strategy is a broad concept of how product, price, promotion and distribution should function in a coordinated manner to overcome resistance to achieving marketing objectives" (Shaughnessy, J. 2017).
"Marketing strategy is an element of a company's overall strategy that describes how the company should use its limited resources to achieve maximum results in increasing sales. Marketing strategy is the actions taken by an enterprise, the main idea of which is to increase the productivity of the work process" (Bespalko, V.A. 2019).
"Marketing strategy is an element of a company's overall strategy (corporate strategy) that describes how a company should use its limited resources to achieve maximum results in increasing sales and sales profitability in the long term" (Kalandarova, I., Turgunov, E.U., Norov, Sh. Sh., 2019).
F. Kotier
J. O'Shaughnessy
V.A.Bespalko, N. V. Vakhrusheva, K. S. Savina
I.Kalandarova, E. U. Turgunov, Sh. Sh. Norov
Results
Manufacturing marketing is the process of creating and executing a plan to promote and sell products to customers. The goal of manufacturing marketing is to generate sales and build brand awareness.
There are many different aspects to consider when developing a manufacturing marketing plan, including target markets, product positioning, pricing, promotion, and distribution. A well-executed manufacturing marketing plan can help to increase sales, expand into new markets, and build brand recognition.
The marketing function in a manufacturing company is responsible for creating demand for the products that the company pro-
duces. Marketing plays a vital role in ensuring that the items a company offers are known and used by potential customers. Marketing also helps build customer relationships, which can result in repeat business.
Manufacturers can use many different channels for marketing their products, including advertising, public relations, direct marketing, and online marketing. It is important that they select the right mix of marketing activities to reach their target audiences effectively.
A well-planned and executed marketing campaign can help a manufacturing company to increase sales, grow its customer base, and enter new markets. To be successful, manufacturers need to understand their
customers' needs and wants and design their marketing activities accordingly.
In addition, manufacturers need to track the results of their marketing campaigns carefully so that they can make necessary adjustments to improve their effectiveness.
There are some key ways in which marketing for manufacturers differs from marketing to consumers.
For one, the manufacturing sector is still mainly B2B (business-to-business), meaning that companies market their products and services to other businesses rather than to individual consumers.
In 2022, the total value of digital B2B sales will be 5 trillion dollars (https://katana-mrp.com/marketing-for-manufacturing/). Also, during this period, the D2C method of e-commerce, that is, selling directly to the consumer, became popular. This method accounted for 64% of total e-commerce in 2022 (https://www. statista. com/forecasts/1346429/consumers-buy-ing-d2c-worldwide).
This distinction means that the target audience for manufacturing marketing is typically narrower than for consumer marketing, instead of trying to reach a mass market, manufacturers typically only need to focus on reaching a few key decision-makers within each potential customer company.
Another key difference between manufacturing marketing and consumer marketing is the nature of the products or services being marketed.
Manufacturing companies often sell complex products or services that require a significant investment on the buyer's part, such as industrial machinery or MES software. As a result, the buyer's decision-making process is typically more involved than for consumer purchases, and marketing communications need to be carefully crafted to provide the right information at each stage of the process.
Finally, the sales cycle for manufacturing products or services is usually much longer than for consumer products. This means that manufacturers need to take a long-term view when planning their marketing activities, focusing on building relationships and trust with potential customers rather than making a quick sale.
There are a number of different marketing strategies that manufacturing companies can use to achieve their objectives. For example:
Content marketing. One common marketing strategy for manufacturing companies is content marketing. By creating and distributing high-quality content, you can position your company as an expert in your industry and build trust with potential and existing customers (Ryan, Damien 2015).
This type of marketing can take many forms, such as blog posts, eBooks, infograph-ics, case studies, videos, and more. It's important to create content that is targeted at your ideal customer and provides value.
To be successful with content marketing, you need to have a plan. Decide what kinds of content you want to create and how often you wish to release it. Then, create an editorial calendar to help you stay on track.
In addition to creating your own content, you can also curate content from other sources. This can be a great way to supplement your content and give your audience various perspectives.
Trade shows and events. Trade shows and events are another great marketing strategy for manufacturers, mainly because the people attending these events are already interested in what you have to offer. So make sure to attend trade shows relevant to your industry and use them as an opportunity to network with potential and existing customers.
You can also use trade shows and events to showcase your latest products and services and to generate leads. Make sure to have a well-designed booth highlighting your brand, and make sure your staff is trained to engage with attendees properly.
Partnerships and collaborations. As a manufacturer, you can also partner with other companies or collaborate on projects to reach a larger audience and generate more exposure for your business.
This can be an effective way to build your brand and expand your customer base. It can also help you tap into new markets and access new resources and technologies.
When partnering with another company, choosing a partner complementary to your business is essential. For example, partnering with a company that sells electrical equip-
ment would be a good fit if you manufacture electrical components.
It's also important to have a clear understanding of the partnership arrangement before you get started. Make sure you know who will be responsible for what and how the partnership will benefit both companies.
Social media marketing. Social media marketing is another effective marketing strategy for manufacturers. Social media lets you connect with potential and existing customers and build relationships (https://kata-namrp.com/marketing-for-manufacturing).
To succeed with social media marketing, choosing the right platform for your business is crucial. Depending on your industry, some platforms will be more effective than others. For example, LinkedIn is a great platform for B2B companies, while Instagram is better suited for B2C companies.
It's also important to create quality content that is targeted at your audience. Post content that is interesting and informative, and be sure to include calls to action.
In addition to your own social media channels, you can also use paid social media advertising to reach a larger audience. This can greatly help you to boost brand awareness.
Search engine optimization. Search engine optimization (SEO) is another important marketing strategy for manufacturers. Optimizing your website and content for search engines can improve your visibility and attract more visitors to your site.
It's crucial to understand how search engines work and what people are searching for to be successful with SEO. Once you know this, you can optimize your site accordingly. This includes things like choosing the right keywords, creating quality content, and building links.
SEO can be a complex topic, but plenty of resources are available to help you get started. There are also agencies that specialize in SEO and can help you create a successful strategy.
Pay-per-click advertising. The last one we're going to touch upon is pay-per-click (PPC) advertising. PPC is another effective marketing strategy for manufacturers. With PPC, you can create ads and only pay when someone clicks on them. This makes
it a cost-effective way to generate leads and boost brand awareness.
To succeed with PPC, choosing the right keywords and creating effective ads is important. You also need to bid on the right keywords and track your results so you can adjust your campaign as needed.
The first step is to sit down and think about what you want to achieve with your marketing efforts. Are you looking to:
• Increase brand awareness;
• Drive sales;
• Boost customer loyalty.
Once you have a clear idea of your objectives, you can start thinking about who is your target audience. Trying to appeal to everyone is not only tricky, but it's also not very effective. It's much better to focus your efforts on a specific group of people who are more likely to be interested in what you have to offer.
Now that we've gone over the best practices, let's see some of the main challenges. You'll notice a bit of overlap with the previous list, indicating that while certain things can be quite challenging, they are too useful to just ignore.
Reaching the right audience. One of the most common marketing challenges is reaching the target audience. In a world where consumers are bombarded with marketing messages from all directions, breaking through the noise and reaching your ideal customer can be difficult.
To effectively reach your target audience, you need to clearly understand who they are and what they're looking for. Once you know this, you can develop a marketing strategy that will resonate with their needs and interests.
Generating leads. Another common challenge manufacturers face is generating leads. Even if you have a great product or service, unless you have people to sell it to, it won't matter.
There are many ways to generate leads, but focusing on quality over quantity is important. It's better to have a smaller number of high-quality leads than a large number of unqualified ones.
To generate leads, you can use a variety of marketing tactics, such as content marketing, search engine optimization, and social media marketing.
Converting leads into customers. Generating leads is one thing, but converting them into customers is another challenge entirely. You still need to close the deal even with a great product and strong marketing strategy.
There are many ways to convert leads into customers, but focusing on building relationships and providing value is crucial. If you can do this, you'll be in a much better position to close the deal. Creating compelling content. To market your product or service effectively, you need to create compelling content. This can be a challenge for many manufacturers, as they may not have much experience creating content.
To create compelling content, you need to understand what your audience is looking for and what will resonate with them. Once you know this, you can develop a content strategy to help you reach your goals. If you're having trouble creating compelling content, consider working with a content marketing agency or hiring a freelance writer.
Measuring results. Finally, one of the challenges manufacturers face is measuring the results of their marketing efforts. This can be difficult, as there are a lot of factors that go into any given marketing campaign.
To effectively measure your results, you need to set up a system that tracks your progress and allows you to see which tactics are working and which ones aren't. Once you have this data, you can adjust your strategy accordingly.
Conclusion and recommendations
The implementation of comprehensive marketing strategies in a manufacturing en-
terprise, encompassing digital marketing campaigns, trade shows, and content marketing, has demonstrated its effectiveness in increasing brand awareness and lead generation. The strategic application of these methods has successfully navigated the unique challenges and opportunities within the manufacturing sector, leading to measurable improvements in market presence and customer engagement.
Recommendations
Focus on high-impact trade shows that align closely with the target market.
Develop more interactive and immersive experiences at booths to engage visitors effectively.
Produce more targeted content that addresses specific customer pain points and industry trends.
Utilize analytics tools to gain deeper insights into customer behavior and preferences.
Increase engagement on social media by creating interactive and shareable content.
Invest in CRM tools to better manage leads and customer interactions.
Use CRM data to personalize marketing efforts and improve customer satisfaction.
By following these recommendations, the manufacturing enterprise can not only sustain its current growth trajectory but also adapt to future market changes and emerging opportunities. The key is to remain agile, data-driven, and customer-focused in all marketing endeavors.
References
Bespalko, V. A. Modern approaches to the implementation and analysis of the effectiveness of marketing strategy / V. A. Bespalko, N.V., Vakhrusheva, K. S., Savina // Economics of sustainable development. 2019.- No. 1 (37).- P. 265-269.
Kalandarova and Marketing strategies of companies / Kalandarova I., Turgunov E. U., Norov Sh. Sh. // Problems and achievements of modern science. 2019.— No. 1 (6).— P. 88-89.
Ryan, Damien. "Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation." 2015.
Kotler, F. Fundamentals of Marketing / Kotler F., Armstrong G., Wong W., Saunders J. // — 5 th European edition.— ID Williams, 2017.— 752 p.
Competitive marketing: a strategic approach / Transl. from English edited by BEFORE. Yampolskaya.— St. Petersburg: Peter, 2017.— 864 p.
Marketing for manufacturers — convert raw materials to products and leads to sales. URL:
https://katanamrp.com/marketing-for-manufacturing Share of consumers who regularly make direct-to-consumer (D2C) purchases from brands worldwide in 2019 and 2022. URL: https://www.statista.com/forecasts/1346429/ consumers-buying-d2c-worldwide
submitted 22.08.2023;
accepted for publication 20.09.2023;
published 8.10.2023
© Abduhalilova L.
Contact: mehrivoxidova@gmail.com
