The UK manufacturing and precision engineering sector, once the jewel in the country’s economy, has had a tough few years. The impact of Brexit and its aftermath, followed by the gloom of the Covid pandemic and its economic fallout, has led to tightened belts and narrowed horizons for many manufacturing businesses, and some have been forced to scale back, relocate abroad, or go out of business altogether.
As 2024 gathers pace, however, there is a strong sense of a manufacturing comeback in the air. The efforts of businesses to re-shore vulnerable supply chains back to the UK and invest in local and European partnerships over the past couple of years has reduced market volatility and given businesses firmer foundations on which to invest and grow.
The value of the British manufacturing sector is expected to rise by nearly £200 billion in 2024 (US$245.8 billion), which is a compound growth rate of 3.3%, with an additional 2.38 million new employees expected to join the manufacturing sector before the end of the year.
2024 is going to be a great year for UK manufacturers, so how can you take advantage of the comeback to expand your business and achieve growth plans which, in some cases, may have been on hold for several years?
Capitalising on a growing economy
From a marketing perspective, success in 2024 will depend on businesses being able to craft a compelling ‘brand narrative’ and maintaining effective communication channels with stakeholders, supply partners, and customers through social media and the hub of the business website.
A brand narrative is basically the way that you talk about your value proposition to your customers, with a distinct style, emphasis, and message that is unique to your business. It’s what business owners do naturally every day without really thinking about it. Developing a marketing strategy means consciously focusing in on the processes and messages you use in order to be more successful and efficient. This is what we mean by ‘storytelling’ in marketing – the way you tailor your marketing content and sales presentation to the needs of your target customers in order to differentiate your brand from other service providers.
Reviewing your buyer personas
Q1 2024 presents a good opportunity to review your buyer personas and ideal customer profiles, especially if you haven’t looked at them for a while. Businesses that have become accustomed to marketing to a scarcity economy since 2020 may want to re-evaluate what their target customers are looking for in a service provider, and adjust their messages accordingly to align with customer expectations.
Embracing digital marketing tools
Digitalisation is one of the leading economic trends of the 2020s, and by embracing advanced digital tools for both production and marketing, manufacturing SMEs can dramatically enhance their marketing efficiency and reach a wider and more relevant audience. If you haven’t already done so, investing in a good marketing automation platform, such as HubSpot, gives you a good foundation for developing a stronger online presence, leveraging the most value from your content marketing, and achieving the visibility you need in a growing, and hence more competitive, marketplace.
Social media and collaboration
The rise of social media use among B2B business owners and decision makers gives you another strategic opportunity to connect with customers and supply partners who resonate with your business values and objectives. Using LinkedIn, you can create authentic connections with like-minded decision-makers and improve both brand trust and loyalty, creating powerful opportunities for sales. When coupled with a good Customer Relationship Management (CRM) system, you can use social media to personalise the customer journey through targeted content and adverts, fostering greater engagement with your business and improving both sales and customer retention.
Next steps
To find out more about digital marketing and how you can use online channels to develop and grow your customer base this year, please get in touch with one of our marketing specialists at JDR today by clicking here.
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