How Manufacturers Can Increase Their Market Share

We wanted to reach out and share a new trend we are seeing in the manufacturing and distribution sectors.

Due to supply chain issues and rising prices, companies are scrambling to secure raw materials like never before. Embedded suppliers are failing to meet demand, so companies are looking for new suppliers and vendors to fill the void. Demand is driving the buyer to the internet and social circles to find new suppliers. This is resulting in a significantly increased lead flow for many sellers. 

Our customers are seeing vastly increased sales opportunities, oftentimes from new prospects that were previously unknown. 

You may be experiencing a significantly increased request for quotes from past customers or new prospects. Whether you can or cannot effectively meet their current needs, the question is: HOW ARE YOU SECURING THESE OPPORTUNITIES FOR FUTURE GROWTH?

Long-term customer-supplier relationships are being challenged. Opportunities for you to increase market share and secure new business are at an all-time high. With this demand, leading manufacturing and distribution companies are recognizing this opportunity and aggressively embracing the shift through highly personalized marketing and sales communications aimed at these new contact relationships.

A Simple Approach to Gaining Market Share 

1. Securing Prospect Information

As new prospects are reaching out, it is imperative that you collect their contact information. Many manufacturers and distributors focus on the current opportunity, and if they can't meet the prospect's needs, the information is discarded.

Ensure you collect contact information, email addresses, and product needs. This will be valuable for securing future business. Store this information in your CRM, ERP, or spreadsheet for later use and ensure you schedule reminders to reach out to these prospects at a future moment in time.

2. Keep Your Brand Top of Mind

If you cannot earn the prospect's business today, there is a possibility that you will in the future. Leading companies are leveraging email marketing and nurturing programs to keep their brands in the prospect's inbox.

Another name recognition initiative is leveraging social media. At a minimum, reach out to these new prospects via LinkedIn, Facebook or Twitter to ensure they become part of your network, which will enable these prospects to get to know you and your organization better.

We hope these ideas help you to capitalize on a volatile market.