Finding Industrial Marketing New Markets
As we approach 2024 and reflect on 2023, manufacturers should consider if it’s time to find new customers. Now you may say you do this all the time. However, do you have an industrial marketing new markets program? Diversifying into other markets is one of the main reasons clients hire Conach. Most of our beginning clients do business with one customer base, such as automotive. Possibly, they work with a smattering to other markets, like aerospace or recreational vehicles. However, to truly find penetrate new markets, you need a strategy. The following are different areas to consider when developing that plan.
Identifying industrial marketing new markets
When finding new markets, the first step is identifying them. This is done initially by strategically determining which of your services or product align with them and if there is potential for sales. For example, you might have chosen farm equipment and medical equipment to pursue. Those broad markets are made up of defined segments and you can use SIC codes to hone in on the markets for the campaign. There are two types of codes, Standard Industrial Classification (four-digit numerical SIC codes) and The North American Industry Classification System (six-digit numerical NAICS codes). NAICS codes were developed in 1997 to replace SIC codes. While both are still in use, NAICS codes provide more precise detail on the the business. A list company can performing a code lookup if you provide a list of companies in a market. With this information, they can match the company’s code and provide a count for review.
Geography may or may not be a factor in industrial marketing segmentation. It will depend on the type of services or products you offer on whether you look for industrial marketing locally, regionally, or worldwide. Being able to service or deliver to customers profitability will be the determining factor in your targeted sales territory. Often, product and part manufacturers will establish a dealer network to give them a wider sales reach.
Breaking into industrial marketing new markets
Many of our industrial clients have been hesitant to approach new markets because they hadn’t worked in them. If your products or services sell well in one market, it’s likely they will in a similar one. For example, if you are predominantly in automotive, making a move to construction equipment like cranes or bulldozers could make sense. Consequently, the messaging and material you use in automotive should only need some tweaking to help your sales team approach similar new markets.
I know breaking into new markets can be done because I have helped clients do it. Do your homework, contact professionals, and have faith in your products and services.
About the Author
Paul Kowalski (or Pappy as he is called around the office) spent over two decades working at other agencies before opening Conach Marketing Group in 2008. The early part of his career was working with Fortune 500 clients at different agencies. However, working with smaller clients was his preference. This choice was because of the impact on a client’s business growth and forming closer, personal relationships.
When he was creating Conach, his goal was to bring those Fortune 500 strategies along with years of B2B marketing experience to small business marketing clients. As a result of focusing on business to business marketing, Conach specializes in construction marketing, financial marketing, and industrial marketing. Even though we are in Mid-Michigan, Conach provides marketing services to clients across the country.