I recently attended the annual Enterprise Minnesota State of Manufacturing® conference, which was attended by hundreds of manufacturing executives, legislators, educators, industry supporters, and stakeholders.
The main topic was the results of the just-released 2024 survey. Notably, nearly half (49%) of Minnesota’s manufacturing leaders identified “New Customers and Markets” as their primary growth driver. But there’s also a common hurdle. Many manufacturers have limited marketing and sales teams.
So, how do you reach new markets and drive revenue growth without a large internal team?
A great way to start is with internal brainstorming. Sit down with your product managers and engineers to explore fresh ideas. Because they’re often closest to the products, they may have unique insights into alternative applications or untapped industries.
Some brainstorming questions you can ask are:
- What solutions do our products offer that are present in other industries?
- How else could our products be used by our existing customers?
- What are our competitors doing in other markets we’re not in?
By understanding your products’ capabilities in depth, you can uncover new market segments.
Consider hiring outside consultants who specialize in manufacturing, marketing, and sales. With their deep industry knowledge they can help you quickly identify target markets, create tailored messaging, and set up systems for managing leads. Consultants offer the flexibility and expertise you may need to augment your in-house team, whether on a project basis or a retainer.
Digital outreach is another powerful tool, even for companies with limited resources. LinkedIn can be an effective platform for connecting with industry decision-makers, expanding your brand, and generating new business leads.
Experiment with targeted ads on LinkedIn to reach specific sectors or job titles. Consider launching a newsletter on LinkedIn and grow your followers.
A consistent online presence goes a long way toward building relationships in new markets.
Manufacturers who focus on collaboration, expert support, and digital reach can open doors to growth without overextending their budgets or teams.
By focusing on these few key strategies, you can open up new markets and drive revenue growth without straining your resources.
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What’s one unexpected market you’ve found for your products? Share your story or challenge in the comments. Let’s learn from each other’s experiences.