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Cyber Threats to Manufacturing Companies and Ways to Mitigate

Bhagyashri Kambale | March 04, 2022
CYBER THREATS TO MANUFACTURING
Cyber manufacturing is a term that refers to a modern manufacturing system that allows for asset management, reconfiguration, and productivity maintenance in a way that is easy to see and use.

Industry 4.0 anticipates an era of enormous opportunity for innovation and prosperity. Additionally, it introduces new risks and challenges in today's manufacturing cyber scene.

“Cybersecurity is starting to become more prevalent within organizations, so opportunities to grow in this industry will never end if you have the correct drive and determination.”

– Joe Boyle, SEO of SaltDNA

Numerous manufacturing organizations are experiencing an increase in cyber-attacks on control systems used to oversee industrial processes. Some of these systems may include programmable logic controllers and distributed control systems, as well as embedded systems and industrial Internet of Things (IoT) devices.

To help you develop a strong and secure manufacturing operation, this article will outline the multiple sorts of cyber-attacks in manufacturing and how you may improve manufacturing security. Let's begin with the importance of cybersecurity in the manufacturing industry.

Why is Cybersecurity in Manufacturing Crucial?

From January to March of 2019, the number of ransomware attacks in the manufacturing industry has increased by 156%. This is a big change, so it's important to have strong cyber security in the manufacturing process. Wherever software is in use, there is a high probability of cyber-attacks. The manufacturing industry is digitizing itself with cutting-edge technologies connected via the internet and various software. Therefore, the manufacturing industry is particularly vulnerable to cyber-attacks.

The following are some of the key reasons why manufacturers should prioritize manufacturing cybersecurity:
  • Increase in the use of IoT devices in the industry
  • Increase in the cost of data breaches
  • Increase in the number of cyber-attacks across industries
  • Increase in the severity of cyber-attacks
  • Increase in the use of widely accessible hacking tools
  • Increase in the use of remote workers

Five Major Types of Manufacturing Cyber Attacks


Ransomware

Due to the rising value of ransomware, cybercriminals have switched their attention away from selling personal and financial data. Unfortunately, industrial companies stand to lose a lot. Until the hacker's demands are met, this malware locks files on a network and makes them impossible to use.

If a ransom (typically millions) is not paid, threat actors may sell or leak important data. Until the ransom is paid, ransomware users render the company's network inaccessible. This strategy works well for attackers in the manufacturing industry because downtime is costly, and no manufacturer would like to encounter it for a long time.

Ransomware assaults generally occur on weekends or holidays to maximize damage before the attack is realized. This allows hackers to wait in comfort during a busy manufacturing period. Manufacturing enterprises are a desirable target for numerous reasons. A wide network of OT devices and a long supply chain make many endpoints and security flaws.

Phishing

Phishing is the most common type of network assault. Phishing emails are frequently used to gain access to a target firm to carry out further detrimental assaults or acts. For instance, in 2016, a CEO sent an email to a global solar panel manufacturer’s employee.

The email claimed that precise information about internal employees was required. The employee transmitted the data without confirming it. The CEO received the information. Unfortunately, the CEO was a cybercriminal, and the employee was phished, disclosing firm secrets. Perhaps the next generation of thieves will commit even more advanced and sophisticated penetrations and attacks.

Phishing attacks are characterized by the following characteristics:
  • Emails with malicious attachments
  • Emails with hyperlinks that differ from well-known websites and are misspelt
  • Emails with an attention-grabbing title or content
  • Emails from an unusual sender
  • Urgent orders or to-do items

Supply Chain Attacks

In the manufacturing business, no single firm can complete the entire production cycle. It must rely on several manufacturers' parts and components to complete the manufacturing and assembly of the entire product. As a result, numerous parties should coordinate to ensure an effective production process. This technique introduces the risk of supply chain attacks.

Numerous criminals utilize supply chain hacks to steal critical data and intellectual property rights from manufacturers. If a malicious attacker gets permission from the manufacturer's partner to access their network, they may steal critical information or data, and even essential manufacturing records, wreaking havoc on the business.

Additionally, manufacturers' external software or hardware poses security vulnerabilities, and there is a danger of attack along the equipment and system supply chain. Most products are developed using open-source or closed-source components, yet all these components have some level of security vulnerability.

The following are common indicators that your network has been compromised by a third party:
  • Incorrect usernames and passwords are used to access software systems
  • Strange redirects to unknown websites
  • Pop-up advertisements
  • Ransomware messages
  • Software freezes or crashes

IoT Attacks

As the intelligent transformation of manufacturing continues to progress, the Internet of Things' role in facilitating this process becomes increasingly critical. Manufacturers can optimize production processes more effectively and precisely by utilizing various IoT devices. For instance, businesses track assets, collect data, and perform analysis using IoT sensors embedded in devices. These sensors continuously monitor the various operating parameters of the equipment and critical data to enable automatic recovery and minimize maintenance downtime.

Increased security risks occur because of the proliferation of various IoT devices in manufacturing plants. IoT devices have networking capabilities and can be easily connected to a network. Typically, manufacturers' IoT, industrial control, and office networks are not adequately isolated. They can get into the industrial control network through public flaws or zero-day attacks on IoT devices. They can then launch malicious attacks on critical production equipment, which can stop production and cause processing accidents.

Insider Threats

Most manufacturing cyber attacks are carried out by outsiders, but nearly 30% originate from insiders or those with access to the company. As with external hackers, these attacks are frequently motivated by financial gain. However, some employees or former employees attack a business out of rage or dissatisfaction.

Internal threat actors do not require network access. They can access sensitive data by leveraging their existing knowledge or credentials. A threat actor is more likely to carry out an attack invisibly and undetected with pre-existing credentials. Unfortunately, former employees can typically access this information if passwords or entry methods are not changed to prevent such attacks.

Because of the increased use of personal devices and remote work, employees can unintentionally be the cause of an internal breach. Most businesses were unprepared for the regulations that would accompany a global pandemic. As manufacturing companies looked for ways to stay afloat by maintaining employees remotely, few had the necessary technological equipment to keep each employee as safe as the company's employees.

Many home-based employees discovered that working from home was not easy, as the line between personal and work time became increasingly blurred and eventually vanished. For hackers, these home networks and the use of unprotected personal devices have opened a new avenue for obtaining sensitive data from large and small businesses.

How to Mitigate Manufacturing Cyber Attack


Make Sure Your Software Is up to Date

Install software patches to prevent attackers from exploiting known issues or vulnerabilities. Numerous operating systems include an automatic update feature. If available, ensure that this option is enabled.

Utilize Current Antivirus Software

Install software patches to prevent attackers from exploiting known issues or vulnerabilities. Numerous operating systems include an automatic update feature. Ensure that this option is enabled if it is available.

Make Use of Strong Passwords

Set up password rules. A stolen or default password is used in 63% of confirmed data breaches. Create strong passwords that are difficult to guess and use unique passwords for each program and device. Experts advise using passphrases or passwords of at least 16 characters.

Make Use of MFA Tool

MFA validates a user's identity using at least two identification components. This stops attackers from taking advantage of weak authentication mechanisms, which lowers the risk of someone getting into your account even if they know the login credentials.

Train Employees on Security Awareness

Security awareness training unites employees, eliminates risks and events, and protects both the company and the employees. Employees should also be taught how to look for and deal with threats like phishing.

Final Word

Industry 4.0 is all about smart technologies that operate with the help of the internet. It increases the probability of manufacturing equipment and software being hacked. Therefore, while you intend to create a smart environment in your manufacturing facility, you must take the necessary cyber security measures.

The strategies mentioned in this article to mitigate the cyber-attacks will ensure that you take every precaution to keep the working environment safe. There are many ways to protect your manufacturing business from cyberattacks. The techniques and the types of attacks described in this article will help you know what to opt for and which attacks to look for in your manufacturing business.

FAQ


What are the most common cyber security threats?

Phishing attacks are the most common cyber security threats that employees fall for. With the advancement of phishing attacks, many employees lack the knowledge necessary to spot a phishing email. Additionally, many employees have poor cyber security practices, such as using the same password for work and personal devices, which is also one of the reasons for rising phishing attacks.

What are the cyber security challenges in Industry 4.0?

Smart factories are vulnerable to the same types of attacks as conventional networks, including vulnerability exploitation, malware, denial of service (DoS), device hacking, and other typical attack tactics.

What is CPS in manufacturing?

CPS (Cyber Physical Systems) are defined as designed systems that are comprised of and reliant on the seamless integration of computer algorithms and physical components.

Spotlight

Keats Manufacturing Co.

Keats Manufacturing Co. produces the most intricate custom small metal stampings, wire and assemblies in the world. The Company was founded in 1958 and now has 3 locations that house more than 142 metal stamping and wire forming machines using four slide/multi slide and stamping press technologies that operate 5 days a week, 24 hours a day.

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The digital thread, on the other hand, records a product's life cycle from creation to dissolution. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is a digital twin in manufacturing?", "acceptedAnswer": { "@type": "Answer", "text": "The digital twins could be used to monitor and enhance a production line or perhaps the whole manufacturing process, from product design to production." } },{ "@type": "Question", "name": "How digital twin benefit manufacturers?", "acceptedAnswer": { "@type": "Answer", "text": "Using digital twins to represent products and manufacturing processes, manufacturers can save assembly, installation, and validation time and costs." } },{ "@type": "Question", "name": "What is a digital thread?", "acceptedAnswer": { "@type": "Answer", "text": "A digital twin is a realistic version of a product or system that replicates a company's equipment, controls, workflows, and systems. The digital thread, on the other hand, records a product's life cycle from creation to dissolution." } }] }

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Manufacturers who still handle consumers solely by phone, fax, or email run the risk of losing their loyal consumer group. This is because, in recent years, their worlds and preferences have grown increasingly digital. In the Manufacturing & E-commerce Benchmark Report, manufacturers claimed that internet sales accounted for over half of their total income. So, manufacturers have come a long way since their earlier days. According to Digital Commerce 360, 80% still relied on their internal sales force to boost revenue. But we all know that manufacturers can do more to meet B2B customer needs. Today's B2B clients expect self-service options in addition to transactional websites. These buyers want reliable information from your web business, whether it is inventory levels, product specifications, order history, or their personal negotiated discounts. It should be available anytime and wherever customers desire. “You can’t wait for customers to come to you. You have to figure out where they are, go there and bring them back to your store” - Paul Graham, Y COMBINATOR The key reasons for the demand for e-commerce for industrial products are 75% of B2B goods are purchased online. 1 in 3 buyers pick a vendor on the basis of its online ordering, payment, tracking, and return capabilities. B2B Manufacturing E-commerce Benefits Efficient Operations A B2B e-commerce platform helps manufacturers across sectors to increase productivity, reduce costs, and simplify procedures. A web-based manufacturing e-commerce catalog significantly reduces the cost of printing product catalogs. It automates time-consuming operations such as catalog relevance maintenance, data cross-checking, and human data entry. It can connect with ERP, CRM, PIM, and other systems, thus streamlining a lot of back-end operations. Order Accuracy Manufacturers have to cope with enormous orders and diverse customers. Fortunately, many B2B e-commerce platforms allow for customized pricing lists and RFQ procedures. Personalized and smooth ordering is possible with configurable back-office operations. It eliminates mistakes and saves time by processing orders quickly. Better Analytics Online consumer data helps manufacturers grow their businesses. An e-commerce platform gathers data about purchases, sales, refunds, shipping, and more. This data helps to forecast trends and optimize inventory and delivery. This information can help product developers make their products better, sales reps find customers, and marketing teams find customers. Unlock Revenue Sources While some businesses were already in the process of shifting online, the pandemic has accelerated the digitization process and showed that shifting online is the only option to counteract declining physical revenues. An internet store brings new customers to traditional businesses. A solid SEO strategy and a mobile-friendly shop may help them establish a large client base and sell more to them. Passive Earnings A well-designed manufacturing e-commerce site will automate back-office tasks and allow users to self-serve their orders. Automation relieves salesmen and increases operational hours. As a result, manufacturers may sell 24/7 and personnel can explore other revenue-generating options. Gain Brand Awareness E-commerce is a great marketing tool for manufacturers. They can help with search engine visibility, especially as B2B customers increasingly use Google to study firms. This could help people who make and sell things, as well as distributors and retailers who work with them. Expand to New Markets Vertical, market, and geographic expansion become simple with the proper e-commerce solution. Flexible solutions let businesses grow into new areas and respond to opportunities faster. Aside from B2B sales, several manufacturers choose B2B2C sales or direct-to-consumer sales (D2C). As manufacturers diversify their companies, these tendencies gain traction. Final Word Manufacturing e-commerce is more than just online shopping and selling. It's not simply about interacting with clients on the Internet. “E-commerce is a business tool that may help your company profit from bigger digital transformation and business evolution projects. Having a successful and expansive manufacturing business requires the design of an interactive and customer-centric B2B e-commerce platform. So, if you haven't considered converting your physical goods factory to an e-commerce factory yet, now is the moment. FAQ Why is web server bandwidth vital for e-commerce sites? Web server bandwidth is also significant because the more bandwidth available, the more simultaneous visitors your site can handle. Most ISPs and web hosts must supply adequate bandwidth to handle peak demand. What policies must e-commerce sites have before going live? A privacy policy, accessibility regulations, and financial reporting policies are just a few of the policies that an e-commerce company site must design before going live. How is e-commerce useful for manufacturers? E-commerce allows manufacturers to test new products without risking a large investment. Instead of opening physical storefronts or stocking inventory, you may start selling the new product online.

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Lead Generation for Manufacturers: 5 Effective Techniques That Work

Article | January 4, 2022

Lead generation for manufacturers has always been tough due to a lack of knowledge about new technology and trends that can help them generate more business leads. There are still a lot of small and mid-sized manufacturing companies that rely on antiquated manufacturer lead generation methods. In this article, we'll discuss some proven methods for generating leads that can help you increase your company's sales and improve your overall return on investment. "Don’t think of your lead as "LEADS." Instead, think of them as people who are frustrated because understanding and buying your product is too hard. Your job is to make it easy for them to learn about your product and get started. " —Andy Pitre, VP of Product, HubSpot So let's get started. Factors That Must Be Aligned to Drive New Business Leads Landing Pages Landing pages are mini-websites embedded into your site. To deliver an experience that speaks directly to the user's intent, marketers use landing pages. Create unique landing pages for every industrial lead generation campaign. Calls-To-Action To generate quality leads, you need to have a strong call to action (CTA). CTAs are usually buttons that allow users to submit information, visit a landing page, or download an e-book or white paper. Your CTA must be compelling. Give your prospects a reason to click and remove any barriers to the click. CTAs should be bold, high-contrast, and easily identifiable. Forms Without forms, it is impossible to collect leads. Therefore, visitors will be asked to fill out forms that collect their contact information in exchange for an offer. Offers Every lead contains a transaction. A company provides a valuable service in exchange for a prospect's contact information. You won't get many leads unless you provide value to your potential customers. This offer comes in the form of an e-book, consultation, coupon code, or whitepaper. To generate more leads, make compelling offers. Website The above components can't exist if you don't have a website. If you want to emphasize your business, you need to generate quality leads. Why? Because most of today's B2B buyers are millennials, who are highly tech-savvy and increasingly conduct their supplier research online. How to Generate Manufacturing Leads: 5 Effective Techniques Create a Website That Converts "The lead generation process starts by finding out where our target market ‘lives’ on the web." – Wayne Davis Your website should be a trusted source of quality leads. Unfortunately, many companies lose sight of this and develop websites that are cumbersome and difficult to browse, causing a rift between you and your potential customers. Don't expect people to behave if your site doesn't encourage them to act. Your website should have clear "call to action" buttons and lead capture options that allow visitors to contact you in a simple and pleasant way. Additionally, there are website optimization tools available, including PageSpeed Insights, Hotjar, Google Optimize, and WAVE. All of the above-mentioned website optimization tools provide complimentary services. So, this is the most accessible and most reliable approach to generating web leads. Make Descriptive Infographics Infographics are a great way to provide prospects with helpful information while motivating them to contact you. Most importantly, infographics establish your company as a thought leader and unconsciously identify you with industry authority. According to recent surveys, Nearly 41% of respondents indicated that infographics and illustrations are the most effective solutions for achieving their business objectives. On social media, infographics receive three times the number of shares as other types of content. Articles that included infographics received 72% more views than standard articles. A great infographic has a great design. If your organization lacks an in-house graphics team, you can simply locate a freelance designer to create a stunning infographic for you. Your infographics are ageless pieces of material that can be reused for smart marketing and lead generation manufacturing. Here's an example of an infographic from Digital Marketing Philippines from 2019 that received over 1,600 shares and is jam-packed with data and text. In this way, you can see how the company may have gotten its leads from these 1600 shares, each of which is a potential customer. Host an Event According to Bizzabo, 86% of senior management (Senior Managers, Executives, and Board Members) believe that in-person events are critical to the success of their company. The majority of B2B marketers (97%) believe in-person events have a significant impact on achieving business goals. According to Marketing Charts, 68% of B2B marketers agree that in-person events aid in lead generation for manufacturers, while case studies help with lead conversion and acceleration. Improve manufacturing lead generation through events that can occur both online and offline. Organize any kind of event to attract your target market while collecting contact information. Use live events to interact with consumers in real-time, answering questions, addressing objections, learning about your audience, and guiding prospects through the sales funnel. Consider webinars, workshops, seminars, meetups, and conferences. Create a Value-Packed Newsletter "Content is the fuel for your lead generation efforts." – Dayna Rothman According to the Content Marketing Institute, 31% of B2B marketers believe email newsletters are the most effective way to nurture leads. 81% of B2B marketers report that email newsletters are their most frequently used form of content marketing. Create a must-read newsletter that invites interested prospects to engage and remain connected with your company. This enables you to stay top-of-mind with consumers and promote your products and services to move prospects along the sales funnel. The newsletter can have new blog entries, product or service updates, special deals, upcoming events, and recommended reading from other thought leaders. Incorporate SEO into Your Marketing Plan According to Intergrowth, 61% of B2B marketers say SEO and organic traffic generate more leads than any other type of marketing. Search engine leads convert at a rate of 14.6%, while outbound leads (cold calling, direct mail, etc.) convert at a rate of 1.7%. Manufacturers are no exception when it comes to the importance of search engine optimization (SEO). As a result, you may generate many leads with the correct marketing approach and a profound grasp of SEO for manufacturers. Final Words When we consider the statistics explained earlier in this article, we can see the benefits of all of the techniques mentioned and how they can help you increase your lead generation and, as a result, your overall business ROI. Thus, we can refer to the above-mentioned lead generation techniques as sales-driven strategies that will assist you at every lead generation and conversion stage. Improved lead generation for manufacturers enables businesses to reach a vast customer base and generate more high-quality leads. FAQ What is a high-quality lead in manufacturing? Leads of high quality have an increased propensity to convert into paying consumers. The more qualified your leads are, the more likely they will buy your product or service. What are the lead generation challenges? Making accurate data, shaping conversations, and converting qualified leads into sales are some of the significant challenges in manufacturing lead generation.

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How Smart Manufacturing Is Powered by Digital Twin Technology?

Article | December 8, 2021

A digital twin is a virtual model of an object or system that comprises its lifecycle. It is updated with real-time data and aids decision-making through simulation, machine learning, and reasoning for the production system. IoT sensor data from the original object is used to create a digital twin of the system. This cloud-connected data allows engineers to monitor systems and model system dynamics in real-time. Modifications can be tested on the digital twin before making changes to the original system. Considering that digital twins are supposed to replicate a product's complete lifecycle and are used throughout the production process, it's not unexpected that digital twins have become prevalent in all stages of manufacturing. “More than a blueprint or schematic, a digital twin combines a real-time simulation of system dynamics with a set of executive controls,” – Dr. Daniel Araya, consultant and advisor with a special interest in artificial intelligence, technology policy, and governance Companies will increasingly embrace digital twins to boost productivity and decrease expenses. As per recent research by Research and Markets, nearly 36% of executives across industries recognize the benefits of digital twinning, with half planning to implement it by 2028.So how does this digital twin technology benefit modern manufacturing? Let's have a look. How the Digital Twin Drives Smart Manufacturing Digital twins in manufacturing are used to replicate production systems. Manufacturers can develop virtual representations of real-world products, equipment, processes, or systems using data from sensors connected to machines, tools, and other devices. In manufacturing, such simulations assist in monitoring and adapting equipment performance in real-time. With machine learning techniques, digital twins can predict future events and anticipate potential difficulties. For maintenance, digital twins allow for quick detection of any problems. They collect real-time system data, prior failure data, and relevant maintenance data. The technique employs machine learning and artificial intelligence to predict maintenance requirements. Using this data, companies can avoid production downtime. Digital Twin and Artificial Intelligence (AI) in manufacturing Using digital twins and AI in production can enhance uptime by predicting potential failures and keeping equipment working smoothly. In addition, there are significant cost savings in the planning and design process as digital twins and AI can be used to replicate a specific scenario. Maintenance is another area that has seen significant progress with the use of digital twin manufacturing. A Digital Twin powered by AI can predict when a piece of equipment will fail, allowing you to arrange predictive maintenance that is not simply taking information from OEM manuals but can significantly cut maintenance expenses along with reducing downtime. Using the digital twin, it is feasible to train virtual workers in high-risk functions, similar to how pilots are trained using flight simulators. It also frees up highly skilled workers to upgrade the plant and streamline operations. General Electric Created the Most Advanced Digital Twin General Electric Company (GE) is a multinational business based in Boston that was founded in 1892. It has developed the world's most advanced digital twin, which blends analytic models for power plant components that monitor asset health, wear, and performance with KPIs (Key Performance Indicators) determined by the customer and the organization's objectives. The Digital Twin is powered by PredixTM, an industrial platform built to manage huge amounts of data and run analytic algorithms. General Electric Company provides extra "control knobs" or "dimensionality" that can be utilized to improve the operation of the system or asset modeled with GE Digital Twin. Final Words Given the numerous advantages of digital twin manufacturing, the potential for digital twins to be used in manufacturing is virtually endless in the near future. There will be a slew of new advancements in the field of digital twin manufacturing. As a result, digital twins are continually acquiring new skills and capabilities. The ultimate goal of all of these enhancements is to create the insights necessary to improve products and streamline processes in the future. FAQ What is a digital twin in manufacturing? The digital twins could be used to monitor and enhance a production line or perhaps the whole manufacturing process, from product design to production. How digital twin benefit manufacturers? Using digital twins to represent products and manufacturing processes, manufacturers can save assembly, installation, and validation time and costs. What is a digital thread? A digital twin is a realistic version of a product or system that replicates a company's equipment, controls, workflows, and systems. The digital thread, on the other hand, records a product's life cycle from creation to dissolution. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is a digital twin in manufacturing?", "acceptedAnswer": { "@type": "Answer", "text": "The digital twins could be used to monitor and enhance a production line or perhaps the whole manufacturing process, from product design to production." } },{ "@type": "Question", "name": "How digital twin benefit manufacturers?", "acceptedAnswer": { "@type": "Answer", "text": "Using digital twins to represent products and manufacturing processes, manufacturers can save assembly, installation, and validation time and costs." } },{ "@type": "Question", "name": "What is a digital thread?", "acceptedAnswer": { "@type": "Answer", "text": "A digital twin is a realistic version of a product or system that replicates a company's equipment, controls, workflows, and systems. The digital thread, on the other hand, records a product's life cycle from creation to dissolution." } }] }

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How to Optimize Your Manufacturing Marketing ROI

Article | May 2, 2022

Manufacturing marketing through digital media may be the most successful method of establishing your company's online presence. However, simply setting marketing plans and hoping to gain returns is insufficient. You must strategically optimize your marketing approach to generate a return on investment (ROI) that supports the growth of your organization. But, how can you determine your ROI? How can you make it better? Read on to get all the questions answered in this article. ROI Calculation for Manufacturing Marketing Before improving your manufacturing marketing ROI, you must first determine your present marketing ROI. Here's a simple formula for calculating your manufacturing digital marketing ROI: However, if you operate a manufacturing business, you might have to use a more complex calculation to get a more realistic picture of your ROI. To be more precise, use the following formula: What does this mean in practice? Let's take a look at it in details: Number of Leads: This is the number of people who become leads for your business. A lead is anyone who subscribes to your emails, contacts your business (but does not convert), or interacts with an advertisement. Lead to Customer Rate: Your lead to customer conversion rate indicates how many individuals converted from a lead to a client for your business. For instance, if 40% of your leads convert to clients, your customer conversion rate is 40%, or 0.4. Average Sale Price: This figure is the average revenue generated by a new client – it represents the amount a client spends to hire your manufacturing company. Because projects vary in complexity, your average will provide the most accurate indicator of your ROI. Marketing Costs: These are the expenses associated with marketing your firm. It encompasses everything like the tactics you invest into the salaries of the individuals who work on your campaigns. How to Optimize Your Manufacturing Marketing ROI Identify KPIs If you want to increase the return on investment from manufacturing marketing, begin by developing key performance indicators (KPIs) or marketing ROI metrics. Organizations frequently overlook the importance of initiating marketing programs without any clear indicators of their performance. Without KPIs, it's difficult to determine whether your marketing activities are effective and generating the desired ROI for your manufacturing company. Not to mention, if you use improper KPIs, such as vanity metrics, you may believe your ads are generating a positive return on investment when in reality they are not. To assist you in increasing your manufacturing marketing ROI, start by defining the key performance indicators (KPIs) that are most important to your business. Several key performance indicators (KPIs) that you can track with your campaigns include the following: Website Time Spent Bounce Rate Revenues in Total Rate of Conversion Cost per lead Retention Rate Brand Awareness Mentions in Media These measures can help you understand your ROI, allowing you to make more informed decisions about how to increase it. Automate Marketing Another technique to boost manufacturing marketing's return on investment is through the use of marketing automation. While spending money to boost your ROI may seem counterproductive, the savings in marketing costs far outweigh the cost of marketing automation tools. This software enables you to automate time-consuming operations. Rather than wasting time and money on these duties, you can devote your efforts to other important areas of your marketing. Marketing automation platforms available on the market can assist you in managing time-consuming chores. From welcome letters to lead data collection, you can automate operations to help your business save time, which translates into money saved. The ROI of your manufacturing marketing strategy can be increased by reducing the amount of money spent on marketing chores. Track Your Campaigns' Performance To boost your manufacturing company's digital marketing ROI, you should begin measuring your campaigns. Monitoring your marketing activities tells you whether they effectively generate leads for your manufacturing business. Google Analytics is an excellent tool for tracking campaign results. Certain marketing platforms, such as Facebook, may include analytics. Additionally, your marketing automation software may assist with duties such as lead tracking to determine which campaigns are most successful. There are numerous marketing automation solutions available that assist you in tracking leads and phone calls for your organization. Additionally, you may track the return on investment (ROI) of your marketing activities using such tools. Several platforms also assist in determining which techniques are effective for your organization and which ones should be improved. It enables you to rethink and enhance ineffective techniques, allowing you to direct your marketing dollars toward more productive strategies. Increased effectiveness results in increased performance and results, which raises the manufacturing marketing ROI. Create Lucrative Buyer Personas Buyer personas enable marketers to effectively appeal to their target audience by allowing them to customize the messaging they provide. An email marketing campaign that is focused and tailored to specific consumer bases, rather than your entire customer database, is an excellent illustration of this. Buyer personas are also extremely effective at identifying a prospective customer who is at a specific stage of the buyer's journey. Successful buyer personas are developed through a combination of in-depth research and targeted surveys and interviews with a diverse group of customers, prospects, and other stakeholders who align with your target demographic. Some of the best ways to build a buyer persona are: Create forms with particular fields Lookup contacts Discuss sales leads with your team Interview clients and prospects Final Word Businesses today must focus on their digital efforts to keep up with digitization and the importance of online presence. Manufacturers are willing to invest in campaigns to make their digital presence worthwhile, but measuring the return on investment is just as critical when investing in such digital activities. The factors discussed in this article may assist you in increasing your manufacturing marketing ROI this year and achieve your business objectives. We encourage you to keep up with the latest marketing trends to maximize your manufacturing marketing ROI. FAQ What is acceptable marketing ROI? Marketing ROI is commonly measured as a 5:1 ratio, with exceptional ROI around a 10:1 ratio. Anything less than a 2:1 ratio is considered unprofitable due to production and distribution costs. Why is manufacturing marketing important? Content marketing is critical for manufacturers to establish themselves as thought leaders in their industries, situations, or technologies. How is marketing used in manufacturing? Facebook, Instagram, LinkedIn, and YouTube are excellent marketing tools for manufacturers. The idea is to contact your audience where they are, which is now on social media. B2B social media is an excellent way to connect with clients.

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Keats Manufacturing Co.

Keats Manufacturing Co. produces the most intricate custom small metal stampings, wire and assemblies in the world. The Company was founded in 1958 and now has 3 locations that house more than 142 metal stamping and wire forming machines using four slide/multi slide and stamping press technologies that operate 5 days a week, 24 hours a day.

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