How to Optimize Your Manufacturing Marketing ROI

Bhagyashri Kambale | May 02, 2022 | 523 views
MANUFACTURING MARKETING
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:
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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:
Flowers in Chania
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.

Spotlight

MIC Electronics Ltd

MIC Electronics Limited. is a global leader in the design, development & manufacturing of LED Video Displays LED Luminaires, high-end Electronic and Telecommunication equipment and development of Telecom software since 1988. An ISO 9001: 2000 certified, it has marked presence in the highly dynamic domains.

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Article | September 30, 2022

Stand out with long-term scalability with AM by fuelling innovation in the design process. Staying relevant has now become critical when it comes to additive manufacturing. It is, therefore, essential to make decisions by deep diving into the right people, processes, and technologies at the right moment to keep up the momentum when using AM processes. Better Product Designs with Design Innovation Framework for Additive Manufacturing Additive manufacturers have started using the product design innovation (DI) framework. It serves additive manufacturing part designs with increased - Proof of value (POV) - Helps your business stand out in the market with superior quality design. Proof of concept (POC) – Ensures that the design will function as intended. Proof of market (POM) – Defines the level of success of a design at scale for mass market production. Proof of impact (POI) – Using simulation to mitigate design failures and ensure that your designs last longer. 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Print functional joints to save assembly steps and time. Standardize the assembly process to save production time. Use high-resolution STL files to reach your maximum design potential. Improve printability by scaling the artifacts and considering the resolution of the process. Manage Quality: Reduce residual stress to keep the parts from warping. Materials must be qualified and characterized to be micro-structured. Adhere to industry standards to get consistent, reliable, and repeatable outputs. While successful designs with strategic AM innovation can be beneficial to Create new products with AM. Create new business models with AM, AM helps to advance product design processes. Create new classes of AM technologies. Save Costs: Save costs by creating multifunctional parts. Choose a cheaper alternative material that satisfies the same constraints. Go for an economical assembly by manufacturing high-performing parts. Implement a cellular structure to reduce the quantity of material used. Innovate designs that bring down costs through accurate simulation of manufacturing constraints. Use composite material that satisfies the applied constraints. Risk Factors to Consider and Mitigate When Investing in AM The Risk of Data Leakage Cyber security is a critical component when storing design file data on the cloud and sharing it over the network. Getting a design file copied, stolen, altered, infected, or deleted causes a loss of time and sometimes money. Attackers ask for a ransom by putting a worm in your design file or blocking access. A highly private network with encrypted personal cloud connectivity and highly secure access control are the answers to mitigating the risk of cyber-attacks. Mitigating the risk is done with several measures. 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10 Best Features to Look for in an Additive Manufacturing Software

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The day is near when additive manufacturing (AM) will become production-ready, with many technological advancements in additive manufacturing software. Although taking care of manual post-processing is one of the challenges AM faces, methods to reduce it are on the rise with the help of better additive manufacturing software. Multilayer 3D printing revolutionises production, combining to fuel innovation. Let's find out what software features for additive manufacturing can help solve the problems that arise. How Does Additive Manufacturing Software Aid in the Resolution of Issues in Large Enterprises? For large enterprises, additive manufacturing software champions innovation to achieve long-term goals and resolve problems with these solutions. Sustainability in Manufacturing: A minimum wastage of material makes additive manufacturing sustainable. Therefore, achieve your goal of implementing sustainable practises quickly. 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It boosts ROI by streamlining your additive manufacturing workflows and cutting production costs using additive manufacturing software. Software integrations help enterprises stay current with all the features needed and introduced from time to time to make additive manufacturing practical. Using AI with AM software is becoming the norm for both medium and large AM companies that want to get a head start on the market.

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Legenday Starts Supplying Silicone Products to 3C Industry

LegenDay | November 28, 2022

Today, LegenDay started supplying silicone products to computers, communications, and the consumer electronics industry (3C Industry). This comes after LegenDay adopted a range of silicone product manufacturing technologies such as extrusion, injection molding, Overmolding, compression molding, and multi-shot injection molding. LegenDay will supply silicone parts to 3C industries, including Bluetooth headsets, phone parts, headphones, Wi-Fi accessories, mouse pads, gamepads, case sleeves, phone holders, and multimedia players, among other components. During this first phase, LegenDay will support small and OEM businesses in the 3C industry. “Rethinking performance, reliability, safety, and performance makes silicone the best material in consumer electronics, At LegenDay, we strive to create the future by supplying the best silicone product to the 3C industry – whether small or large silicone products. We are a partner you can trust.” -Frank, Marketing Manager LegenDay. Silicone rubber is a breakthrough in the 3C industry. Its soft-to-touch feeling, exceptional durability, flexible design, best chemical resistance, temperature tolerance, and eco-friendly features make silicone rubber the best for consumer electronics products. LegenDay continues to partner with product developers alongside manufacturers and reputable brands in the 3C industry. About LegenDay: LegenDay designs and manufactures silicone products for home and industrial use. Based in China, the company has invested in advanced silicone products manufacturing technologies such as silicon extrusion, co-moulding, Overmolding, multi-shot, and clean room injection molding. With continued innovations and research, LegenDay remains a market leader in silicone product manufacturing.

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MANUFACTURING TECHNOLOGY

Acerta Analytics raises $8M ($10.4M CAD) to improve manufacturing quality in fast-changing automotive sector

Acerta Analytics | November 28, 2022

Acerta Analytics, the leading provider of advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights, has raised an $8M ($10.4M CAD) Series B round. The funding will be used to accelerate Acerta’s mission of providing actionable insights that improve product quality and operational efficiency in precision manufacturing globally. BDC Capital’s Industrial Innovation and Thrive Venture Funds led the round, with participation from existing investors OMERS Ventures and StandUp Ventures. Acerta helps automakers like Nissan and suppliers of complex vehicle parts such as Dana dramatically improve quality in their manufacturing processes and support early defect detection, making them more efficient, helping them reduce scrap and rework and avoid shipping defective parts that lead to costly recalls and brand damage. Acerta’s LinePulse platform uses machine learning and artificial intelligence to help companies leverage their data for actionable insights into vehicle part production. Results suggest that using Acerta’s LinePulse platform can lead to a reduction of 30% or more in rework rates, which can result in multi-million dollar savings on a per-plant basis. "Automotive manufacturers are facing increasing challenges as the industry moves towards electrification with more sophisticated sensors and electronics in every vehicle model. Acerta provides a platform that manufacturers can leverage to ensure they’re delivering high-quality products to market and maintaining brand reputation.By applying our advanced analytics on their complex data, automotive suppliers and OEMs can reduce scrap in their plants, thereby raising margins and increasing throughput. We help them achieve higher operational efficiency so they can make better day-to-day decisions. Manufacturing issues contribute to approximately one third of all early in-field vehicle breakdowns, but they are especially problematic for new EVs. Given the number of costly recalls and subsequent brand damage that EV makers are seeing, companies are investing in new digitalized production lines that are poised for the value that Acerta provides.This fundraise will help us add even more value to our core platform, LinePulse. We plan to expand our team to ensure we put our next-gen solution into the hands of more manufacturers." -Greta Cutulenco, CEO and co-founder of Acerta Acerta’s solutions drive significant improvement in manufacturing quality. We’re thrilled to support a company with such an inspiring vision for bringing AI and advanced data analytics into precision manufacturing. The time is right for this innovation, and we are very confident that this team will deliver, said Joseph Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital. "We are excited to support Greta and the Acerta team in their next phases of growth. The company’s suite of SaaS solutions for precision manufacturing is already transforming the automotive and transportation industries and receiving strong market validation. We know that there is a lot more to come" -Michelle Scarborough, Managing Partner, Thrive Venture Fund at BDC Capital. After a difficult few years in the automotive industry due to the global pandemic and supply chain issues, manufacturers are doubling down on new production lines and the sector is anticipating that demand will recover strongly, especially as a new generation of EVs comes into production. A greater focus on local production in Europe and North America is also re-shaping the industry, as increasingly manufacturers look to safeguard global supply chains. Acerta currently operates in Canada, the United States, Europe and Japan. It will use the Series B funding to expand its customer base in North America and Europe, while strengthening ties with leading OEMs and automotive suppliers. Acerta’s customers are involved in producing complex parts for all types of vehicles. About Acerta: Acerta Forged from industrial experience and driven by data science, Acerta assists precision manufacturers to take their digital transformation beyond manually crunching sensor data. Our ML/AI-powered software services enable companies to make the right decisions fast, optimize production, and improve product quality. We translate complex product data into actionable insights. Founded in 2017, Acerta Analytics Solutions Inc. is based in Kitchener, Ontario, Canada. About BDC Capital: BDC Capital is the investment arm of BDC, Canada’s Business Development Bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.

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