What Business Strategy Will Look Like for Manufacturers in 2021
With 2020 coming to a close, many of us—including businesses (and their leadership teams, in particular)—are looking forward to a brighter year ahead.
After all the challenges this year brought, we are hoping that the next chapter will be a healthier, happier, and more vibrant environment in which we can all thrive.
Business executives have faced some of the most restrictive and frustrating hardships in their own right, perhaps since the trying times of the Great Depression. Sadly, many businesses weren’t able to hold on. Those that did manage to navigate the “new normal” were forced to change their ways of operating and interacting with consumers drastically.
Manufacturing was hit especially hard with restrictions, shutdowns, and workforce concerns. While their businesses will never be the same, many companies are finding that the changes may not be all bad. Innovation and flexibility became vital and necessary to survive this year, and that is a pattern that will serve them well going forward.
More than likely, next year’s business environment will look dramatically different. So, what does 2021 have in store for manufacturers and their business strategy?
Recent studies on digitization, market, and COVID-19 impacts have provided us with great insight. Let’s take a closer look.
3 Manufacturing Trends We Will See More of in 2021
First and foremost, let’s start with some great news: it is important to mention that the markets and manufacturing demand are beginning to show signs of steady recovery. While many companies’ sales numbers took a hard hit during the pandemic crisis, that trend appears to be slowing and even reversing as sales begin to creep up once again. This is an early indication of an incredibly welcome economic recovery!
Along with that bit of good news, there are several innovative trends that have either been established or emphasized in 2020, which will help us move powerfully forward into the future of manufacturing. Companies that are on point have already or will soon embrace some variation of these new ways of doing business as part of their standard business strategy. These include:
If there is one thing certain about the next decade, it is this: the future of business is online. We have never been more assured than now that the digital transformation is here to stay. This is one trend that will be absolutely taking over!
Companies will have to adapt to the virtual environment from more automated processes and artificial intelligence to remote working. Manufacturers, in particular, will have to adjust their traditionally manual work world to embrace technology. If it hasn’t already been implemented, digitization is perhaps the single biggest change to business strategy in the coming year(s).
This area will be a huge focus, vital for sustainability, and constantly evolving.
2. Changing Customer Demands
Consumers had to drastically change their daily habits in 2020, particularly when it came to shopping. Manufactures, in turn, have had to adjust as well.
With the global pandemic came the demand for increased online availability of products and services. Online interactions and transactions tell the story of a buyer’s journey. The vast amounts of data collected from online transactions can now be utilized to understand customer behavior, preferences, and trends.
Though customer preferences and patterns have shifted dramatically, it’s not all bad news for manufacturers. Ultimately these changes, coupled with the availability of massive quantities of data about the new norms, mean that companies can respond better than ever to consumer demand!
3. Streamlined Sales and Service Efforts
Many companies report finding a common—perhaps surprising—hack to simplifying customer acquisition and retention. Streamlining marketing, sales, and service processes seem to be THE way to build and maintain customer relationships more easily. In 2021 and beyond, the once siloed efforts of these three departments will be much more integrated.
This cohesive approach allows for overlapping efforts, like digitized marketing, that coincide with sales and service. For example: displaying an ad for a product the consumer previously viewed while they are live chatting with a customer service representative.
DesignPoint: Your Partner in Building an Adept Business Strategy for the Future
As mentioned above, customer demands are changing. That is just as true for us as it is for you! At DesignPoint, we pride ourselves on being responsive to our customers’ changing needs—just as you do.
We are here to help you strategize for the future, which includes planning for the foreseeable future and building in flexibility and adaptability for the unforeseen. When you are ready to revolutionize your business by building a solid strategy (and perhaps a recovery plan) for business continuity and growth, contact us.
DesignPoint is on your side, helping you build a business strategy for 2021 and beyond. Let us help you transform your efforts so that your business can survive and thrive!