Manufacturers must look to marketing solutions to remain viable, one academic argues.
Ves Bogdanovich, a well-known manufacturing marketing expert who doubles as a teacher for the Masters in Marketing Course at Monash University, says the manufacturing industry is mature in many ways, but has been one of the late adopters of marketing concepts.
"Whilst many manufacturers use customer contact and advertising as their primary marketing tool, the industry is changing and becoming more competitive than ever before, so this traditional methodology is not creating the same impact as it did five or 10 years ago," says Bogdanovich.
"Areas like developing a marketing strategy with key deliverables is often not seen as critical to manufacturing companies in this sector whereas in banking and finance, it's a must.
"Having worked with the manufacturing sector for some time, the challenge is to get companies thinking outside the box and using mediums like public relations, internal marketing and the Internet for lead generation and brand building.
"It is by far one of the biggest challenges we face as marketers working with the manufacturing industry."
Bogdanovich says its important for marketing budgets to be spent wisely -- and for new marketing methods to be taken into account when budgets are discussed.
"With deference to the size of an organisation, manufacturing companies marketing strategies are not always driven by marketing experts -- more often than not, its by senior management who may not be abreast of all areas of the marketing mix," he says.
Marketing Eye -- a leading marketing firm with offices in three states and agents in New York, London and Dubai -- is set to focus on the manufacturing sector with the appointment of Bogdanovich.
Bogdanovich's appointment at Marketing Eye is part of the company's strategy to work with businesses that are looking to grow into new markets.
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