Technology-driven innovation and the next generations are transforming the way manufacturers evolve their go-to-customer models and the solutions they deliver. As traditional sales models are disrupted and the lines between physical and digital worlds are blurring, modern manufacturing organizations must adapt their growth strategies to survive.
Alexander Group in partnership with Chief Executive Group (publisher of Chief Executive magazine, ChiefExecutive.net, Corporate Board Member magazine, BoardMember.com and facilitator of Chief Executive Network, a leading CEO membership organization) recently surveyed nearly 400 CEOs and business leaders on their future growth strategy and their readiness to adapt to the new marketplace. This insights series will present our findings and recommendations as they relate to:
Part 1: The New Buyer Journey
E-commerce businesses have been growing at an accelerated pace for the past few decades. But this growth is expected to slow over the coming years. Fifty-eight percent of CEOs surveyed believe e-commerce revenue will increase less than 10% within the next year. Regardless, the digitalization of purchasing behavior has altered the landscape and created a new buyer journey. With a seemingly unlimited number of resources at their fingertips 24/7/365, today’s customers are seeking a much deeper level of engagement on the part of manufacturing companies as they navigate through their decision-making process. From social channels to online reviews, modern buyers expect to find answers to their questions rapidly. This ease of access to information from sources outside of the organization forces manufacturing companies into a non-stop pursuit to ensure a positive and robust presence everywhere a potential sale may be made, whether this leads to a hard close or to a simple nudge down the purchase path.
This new marketplace, if poorly exploited, creates the additional risk of leaving doors open for competitors to swoop in. This is one of the many reasons why it is critical for manufacturers to embark on the digitalization journey by first gaining a sound understanding of how their customers behave—and how they are evolving amid these channels.
To adapt to an ever-evolving and rapidly changing reality, companies must regularly challenge their existing strategy and seek ways to further optimize it. To do so, manufacturers must commit sufficient resources to the new process, which includes investments in new roles. Part 2 of this series will discuss the importance of these investments for manufacturers to adhere successfully to the new buyer journey dynamics.
Download the full whitepaper to access additional findings from Alexander Group and Chief Executive Group CEO Survey.
Learn more about Alexander Group’s Manufacturing practice.