5 Things Manufacturers need to improve in their marketing
TMT bar manufacturers spend ample amounts of money on marketing. A large sum of money goes to target mass audiences be it television commercials, full-page newspaper ads, Radio ads, huge hoardings over flyovers, and crossroads. All these marketing means are very costly. However, the question arises, whether these expenditures are converting into revenue or not. Though there is no doubt that manufacturers are earning profits using these means of marketing here they are massively focusing on generating mass leads and ignoring the other side of the construction industry which is hugely based on builders, contractors, and govt. projects for infrastructure development (e.g., Flyovers, bridges, hospitals, colleges, and schools, etc.). Here, I want to bring their attention to the following things that they might have overlooked or forgotten while marketing their product. Below are a few points to consider:
Market Shift:
As per my understanding, TMT manufacturers need to be focused on the consumer i.e.; the common man, but while designing their campaign they are forgetting that their consumer market is shifting towards residential buildings rather than residential homes.
As you know India stands in the 7th position as per the area but on the other side its population is growing at an exponential rate and in the upcoming future there are going to be so many consequences that the common man of India will be unable to get a decent home as the prices are skyrocketing because the population density is growing day by day.
Indian Housing Market:
As we all know building a house is a lifetime affair, Still some people build their house but the percentage of these people is low. Nowadays, Builders and contractors are appreciated in the market as the common man is shifting towards residential apartments. So, TMT manufacturer’s marketing strategies are not focused on where it supposed to be. Instead, manufacturers should shift their focus to industry-specific platforms and events to connect with potential B2B clients. Their focus should be marketing to builders, once TMT manufacturers are on their vendor list, they can get project after project. As we know Builders and Contractors can provide more projects to TMT manufacturers as compared to the common man they are targeting.
Brand Ambassador:
Most of the TMT manufacturers are implementing the B2C marketing approach for B2B businesses. They are trying to lure their clients by introducing brand ambassadors such as famous film stars and cricketers. These methods are quite effective for B2C or consumer-based goods but they are not approved methods to lure your potential clients like builders and contractors. So, the marketing strategies also need to change.
Expensive Platform:
Manufacturers are still using old-world methods such as television commercials, full-page newspaper ads, Radio ads, and huge hoardings over flyovers and crossroads. These methods of marketing are very expensive and burn holes into TMT manufacturer’s pockets. Yet, these ads are focused on mass, they are not targeting builders and contractors. As digitalization is taking over marketing is shifting towards email marketing and various social media platforms so, change is a must.
Sales Team Struggles:
Manufacturers pulls efficient sales teams from higher manufacturer to increase their sales, but their team fails to generate as much revenue as they have expected. The reason behind this is that their organization lacks the technical advances. Without CRM their team feels handicapped. Thus, without technology no matter how efficient their team is they will not be able to generate as many leads.
TMT manufacturers’ mass marketing overlooks the construction industry. They should focus on B2B strategies for builders and contractors, shift to digital marketing, and equip sales teams with technology like CRM for better lead generation.