Industry 4.0 is upon us. We are in an age of unprecedented technological advancement. More than in any other sectors, automation and computerisation are having a huge impact on all aspects of the manufacturing, electronics and engineering industries.
Advanced robotics are no longer confined to science fiction, they are a reality. Yet while human intervention on one level is scaling back (factories no longer need 400+ workers – they can run with a handful of machine engineers), we face an extraordinary and new chapter in human development.
The World Economic Forum (WEF) is urging businesses across all sectors to harness converging technologies in order to create an inclusive human-centred future.
There is little doubt that technology is transforming manufacturing. Factories are increasingly automated and equipped with industrial robots. Augmented and virtual reality, along with 3D printing and blockchain projects are a big part of technology-driven change in these sectors. Industry 4.0 is already bringing to life the concept of the Smart factory.
There is a race to embrace and evolve new technologies, and competition across the technical and engineering sectors is fierce. Marketing in these industries is becoming increasingly competitive. As a result, the utilisation of big data to inform real-time decision making will have a huge influence in gaining B2B competitive advantage.
Yet while the manufacturing and electronics sectors have excelled in embracing and advancing technology in production processes and product development, they have retained a somewhat traditional approach to marketing.
Here we look at what this all means to the manufacturing, electronics and engineering sectors in 2020. Specifically, what will be the impact of Industry 4.0 on marketing?
Technology driving new marketing tools
Technology has been hugely influential for innovation and production techniques for the evolution of products, but it has also had a notable impact on the development of new strategic software.
Leading global marketer and New York Times best-selling author Neil Patel predicts a move away from complete reliance on Google Analytics (GA) in 2020, a tool he argues has its place, but, he says, “doesn’t offer the ultimate business intelligent solution.” Patel argues that there are now better analytical solutions available that surpass GA, such as Amplitude or Google Data Studio.
According to Patel, GA used in isolation, doesn’t give businesses all of the information they need to fully inform real-time marketing decisions. “There are so many different ways you can generate revenue for your online business, such as partnerships, affiliate marketing, and even webinars.”
Reliable industry insights are also key for driving marketing strategies. Paid tools for market research, such as Statista and eMarketer will feature significantly more in marketing in order to mine relevant industry data in 2020.
Artificial Intelligence (AI) will also continue to evolve, enabling fast and accurate analysis of multi-layered information. Those who embrace the new digital marketing strategies in the manufacturing, engineering and electronics sectors are most likely to succeed.
The rise and rise of video marketing
Not new for 2020, but increasingly relevant in the engineering and manufacturing sectors is video marketing. Digital activity is now essential for any marketing campaign and video content continues to progress as a vital component for digital marketing strategy in all industry sectors.
Why? Video builds trust and Google loves it. In industries such as electronics and engineering, videos are highly effective in explaining complex concepts. Video as a marketing tool works. It is great for social media shares, and campaigns can be easily tracked.
Big data and continuous, real-time analytics
Inside Big Data report on 2020 trends: “The very worth of big data has increased with novel opportunities to comprehensively analyse business problems from an array of sources not previously available.” However, benefits of big data can only be realised if companies apply meaningful data integration.
Companies must incorporate comprehensive analytics into their strategic vision. As touched upon above, the use of more diverse analytical tools will help businesses to make better decisions faster. Training and investing in talent with a digital skill set is also crucial.
Strong branding matters more now than ever before
In a world where information flow is instant, strong branding and name recognition is a crucial lever for business success. Considering that the manufacturing and industrial marketplace is extremely crowded, a strong, recognisable and memorable brand in key B2B circles is critical. Strong branding can help manufacturing, electronics and engineering companies establish greater credibility, which in turn will help to win new business, as well as attract investors and talent.
Purpose a core differentiator
Identity and branding will be reinforced not just by what a company builds and how it performs, but also on its purpose.
According to Deloitte’s report on 2020 global marketing trends, “Purpose-oriented companies have higher productivity and growth rates, along with a more satisfied workforce who stay longer with them.” The research shows that such companies achieve 30 per cent higher levels of innovation and 40 per cent higher levels of workforce retention than their competitors.
In their key trends for 2020 Global Influences also report a move towards ‘betterness’ with a return to local sourcing and manufacturing, with companies taking an increasingly ethical stance. Relaying purpose across a range of social channels will contribute to building a strong brand.
Corporate social responsibility (CSR) will increase stakeholder trust
Consumers, employees and other businesses in the B2B supply chain identify with how companies treat their people and the environment, and also how they support the communities in which they operate.
The manufacturing sector in particular has in the past contributed to environmental pollution. CSR functions as a way to reduce the impact of this. Social collaboration and green innovation are an increasingly important aspect of building stakeholder trust.
Summary
The next decade will see huge opportunities from the internet of things (IoT), AI and 5G. Data management and analytics will continue to evolve and impact marketing strategies in the electronics, manufacturing and engineering sectors in 2020 and beyond.
You can no longer build a business using a single marketing tool. Going forward, the challenges in the manufacturing, electronic and engineering sectors include the ability to crunch vast amounts of big data, infrastructure and technological capabilities, human resources, shifting regulatory frameworks, and unearthing investment opportunities.
Innovative tech is the future and that will be at the heart of any marketing campaign. Despite concerns by some that we are heading for a robotic future filled with digital technology and Smart factories, there is an opportunity for keeping the human factor alive in new roles. It is an exciting time for the manufacturing, electronics and engineering sectors which have yet to realise the full potential of technology and digital skills when it comes to marketing campaigns.
