Upcoming trends in the manufacturing industry The new role of marketing
For quite a few years, and particularly during the 2008-2009 recession, the manufacturing sector in Canada has experienced a downturn. The United States, which is Canada’s number 1 trading partner, was significantly impacted by the financial crisis. The result? A substantial decrease in exports. Canada’s manufacturing industry plays a vital role in the country’s economy. It must find ways to renew its vitality and ensure its long-term viability.
The Québec government has already started making several multi-million-dollar investments to help manufacturers innovate. On the flip side, companies in the manufacturing sector must take into account three major trends, identified by the Lawrence National Centre for Policy and Management, in order to remain competitive on the global scene.
Rising trends and marketing’s role in the manufacturing industry
- Emerging economies. BRRIICS (Brazil, Russia, India, Indonesia, China and South Africa) as well as Mexico are experiencing accelerated economic development. Canadian manufacturers must ensure that they develop a sustainable strategy to acquire customers in these key regions.
- Accelerated product innovation. Several mainstream products that we use today didn’t even exist 10 years ago. According to the OECD “products are more complex than ever before and require more technological know-how.” A company’s marketing plan and understanding of market trends/consumer behaviour are crucial in a product’s commercial success.
- Accelerated product development and manufacturing. More and more technology is being used by Canadian manufacturers to speed up their product development and production so as to remain commercially agile in today’s competitive landscape. Alain Boothe, professor at the Lawrence National Centre for Policy and Management also indicates that software is playing a major role in optimizing all stages of the product development cycles—from initial conception and manufacturing to after-sales service. Regardless of its size, a company in the manufacturing industry must leverage the potential of software to create value and improve its overall competitiveness. What’s more, by using software, such as a CRM, a business can be much more intimately aware of customers and leads as they travel down the sales pipeline: this is paramount for a company to analyze trends and identify key success factors for future market development.
While the Canadian manufacturing industry is facing numerous challenges, there are nevertheless amazing opportunities for businesses that are willing to innovate and realign their market development initiatives.
Boothe, Paul. L’avenir du secteur manufacturier : recherche l’avantage concurrentiel. Lawrence National Centre for Policy et Mangement. 2016. .
Radio-Canada. Québec mise sur le secteur manufacturier « innovant » pour relancer l’économie.. http://ici.radio-canada.ca/nouvelles/Economie/2016/04/14/001-plan-action-strategique-couillard-anglade-emploi.shtml. 14 avril 2016.
Suggestion de lecture : BDC. Comment utiliser la technologie pour améliorer vos profits.. https://www.bdc.ca/fr/articles-outils/technologie/investir-technologie/pages/logiciels-gestion-ameliorer-votre-rentabilite.aspx.
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