If you’re like us, the end of the year means a lot of data collection, prospecting, and strategizing for the upcoming year. The predictable questions come up in production and sales meetings: How are 2019 sales? How do prospects look in 2020? Are customers buying more? Less? What about innovations? Diversification? How can we grow margins? And so on.
At Miller Products, the end of the year also means spending time in front of our market, attending trade shows, and listening to the “Market Buzz” from buyers and manufacturers on the floor. Through the end of October and the beginning of November, the Miller team spent time visiting with customers and associates during the GIE+EXPO and FEMA trade shows to feel the pulse of the 2020 market and what we can expect to make it a good year. What was discovered is, while broad reports are calling for a looming depression in the market, by implementing a few strategies, manufacturers are positive about 2020 and beyond.
“We’re seeing a lot of optimism,” said Kerry Richardson, Sales and Marketing Manager for Miller Products, Co. “We just finished a record October and are looking at higher inventory demand than expected through the end of the year. With a little strategy, 2020 is going to be a great year.”
While some methods for dealing with a soft market focus on “Getting back to basics” or pushing the sales team out in an aggressive “Boots-on-the-ground” effort, smart manufacturers can circumvent market volatility by focusing strategies around their core portfolios and market innovation at home.
One market tip suggests increasing efficiencies in supply chain and mobilizing partnerships to drive your business goals. Others include adding digital technologies (digital outreach, direct response marketing, etc.) that increase visibility and transparency or focusing on a corporate responsibility protocol to increase market reach and brand awareness.
“Any of these [strategies] require less capital investment,” said Richardson. “While still creating a more sustainable and productive workflow throughout these bigger market changes.”
With over 80 years of business under our belts, we’ve seen strong and soft markets. All have been challenges and maintaining growth requires diligence and strategy. However you choose to approach 2020, focusing on your core product and servicing your accounts at home is always a good answer to maintaining sales momentum and pushing growth.
From custom CNC machining and the precision of Swiss CNC manufacturing to our vast line of stock pins and fasteners, Miller Products Company strives to bring our manufacturing customers the best products, support, and service in the industry. If you’d like more information about the products or services we provide, please feel free to contact Kerry Richardson, Sales and Marketing Manager at 1-800-245-7034, or email: sales@millerproductsco.com
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