The Future of Manufacturing: Opportunities in Global Markets

With another week gone by, our latest edition of The Future of Manufacturing series continues with a new focus on opportunities in the global market.

Findings from a survey conducted by Make UK and PwC outlines a scenario where UK manufacturers are poised for growth, driven by innovation, sustainability, and a digital transformation. Despite internal challenges like rising costs and skilled labour shortages, there’s a clear optimism amongst UK manufacturers towards exploiting global market opportunities. It comes as the impending UK/India trade deal and the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership provides a possibility for manufacturers exploiting global trade opportunities. Take a look at our 3 keys findings from the research.

Product and Market Expansion: Over half of manufacturers (52.7%) are preparing to launch new products, and more than a quarter (27.3%) are looking to expand into new markets. This is reflective of an environment where innovation and exploration of global markets are seen as key drivers for growth. It’s recommended that a strategic marketing plan to deliver on the experience is required to maximise the opportunities available, and reduce the investment required.

Net Zero and Digital Technologies: Around a quarter (26%) of respondents see the net zero targets as a major opportunity, and a similar proportion (23.4%) are looking to leverage digital technologies. Including AI and cloud computing. This underscores the alignment of sustainability and digitalisation with global market expansion plans, which poses a potential for UK manufacturers to become more competitive.

Increased Competitiveness: Nearly a third of manufacturers believe the UK is increasing its competitiveness against key European countries such as Germany (31%) and France (30%), suggesting a positive shift in the UK’s manufacturing landscape.

Concerns with Non-EU Competitors: Despite the optimism, there’s a cautious stance towards competitiveness against lower-cost rivals in India and China, highlighting the need for strategic approaches to enhance the UK’s manufacturing appeal globally.

Investment Intentions: A significant focus is on upskilling (59% of companies are planning investments) and digital technologies (44%), highlighting the strategic importance of human capital and technology in capturing global opportunities.

Policy Environment’s Role: Supportive government policies, particularly those related to full expensing and digital transformation support, are pivotal, with manufacturers indicating that policy stability significantly influences their investment decisions and global expansion strategies.

Since the UK left the single market, it’s realistic to say that there’s been challenge after challenge for manufacturers. And after enduring these challenging times, it appears there’s finally some light at the end of the tunnel. But in a competitive global market, properly executing a B2B marketing strategy can make a big difference.

Typically, manufacturers lean towards product development as a core strategy, which can work but without applying a customer-centric marketing led approach to products, pricing, distribution, and promotion, it can be limited.

We’re a specialist B2B manufacturing marketing agency, so we’re well experienced in delivering proven strategies for strengthening your position and entering new markets. Here’s some ideas to become more competitive in global markets:

The research rightly points out the importance of a unique selling proposition (USP) in global markets to help manufacturers stand out. Think about what makes you different in a crowded space and what compels your audience to choose you over your competitors. Are you greener? Known for your reliability? Is your product superior to cheap Chinese imports? A strong USP not only attracts customers but also fosters loyalty by continuously delivering on the unique promise made to the market.

Understanding local market nuances, consumer preferences, and cultural sensitivities in different countries is key to building relations in the market. Tailoring products and marketing strategies to these specifics can significantly boost acceptance and sales.

When entering new markets, building trust is key. Manufacturers should develop marketing narratives that focus on the customer’s needs and how their products or services have helped address these needs. Emphasise on the problems solved, the enhanced experience provided, and the added value brought to the customer.

Share these insights in the form of a case study to educate your customers about the benefits and practical applications of your innovation.