Virginia Roberson, one of our industrial content experts, is on a fact-finding mission to surface the technologies and trends impacting manufacturers and to share what she discovers along the way.
Ford, GM, and FCA just announced they are suspending all North American operations, along with Goodyear and Bridgestone. More temporary shutdowns are likely to follow, given the growing COVID-19 fallout. These events may have a cascading effect, such as supply chain disruptions and product suspensions.
The uncertainty around manufacturing’s global economic future may seem overwhelming. As industrials, we're worried not just about our own job security, but about the futures of our customers, our employees, and their families.
But according to a new McKinsey & Company report, global business and industrial leaders are looking at ways to help companies take definitive actions during these disruptive times.
Key action items include:
- Establishing a "nerve center" team to guide each organization, serve as an information hub, manage risks and responses, and align stakeholders
- Safeguarding employees by putting health as the number one priority and adjusting production as needed
- Maintaining fiscal health via liquidity, reducing costs, and protecting key members of each company’s "ecosystem"
- Rethinking marketing strategies to identify and mitigate risks, such as addressing declining sales while taking care of current customers
Sound familiar? Of course it does.
As industrials, we're already in contingency planning and business continuity mode to do whatever it takes to protect our employees and still take care of our customers.
These uncertain times present an opportunity to assess new ways to use online marketing and sales channels to help ensure business continuity – given the fact we can no longer rely on in-person contact for customer care and new sales.
The McKinsey report notes key considerations and suggestions for changing traditional manufacturing approaches to sales and marketing, including:
- Understanding how COVID-19 is impacting current customers
- Adjusting marketing to focus on available models to prevent customer frustration
- Shifting marketing-channel mixes online and developing new digital capabilities
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If you’re looking for new channels and strategies to help you take definitive action and ensure business continuity in uncertain times, please contact us.