2020 has been a different kind of year for reasons we are all too familiar with. In the industrial sector, we have witnessed significant slowdowns on spending money for anything outside of critical supplies and services. Fortunately, this is changing and will continue to change.
At Mansfield Marketing, we work in industrial marketing and advertising all day, every day. Within oil, gas, manufacturing and construction, we are watching and participating in the increases of purchasing and business opportunities as oil prices rise and the pandemic issues have a reduced effect.
Right now, while purchasing and spending momentum is building, this is the time to become aggressive about competing for sales and market share. Generally speaking, it takes about three months for a marketing and advertising campaign to yield optimal results due to the much longer sales cycles in the industrial space versus the consumer world. Those who act now will have an advantage over those who wait for a different, later "perfect time."
Plant turnarounds are necessary operations, but many turnarounds scheduled to take place in the first half of 2020 were postponed. Now that employees are returning to the workplace and operations are ramping up, companies that postponed large projects are looking to restart.
Take this announcement from March as an example: "Phillips 66 is delaying three sizable scheduled shutdowns at its refineries this year because of concerns that coronavirus could spread among the refineries' workers if the maintenance goes ahead, the company said. Several other refiners are delaying turnarounds on coronavirus concerns."
Those turnarounds are just one example of what I predict will become an inevitable rebound of activity. A cascade of purchasing opportunities is bound to follow recent events, providing sales and revenue for many contractors, suppliers and, in turn, all of their vendors.
Even as a return to normal is underway, some effects of the pandemic may continue to linger. Digital resources have become a more integral part of research and decision making, even on major purchases. As some of your competitors have reduced their capacities and abilities to respond, buyers are considering new vendors to fulfill their needs.
Another change that has occurred is what clients demand from their marketing and advertising investments. There is always a balance to be struck in terms of diversifying branding, awareness and direct response marketing campaigns. All three are necessary for the highest return on investment, but direct response is now taking the lead. Our clients want to see short-term increases in sales opportunities, and we have adapted our strategy to meet this demand.
While you may be waiting for the perfect time to start pursuing new leads and sales, it may be difficult to catch up to your competitors who already have a head start. So, that begs the question: What are you waiting for?
For more information, visit www.mansfieldmarketing.com or call (713)533-8899.