Expectations for the industrial sector in 2023: how to face the new year
Any company is already a tremendously complex organism, and the set of companies operating in the industrial sector form an increasingly interconnected ecosystem subject to a myriad of variables. Small changes in one part of the world have a rapid impact on the other. And while it is now easy to think of the political and economic circumstances that are negatively affecting industrial companies, the truth is that even in times of difficulty there are always opportunities.
But you have to be prepared to take advantage of them when they arise. And now is the time to focus on contingency planning, resilience and digitisation. In this article we look at what is expected for the industrial sector in 2023.
Industrial marketing trends
With the economic effects of the COVID-19 pandemic still lingering, the war in Ukraine and the supply crisis, many industrial companies today face a slowing and destabilised market, rising prices and logistical collapses. The industry is fluctuating and volatile, and demand patterns have abandoned traditional seasonal cycles.
Against this backdrop, some companies are panicking and opting to reduce their marketing investments. But burying one's head in the sand is never a good option. Companies that not only want to survive the current situation, but also want to grow in the face of the next cycle change, are taking the opportunity to adapt to the changes with agility, evaluate their internal situation and invest in new strategies that will make them stand out now that the market will be less atomised.
The key question to ask in order to train business resilience is: What can I do now that I could not do otherwise?
Strategies for B2B growth in 2023
Forecasts indicate that industrial companies will have to deal with frequent unforeseen events in the near future, and their ability to adapt to these events will make a difference in the sector. The companies that will be able to position themselves as leaders in their sectors will be those that:
- Redefine your KPIs, metrics and forms of self-assessment. Because in a changing environment, predictions will increasingly only be valid in the short term.
- Commit to continuous learning to successfully adapt to the ever-changing environment.
- Establish new strategic alliances. Industrial activity will become increasingly collaborative, and all companies will need the support of a wide network of external suppliers and partners to create more value, take greater risks together, identify opportunities, attract talent and establish deep bonds of trust.
The marketing area is particularly well suited to put all these strategies into practice. Digital marketing today works with a large number of accurate metrics that allow us to measure the effectiveness of each action and apply continuous improvement methodologies. Partnering with an expert B2B agency is the best way to reach the right customer, the one who makes the purchasing decisions, in these uncertain times.
Digitalisation, Big Data and Machine Learning
How to adapt to such a changing environment? One of the obvious answers is to opt for the digitisation of the industrial world, a trend that is no longer new but is constantly evolving. Today, no industrial company can do without adopting new technologies based on Big Data. Because all production processes, logistics, sales, etc., generate a huge amount of data. Having reliable data sources and tools for their systematic analysis in real time to support optimised strategic decision-making is no longer just a competitive advantage. It is increasingly a must to stay in the market.
This is where Artificial Intelligence and the use of algorithms come into play to get the most out of data and use it to optimise costs, reduce waste, detect faults, manufacture more efficiently and, in short, improve the company's competitiveness... Sectors such as the automotive, chemical and agri-food industries are already taking advantage of Machine Learning to achieve a process of automated continuous improvement.
It is obvious: the companies that are best prepared today are those that have been best prepared in the past. To achieve or maintain a leading position in tomorrow's industry, it is necessary to stand firm in 2023, not to let our guard down, to take advantage of marketing and to gain time now that many are going to stop their investments in this area. Because any time we stand still now, we will pay for it in the future.