Economic trends show promise for industrial manufacturing sales growth. Yet, pandemic problems such as extended lead times and rising materials prices remain. Does your strategic marketing plan address today’s unique market opportunities and challenges?
The latest data from Institute for Supply Management (ISM) Manufacturing Business Survey shows that purchasing managers hold a positive view of market conditions. The Purchasing Managers Index (PMI) for April was down slightly from March, but still well above the 50% level that indicates an expanding economy. The U.S. has now seen 11 months in a row of economic expansion as measured by PMI data.
Demand, consumption and inputs all registered strong growth compared to March, according to ISM Chair Timothy R. Fiore, CPSM, C.P.M. Fiore said, “All of the six biggest manufacturing industries — fabricated metal products; chemical products; food, beverage & tobacco products; computer & electronic products; transportation equipment; and petroleum & coal products, in that order — registered moderate to strong growth in April.”
Unfortunately, the survey found some pockets of bad news, too. Global supply problems linger due to the COVID-19 pandemic. Manufacturers report the following problems affecting growth:
In spite of this, many companies are reporting continued strong sales. The combination of an expanding economy and lingering challenges from the pandemic creates an unprecedented situation for manufacturers. That’s why now is a good time to take another look at your strategic industrial manufacturing sales growth plan.
Does your plan take into account current economic conditions? Positive and negative? If you would like to have a conversation about how can your marketing and sales team can work together to capitalize on opportunities in the market, get in touch.