I’m writing this after attending the VMA/HI Market Outlook Workshop where the pump and valve industry had the opportunity to hear from a lot of leaders on where the market is at and where they project it in the future. To be honest, it was a little discouraging. Not that I’m naïve in thinking that things aren’t going to get better soon but hearing the different experts talking over the two-day event made it very clear that things aren’t going to start looking up as an industry until probably the end of 2023. While I did need a minute to take in that reality of another year of hard, there was plenty of light spots in our industry of things that are getting better. Specifically, the largest growth will be for the industries that are adopting and utilizing smart technologies.
I’d like to hone in on one specific presentation from Connor Lokar with ITR Economics on Prospering Through the Changes in 2023. He talked about how the global industrial cycle has peaked (from a rate of growth perspective) and that new business is going to become harder and more competitive. As we all know, inflation has made businesses have to increase their prices and due to the lack of supply – buyers haven’t really had another good option to get what they needed. But as material prices start dropping and the supply chain is normalizing, pricing is going to have to start coming down again to remain competitive for the market. Aka, the buyers are going to get some power back and be able to start shopping around again. Which isn’t necessarily going to be a good thing for manufacturers.
All this being said with one big point – moving forward it’s going to be even more critical for companies to be marketing themselves effectively in order to stay competitive. And to do so cost-effectively. It’s not a secret nor a surprise in 2022 that as a business, you need to have a digital footprint and be actively visible online. As 2023 is quickly approaching, companies really need to look at their marketing dollars and figure out how best to utilize what they have to get the most out of it. We can help with that.
As a digital media and marketing brand for the industrial sector, we understand the struggles that manufacturers are facing along with the industry as a whole. And we know how to market the hell out of pumps and equipment! Myself along with our whole Empowering team are strategic marketers and love helping our clients. Reach out and let us know how we can support you!