Despite the uncertainties that exist in today’s economic climate, key indicators show that manufacturing will continue to grow.
Customer Quote Volumes are Growing through COVID, Why is This?
After analyzing the quote production of our customer base over the past few months, a few metrics stand out:
- 2020 monthly quote output has grown 27% from 2019 average
- March/April 2020 average quote output was up 8% from previous two months
- April 2020 quote output was up 3% from Q1 2020 average
All of this during one of the more significant economic downturns in recent history. Why is this?
While there are several contributing factors to the identified growth, these metrics represent the valuable opportunity in front of leading manufacturers.
In short, manufacturers that are easy to buy from sell more, plain and simple. And companies that use the current downturn to invest in accelerating growth will separate from the competition.
Manufacturers Focused On Growth Will Accelerate Out of the Downturn
Smart investments in downturns help companies break away from competitors and establish a larger market share.
According to Gartner, "during the financial crisis of 2008 through 2010, leaders broke away from the competition and achieved efficient growth."*
Needless to say, how you exit this current turn will likely determine your business’s long-term success.
What types of investments initiate this separation? For B2B manufacturers, committing to technologies that enable simpler, faster and more enjoyable buying and selling experiences prove to show tangible value--evidenced by the growth seen in FPX customer quote volumes.
Win Faster, Win More by Making it Easier for Customers to Buy
There’s no doubt that we are in unprecedented times. However, B2B buying and selling will remain our economy’s backbone.
In the midst of B2B manufacturing’s digital age, the leaders that come out of the current downturn will be the ones that prioritize making it easy for their customers to research, select, configure and purchase their B2B products online, with or without the help of salespeople.
At FPX, this is at the heart of what we do. We help manufacturers simplify the selling of their configurable products and services across an omnichannel approach, helping them sell more, sell faster and sell more profitably.
To learn more about our strategies for manufacturers and our B2B Selling Cloud, schedule time with one of our experts.
*Gartner "Winning in the Turns: A Tech CEO Action Guide," George Brocklehurst, et al, 24 September 2019