In these tough economic times do manufacturing companies need to cut prices to get people to "Buy American" made products?
This profound and timely question was asked of me the other day.
We are in a period of economic uncertainty and too many with knee jerk reactions - and short term thinking, would say "cut your prices!" This is not the answer.
The real response is what does the customer need in terms of product quality, service support, excellent price, and are they going to need an on-going relationship to solve long-term needs?
Domestic manufacturers have a decided advantage over lower cost oversears manufacturers in relationship building, service support, and on-time delivery of quality products at a great price. Lowest price - maybe not. Best deal for the customer - yes, when the entire purchase is considered: quality, cost, service, and long-term support.
The challenge that too many manufacturers have is that they have not had to market their products in the distant past - they just had to build a damn good mouse trap - and they did. Times have changed and manufacturers must market more professionally, agressively, and consistently.
This does not mean a new brochure that sits on their shelves or have a handfull mailed to current customers and friends. Full-court marketing is needed by manufacturers: Websites that have impact! Sales efforts that are personal and meaningful! On-going communications with customers and prospects!
It is worth the time and effort to conduct an in-depth self-assessment of marketing efforts and the return on that investment.
Until marketing becomes a serious on-going activity with manufacturers, the issues of price and overseas competition will always have them on the defense - which is not the way to win the game!