MANUFACTURERS NEED TO REDEFINE WHAT’S POSSIBLE
Australian manufacturing companies are now facing the need to redefine who they are and what is possible with their markets.
The uncertainty being created in the dynamic market landscape, both locally and internationally, is putting greater focus on manufacturers to prioritise strategies to ensure long-term success.
Rapid technological advancements (cobots), evolving consumer preferences, energy costs, circular economy principles and increasing competition have added to the uncertainty created by the US government’s focus on ‘bringing back American manufacturing’ and putting ‘American workers first’.
Within the first 50 days in office President Trump had already announced his administration securing nearly $2trillion in new US investments.
In this environment, Australian manufacturers must take the opportunity to redefine their importance in Australia’s 5th largest industry, employing more than 850,000 people and contributing almost 27 per cent of the nation’s export earnings. Unfortunately, the sector is in decline. Some economists are highlighting that the sector has been in 'terminal; decline for 40 years', with its GDP declining early two-thirds since the late 1970s.
Innovate and thrive is the catch phrase that the sector must embrace.
Pivotal strategies in enhancing business growth and repositioning, must take into account four key elements:
- Brand reputation
- Investments and partnerships
- Stakeholder engagement (both internal and external - local, nationally and internationally), and
- Effective risk planning and crisis management preparedness.
The underlying roadmap to all of these is putting into effect public relations strategies which address the essential questions of where you’re going and why.
In building brand reputation, the PR strategies provide the vehicle for effectively communicating the company’s values, mission, and innovations. This can build credibility and foster consumer trust, which is essential for long-term success. The utilisation social media also provides the opportunity for almost instantaneous national and international awareness.
In investment, PR initiatives enable the showcasing of successes, innovations, and corporate social responsibility efforts. This enables manufacturers to appeal to potential investors and collaborators who are increasingly looking for socially responsible and innovative business partners.
Stakeholder engagement strategies are essential to expanding operations, launching new products, engaging with politicians and policy makers and enhancing roles in local communities.
No business today can operate without effective - and tested - risk planning and crisis management plans. Risk identification and opportunities are important for not only the governance aspect of a company’s operations, but also as an ‘insurance’ mechanism for continuity of business in a crisis.
In this current climate, enhancing the role, the brand, and the profile of manufacturing builds public knowledge, through a SMART approach (specific, measurable, attainable, realistic and timely) with strategic communication plans that can redefine the ‘what’s possible’ for the sector.
# manufacturing # reputation # stakeholders # brand #public relations # trust # strategic communication # government relations # risk # crisis management # investment # partnerships