Episode 7 - Terri Hoffman on Industrial Marketing for Manufacturers

Industrial Marketing for Manufacturers Built Right - Terri Hoffman riffs on NCAA athletics, accountability, strategy, and even UTVs and wine - all on Industrial Growth Institute Episode 7

Summary

In Episode 7 of the Industrial Growth Institute Podcast, Terri Hoffman, founder and CEO of Marketing Refresh, joins Ed Marsh to discuss industrial marketing for manufacturers.

Terri simplifies industrial marketing by focusing on making it easy for clients' target buyers to find and engage with them online. She brings 30 years of marketing experience, including working in-house, as a consultant, and now on the agency side. Terri's background as a former NCAA athlete and her engineering mindset contribute to her unique perspective on marketing. She emphasizes the importance of accountability and doing what you say you're going to do in business.

Terry's agency, Marketing Refresh, specializes in helping B2B industrial brands generate leads and navigate the digital landscape. The conversation explores:

• the importance of accessibility and convenience in customer experience
• challenges of bridging the gap in vocabulary between marketers and clients
• evolving roles of marketing and sales in the industrial space
• impact of #AI on marketing
• significance of branding in the industrial manufacturing sector
• budget allocation for marketing

Terri & Ed dive deep into the importance of digital marketing for industrial manufacturers including:

• changing buyer's journey
• role of marketing in driving growth
• need for strategy over tactics
• importance of data and reporting and Terri's partnership with Databox
• the need for companies to embrace digital marketing and close the knowledge gap between what is possible and what is understood
• the importance of boards of directors having a deep understanding of contemporary sales and marketing

Takeaways

• #IndustrialMarketingForManufacturers is about making it easy for target buyers to find and engage with a company online.
• #Accountability and doing what you say you're going to do are crucial in marketing and business.
• How being an #NCAAWomensBasketball captain and engineering student contribute to her unique perspective on marketing.
• #DigitalMarketing has changed the expectations of #B2Bbuyers, who now expect the same convenience and accessibility as in B2C experiences.
• Qualitative research and understanding the exact words and experiences of buyers can provide valuable insights for marketing strategies.
• Focus on the fundamentals and provide a great customer experience.
• The roles of marketing and sales are evolving, with more overlap and the need for digital skills in both areas.
• AI can enhance decision-making and efficiency in marketing, but it cannot replace human creativity and understanding.
• Branding is important in the industrial manufacturing sector, both visually and in terms of messaging and value proposition.
• Budget allocation for marketing in the middle market industrial manufacturing sector can range from 3% to 8% of revenue, depending on factors like company stage and goals.
• Shifting resources from sales to marketing can be a strategic move to optimize revenue growth and improve marketing capabilities.
• Strategy is more important than tactics when it comes to marketing.
• Data and reporting are essential for measuring the effectiveness of marketing efforts and making informed decisions.

Check out Terri's website

LinkedIn: Terri Hoffman and Ed Marsh

Twitter: Ed Marsh 

Instagram: Ed Marsh 

YouTube:  @MarketingRefresh  &  @EdMarsh 

Show Transcript 

00:00 Simplifying Industrial Marketing
04:18 The Power of Accountability
05:30 The Unique Perspective of an NCAA Athlete and Engineer
09:07 The Changing Expectations of B2B Buyers
13:16 The Value of Qualitative Research
32:03 The Evolving Roles of Marketing and Sales in the Industrial Space
35:38 The Significance of #Branding in the Industrial Manufacturing Sector
46:35 Budget Allocation for Marketing in the Middle Market Industrial Manufacturing Sector
58:02 Shifting the Resource Pool between #SalesAndMarketing
59:09 The Possibilities of #Ecommerce Platforms
01:01:16 Differentiating #MarketingStrategy and Tactics
01:02:05 Prioritizing the Right Marketing Initiatives
01:03:06 The Importance of Strategy in Marketing
01:14:42 Focusing on Business Outcomes Rather Than Product Specs
01:19:02 Automating #SalesProcesses for Efficiency
01:24:29 Closing the Knowledge Gap and Embracing

 

#DigitalMarketing #InboundMarketingAgency #ManufacturingMarketing #IndustrialMarketing #B2BSales #IndustrialGrowthInstitute #IndustrialMarketingForManufacturers #MarketingRefresh #OverallRevenueEffectiveness #TerriHoffman