Trends in Industrial Marketing 2008

I N D U S T R Y T R E N D S & R E S E A R C H R E P O R T S
F O R I N D U S T R I A L M A R K E T E R S
Trends in Industrial Marketing 2008:
How Manufacturing Companies are
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Contents
GlobalSpec Industrial Marketing Trends Survey ......................... 3
Highlights from Survey Results..................................................... 3
Conclusions.................................................................................... 4
Recommendations......................................................................... 5
About GlobalSpec, Inc................................................................... 6
Marketing Goals and Challenges.................................................. 7
Marketing Channels....................................................................... 8
Marketing Budgets....................................................................... 11
T r e n d s i n i n d u s t r i a l m a r k e t i n g 2008 ©2008 G lo b a l s p e c , i n c . 2» » » I n d u s t r y T r e n d s a n d r e s e a r c h R E P O R T S f o r i n d u s t r i a l m a r k e t e r s
GlobalSpec Industrial Marketing Trends Survey During the second quarter of 2008, GlobalSpec conducted its third annual Industrial Marketing Trends Survey of marketing and sales professionals in the industrial and manufacturing sectors. The survey addressed marketing trends, objectives, challenges and expenditures within the engineering, technical and industrial communities.
Highlights from Survey ResultsThe 468 survey respondents represent a wide range of company sizes with annual marketing budgets ranging from under $50,000 to over $1 million. 73% of respon-dents hold management positions in sales or marketing. 11% indicate they are presidents/CEOs. Highlights of their responses include:. 57% stated that online marketing will command a greater portion of their marketing budget in 2008 than it did in 2007. 30% spend more than 50% of their overall marketing budget online, up from 20% in 2007; on average, 37% of the marketing budget is spent online. 38% of respondents stated their companies will spend more on marketing in 2008 than in 2007; 41% anticipate spending the same. 72% of respondents indicated that either customer acquisition or lead genera-tion is their primary marketing goal in 2008. 42% stated they do not expect the economy to have an impact on their marketing budget. Three of the four top sources of leads are online marketing programs. Online directories/Web sites and e-mail marketing using in-house lists are the two most frequently used marketing channels
T r e n d s i n i n d u s t r i a l m a r k e t i n g 2008 ©2008 G lo b a l s p e c , i n c . 3» » » I n d u s t r y T r e n d s a n d r e s e a r c h R E P O R T S f o r i n d u s t r i a l m a r k e t e r s
Conclusions1. Online marketing continues its growth trend. 57% of respondents stated they will spend a greater portion of their marketing budget online in 2008 than in 2007, while only 6% stated they will spend less online. On average, 37% of the marketing budget is spent online. In addition, three of the four top tactics for generating leads are online programs. The majority of industrial suppliers know that their customers and prospects are searching for suppliers and sourcing products online, and are re-allocating marketing online to better reach their audience and be found. 2. Generating quality leads is a top marketing goal - and a challenge. 72% of respondents stated that either customer acquisition or lead generation is their primary marketing goal in 2008. In addition, quality of leads delivered was considered the most important factor when deciding where to allocate marketing budget, with lead quantity being less important. 49% stated that generating quality leads is one of their top three marketing challenges. This data shows that most industrial suppliers are evaluating marketing options and allocating marketing budget in accordance with their primary challenges and goals - customer acquisition and lead generation. 3. The uncertain economy has not yet impacted industrial sector revenues. The majority of companies (78%) stated ... [download for more]