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Summary

Manufacturing companies are focusing on re-allocating marketing dollars to online initiatives and increasing ROI as uncertain economic conditions force them to address customer acquisition and lead generation challenges.  In its Annual Industrial Marketing Trends Survey, GlobalSpec revealed that industrial marketers are focusing on making the most of limited marketing resources and generating quality leads.

Other survey results include:

●Online marketing continues to grow.

More than half (57%) of respondents indicated they planned to spend a greater portion of their marketing budget online in 2008 than in 2007.  On average, 37% of the marketing budget is spent online.  The majority of industrial suppliers know their customers and prospects are searching for suppliers and products online, and are re-allocating marketing online to better reach their audience. 

●Generating quality leads remains a challenge.

Nearly three-quarters (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. Most industrial suppliers are evaluating marketing options and allocating marketing budget in accordance with their primary challenges and goals — customer acquisition and lead generation.

●The uncertain economy has not yet impacted industrial sector revenues.

The majority of companies (78%) stated their 2008 revenues are on or ahead of plan, with only 22% reporting revenues below plan. Perhaps surprisingly, 42% percent stated they don’t expect their marketing budgets to be impacted by the economy this year. However, 40% of respondents indicated their marketing budget may be cut if the economy worsens.

●Tight marketing resources highlight importance of ROI.

Nearly half of respondents (47%) reported that having too few marketing resources was one of their top three marketing challenges for 2008. Another 31% stated that improving marketing ROI is one of their top three challenges. These results indicate that marketers must make the most of their finite marketing resources by investing in programs that deliver quality leads with high potential for sales and that provide performance metrics. But while industrial suppliers know they should be spending more of their marketing budget online, they don’t always know where to invest or what delivers the best ROI: 26% know they should be doing more online marketing but aren’t sure what works best.

For more information about GlobalSpec or to access the full results of the Annual Industrial Marketing Trends Survey, visit www.globalspec.com

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