The manufacturing sector is showing early signs of recovery: 70% of industrial-sector marketers expect their sales to increase in 2010 over 2009 levels and 31% plan to increase their marketing budgets—with much of those dollars earmarked for online channels, such as video, social media, and search, according to a survey from GlobalSpec.
One-half (51%) of surveyed industrial marketers say they are increasing their online portion of their marketing budget over 2009 levels; 68% plan to increase spending on social media, 68% cite video, 59% cite search engine optimization, and 56% cite webinars.
By contrast, spending on traditional channels is expected to fall: 25% of industrial marketers say they plan to decrease spending on trade-magazine advertising and 24% plan to decrease their use of printed directories.
Below, other findings from the report Trends in Industrial Marketing 2010 by GlobalSpec, Inc.
Hard hit by the global economic downturn, 42% of industrial marketers say customer acquisition is their companies' primary marketing goal in 2010; 32% cite lead generation, 13% cite branding, and 9% cite customer retention.
Quality of Leads Delivered Most Important
When allocating their marketing budgets, marketers cite lead quality as their top concern—rating it 8.6 on a scale of 1-10, followed by fit of audience exposure (7.7) and reach of audience exposure (7.6). Quantity of leads (6.9) and quantity of clicks to a company website (6.6) placed a distant 8th and 9th.
Three out of the four top sources of business leads are from online sources: Company websites (70%), email marketing (33%), and search engine optimization (25%). However, industrial marketers also rely heavily on tradeshows (44%) for lead generation.
Activities such as webinars (6%) and social media (4%) rank near the bottom as a source of business leads—though most industrial marketers plan to increase spending in those areas: 59% and 68%, respectively, say so.
Looking for great digital marketing data? MarketingProfs reviewed hundreds of research sources to create our most recent Digital Marketing Factbook (May 2010), a 296-page compilation of data and 254 charts, covering email marketing, social media, search engine marketing, e-commerce, and mobile marketing. Also check out The State of Social Media Marketing, a 240-page original research report from MarketingProfs.
Social Media Adoption
Among social media technologies now in use, LinkedIn is the most popular (59%), followed by Facebook (40%), Twitter (32%), a company blog (26%), online communities (24%), and video (23%).
In the future, more industrial marketers plan to adopt social media, led by LinkedIn (53%) and Facebook (41%).
Though only 23% of industrial marketer now use video (e.g., YouTube), 37% plan to do so in the future.
Other key findings:
- 47% of industrial marketers say they plan to allocate more than one-third of their 2010 marketing budgets to online channels; 27% say they will spend more than one-half of their marketing budget online.
- Industrial marketers say their greatest challenges are limited resources (49%), lack of high-quality leads (48%), the need to improve ROI (32%), and the need to drive more website traffic (32%).
- The top features and functionality that marketers now have on their websites are product specifications (75%), request for quotation features (57%), site search (50%), searchable product catalogs (42%), product availability features (34%), video content (33%), part-number search (28%), and Web analytics capabilities (24%).
About the data: Findings are from the GlobalSpec survey of 464 marketing professionals in the industrial sector, conducted in the first quarter of 2010. Respondents are from companies of various sizes, with marketing budgets ranging from under $50,000 to over $1 million.
Continue reading "Industrial Marketers Spending More on Digital, Social Channels" ... Read the full article
Subscribe today...it's free!
MarketingProfs provides thousands of marketing resources, entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.
You may like these other MarketingProfs articles related to Marketing Strategy:
- These Three Experiential Tactics Lead to Better B2B Virtual Events
- Opportunity Out of Difficulty: Four Martech Trends to Follow in 2021
- CMO Predictions for 2021 [Infographic]
- MarketingProfs' Top 10 B2B Marketing Trends and Predictions for 2021
- How to Use Buyer Personas to Understand Your Customers in a Post-COVID World