Online marketing budgets in industrial sector grow
Companies in the industrial sector are spending more on marketing and allocating a greater amount of their budget to online marketing, according to the 2007 Industrial Marketing Trends Survey. It is the second annual survey of marketing and sales executives and managers in the industrial sector. It was conducted by GlobalSpec, a specialized search engine, information services and online-publishing company for the manufacturing, technical, industrial and engineering communities.
Sixty-one percent of respondents said online marketing would take up a greater portion of their marketing budget in 2007 than it did in 2006. In addition, 37 percent will spend at least one-third of their marketing budget on online marketing.
"The gap between where companies within the industrial sector are advertising, and where their prospect base of engineering, technical and industrial professionals is searching for products and suppliers, is closing," said Chris Chariton, vice president at GlobalSpec. "As industrial marketers shift more of their resources online to capture these prospects, companies need to be aware of the range of online marketing options available to them.
"Those companies that recognize the shift and capitalize on it will be at an advantage," she said. "It is no longer enough just to have a Web site. Industrial marketers need to adopt a more comprehensive approach to online marketing."
Other findings from the survey include:
· 74 percent of respondents indicated that either customer acquisition or lead generation was their primary marketing goal in 2006.
· Respondents most often selected customer acquisition, budget and resources or new market development as the biggest marketing challenge facing their company in 2007, indicating that finding new customers in both new and familiar markets while controlling budget expenditures is a key focus.
· Fewer than 10 percent of respondents expected to increase spending on blogs and podcasts in 2007, showing that social media has yet to make an impact in the industrial sector.
"GlobalSpec conducts its annual Industrial Marketing Trends Survey to assess trends in marketing objectives and expenditures for the year ahead," Mr. Chariton said. "Our goal is to provide key takeaways and recommendations to help industrial marketers make the most out of their marketing efforts."