How does your online marketing strategy compare to that of other companies in the industrial sector — like your competitors, for instance?
Learn more by reading “Online Marketing Trends – Industrial Sector,” featuring the results of the second-annual GlobalSpec Industrial Marketing Trends Survey.
How does your online marketing strategy compare to that of other companies in the
industrial sector — like your competitors, for instance? Thanks to the second
Industrial Marketing Trends Survey, here are the answers.
Online Marketing Budgets Grow
The first thing to know is that new customer acquisition is both the biggest marketing
challenge and the primary marketing goal for companies in the industrial sector.
With challenges and priorities lining up like this, the majority
of companies are allocating more money to marketing and a greater percentage to
online marketing, indicating they are willing to invest to meet their challenges
and achieve their goals. The reverse of this is also likely true: companies that
lag behind in marketing spend may start finding themselves at a competitive disadvantage.
Sixty-one percent of companies stated that online marketing
will command a greater portion of their marketing budget in 2007 than it did in
2006, and many companies are spending at least one third of their marketing budget
online. There are two key drivers behind this trend. First, the gap is beginning
to close between where companies are advertising and where engineering, technical,
and industrial professionals search for products and suppliers. With more than
90 percent of the industrial community now using the Internet to find components
and suppliers, companies are shifting more of their marketing resources online
to capture these prospects.
More Online Channels Available
The second driver of the trend toward a greater percentage of marketing budgets
allocated online is the growth of that medium. The number of available online
marketing channels is growing. These channels are also maturing and delivering
results. Current GlobalSpec clients report that three of their top four sources
for quality leads are online: their company Web sites, GlobalSpec, and e-mail
Other online marketing channels that may not have been fully
developed or refined a few years ago are now robust and effective. Companies are
increasing or maintaining investments in search engine optimization, online directories
and Web sites, e-newsletter advertising, paid traffic on search engines, and banner
advertising on individual Web sites as well as on banner ad networks.
Banner ad networks are a good example of the growth and maturity
of online marketing channels. A banner ad network serves up banners to many Web
sites that are part of an advertising network. In the past, banner ad network
options for industrial marketers were limited due to the consumer or broad business-to-business
focus of the networks.
Today vertical banner ad networks that consist only of those
Web sites that cater to a specific target audience or market segment are on the
rise, enabling advertisers to better reach their ideal customer. GlobalSpec’s
Industrial Ad Network is an example of a banner ad network that targets only the
manufacturing, engineering, industrial, and technical buyer, allowing marketers
to better expand their reach to customers and prospects.
Online Media That Hasn’t Caught On
We’re not saying that every online marketing option today is a viable, fast-growing
channel for the industrial sector. Social media such as blogs and podcasts have
yet to gain a lot of momentum in this sector. Very few respondents to the GlobalSpec
Industrial Marketing Trends Survey used podcasts and blogs in 2006, and fewer
than 10 percent stated they will increase their use of these mediums in 2007.
Unless you’re the early adopter type, you might want to monitor the trends in
these media before jumping in.
Yet the trend toward more online marketing will continue. A greater proportion
of marketing budgets are invested online. More online channels are now available
to marketers. Your customer and prospect base has almost universally adopted online
as their preferred means of communication. And online programs deliver measurable
We invite you to download the white paper "GlobalSpec Industrial Marketing
Trends Survey" featuring the results in chart and graph form, key takeaways
and recommendations to help you achieve your goals through online marketing. Download
the white paper.