IEEE GlobalSpec Media Solutions recently conducted its annual Industrial Marketing Trends Survey. The online survey asked marketing professionals about the marketing trends, challenges and expenditures within the engineering, technical, manufacturing and industrial communities.
Below are some of the key findings of the survey. How does your marketing situation compare with these survey findings? You can access detailed results, analysis and recommendations by downloading a complimentary copy of the upcoming 2017 Trends in Industrial Marketing white paper.
Marketing Goals & Challenges
For the sixth consecutive year, industrial marketers report that customer acquisition is their primary marketing goal, followed by demand generation.
The majority of respondents say that the quality of products/services offered is their organization’s main differentiator. Only six percent of companies focus on price as their differentiator.
Limited marketing resources, the need to generate enough high quality leads, and increased competition are the three most common marketing challenges.
The top three measures of success for marketing initiatives are customer acquisition, sales attributed to marketing campaigns and customer satisfaction.
Marketing Channels & Programs
Email marketing using in-house lists, social media and tradeshows are the top marketing channels in the industrial sector, followed by search engine optimization and online directories/websites. Four of the top five channels used are digital channels, indicating that many marketers understand the importance of devoting resources to a mix of digital channels.
Half of industrial companies use a balanced approach, mixing both push/outbound marketing (e-newsletters, direct mail, etc.) and pull/inbound marketing (corporate website, online catalogs, etc.). However, industrial marketers state that they want to diversify their mix more—only 25 percent are satisfied with their marketing mix.
While most marketers are neutral, about the same percentage are satisfied as dissatisfied with their online marketing efforts. Overall, only 25 percent of marketers are satisfied or very satisfied, meaning there’s opportunity for many marketers to grow and adopt new strategies.
Content marketing has become an essential marketing tactic for industrial marketers, although 34 percent are just getting started (down from 39 percent in 2015) and only 12 percent can show how content marketing contributes to sales (same as 2015). Twenty-eight percent have a content strategy in place and 34 percent repurpose content for use in different formats.
Overall, budgets have remained fairly steady since 2011. Seventy-nine percent report that they will spend the same or more on marketing as in 2016.
Thirty-nine percent of industrial companies are increasing online spending as a portion of their overall marketing budgets, with 45 percent of companies remaining the same. These results indicate that industrial marketers know how important online marketing is to connecting with engineers and other technical professionals.
Marketing as a Profession
When asked about the biggest single challenge in their profession, 29 percent of marketers cited generating leads for sales and 25 percent said measuring the ROI of their efforts. These challenges often arise due to a lack of resources, meaning that marketers struggling with these challenges should consider working with a trusted media partner that can help free up some of these resources.
These findings represent the state of marketing in the industrial sector. What should you do with this intelligence? We’ve produced a complimentary white paper that analyzes and presents the results of the survey, and offers recommendations to industrial marketers to help them allocate their budgets, develop a sound marketing strategy and plan effective programs and campaigns for the upcoming year. Click here to be one of the first to receive a copy of the report when it’s released.