Many industrial marketers are deep into planning for 2020. If you haven’t started yet, now is the time, and we’ve got resources to help you.
By beginning your planning process now, you can gather evidence to justify your expected expenditures, receive executive endorsement for your budget, and be ready to launch when the calendar changes. Companies getting an early start on their marketing plan can get a jump on competitors and be better positioned to win business going into the new year.
This two-part series (Part 2 is coming in October) will help you create an effective marketing plan for 2020 that aligns with market and customer trends, fits your budget and capabilities, and helps achieve your marketing goals.
Part 1 focuses on evaluating your current program and understanding the industrial marketing trends that will affect your strategy for 2020. Part 2 will offer tips to help you develop the optimal marketing plan.
Assess the performance of your current plan
How are your current marketing programs performing? The complimentary GlobalSpec “2020 Industrial Marketing Planning Kit” offers a number of tools to help you measure the performance of your marketing. The kit includes a chart to plot the engagement and branding capabilities of your current programs and to identify gaps, a grid to compare the quality of your leads to your ideal customer profile, and a matrix to help you analyze the effectiveness of your expenditures across various media channels.
Access your complimentary copy of the “2020 Industrial Marketing Planning Kit” here.
The foundation of any performance assessment of your current marketing is the ability to measure marketing results. Measurability is just one of many reasons why industrial marketers are increasing their use of digital media, along with the engineering audience’s preference to seek information through digital channels.
Digital marketing programs offer the inherent advantage of measurement through page views, clicks, downloads, shares, conversions, and other trackable metrics. If your current channel mix is not mostly digital, then you should consider allocating more budget towards online in 2020.
Account for all channels
Keep in mind when evaluating current programs that your customers typically have multiple interactions with your company and content before they make a final purchasing decision. They might meet you at a trade show, visit your website, click on an e-newsletter advertisement, watch a video, and attend a webinar all as part of their buying journey.
Each of these marketing touches contributes to the eventual sale—not just the first action they took to connect with you or last action they took before making a purchase decision. Be sure to track all of these activities to properly evaluate marketing performance.
Five trends that can influence your plan
Before you begin to plan 2020 marketing programs and choose channels, you should familiarize yourself with industrial marketing trends that will influence your decisions. These include:
- According to the most recent GlobalSpec Industrial Marketing Trends survey, 60 percent of industrial marketers rely on email marketing and 43 percent expect to spend more on email in the year ahead. The trend in 2020 will be toward personalization, from connecting to email recipients by name, to providing email content based on their preferences and behaviors.
- More industrial marketers will invest in marketing automation software to help segment audiences more precisely, guide prospects through the buy cycle, and deliver the right content to the right audience at the right time.
- Industrial marketers will improve ROI measurement by not only counting leads but also tracking all prospect engagement and marketing touches through the sales cycle. In addition, definitions of marketing success will become agreed upon across the organization, particularly with sales and executive teams, to ensure collective buy-in on the metrics that matter most to an organization.
- More than half of buyers complete at least 60 percent of their buying process online before speaking to someone at a company. This trend announces an imperative that industrial marketers continue to produce high quality content. In 2020, expect more industrial marketers to create content marketing strategies based on achieving specific, measurable objectives and to produce content designed for specific stages of the customers’ buy cycle. To avoid long lead times, now is the time to audit your content and determine what content you will need to create, refine or re-purpose to support your 2020 marketing plan and goals. Also make sure your marketing collateral and website are up-to-date with current messaging and the latest product versions.
- Digital and traditional channels will be more closely integrated. For example, many industrial marketers will continue to include traditional tradeshows in their marketing portfolio. However, now they will rely on digital channels before, during, and after the show to gain momentum, increase engagement, and build relationships.
Study your company’s 2020 business plan
If your company is planning to introduce new products, expand to new markets or customer segments, or launch other strategic initiatives in 2020, you will need to build your marketing plan and create content to account for these initiatives.
Meet with executives to learn about the timing of new plans. You should also meet with sales leaders to understand revenue growth objectives. This will not only give you information you need to create your marketing plan, it will demonstrate that you are proactive about developing a plan that supports your company’s goals and objectives.
2020 Industrial Marketing Planning Kit
GlobalSpec created the 2020 Industrial Marketing Planning Kit to help you develop an effective marketing plan that targets your audience of engineering and technical professionals. Add this valuable resource to your 2020 planning efforts today. Click here to download.