Industrial Marketing Survey Reveals a Challenging Environment

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

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.

Marketing Budgets

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.

Industrial Marketing and Sales Marketing Trends

How to Succeed with Limited Marketing Resources

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Marketers report that their biggest challenge is a lack of marketing resources—dollars, people and time. This is one of the key findings in the 2017 Industrial Marketing Trends survey conducted by IEEE GlobalSpec Media Solutions.

Not only are marketers struggling in the face of limited marketing resources, and with budgets that have remained mostly steady over the past few years, they are operating in an era of increasing marketing complexity. Technical professionals use more channels than ever to research information and aid their buying process, forcing marketers to allocate limited resources across an array of marketing channels and programs.

No marketer has an unlimited budget, or the time to do everything on their list. Yet many industrial marketers are still achieving their goals and objectives. How do they do it? Here are a number of tips to help you solve the marketing resource challenge.

Make Content Marketing More Efficient

Many marketers are increasing their content marketing spend, but make sure you spend smartly. Developing fresh content on a regular basis can drain resources quickly. Follow these tips to alleviate some of this stress:

  • Re-purpose content from one format to another. For example, a white paper can become an article as well as a series of social media posts, a webinar can become a video, and a support page on your website can become a how-to tutorial. In addition to having more content, your audience will be able to access content in their preferred formats, since preferences vary.
  • Conduct a content audit. You might find you have old content no longer used that can be easily updated. Or, you may decide to purge and stop updating content that no longer serves an appropriate purpose.
  • Curate third-party content. Provide links (and attribution) to content that others produce and will be of interest to your target audience. Curated content is often less salesy because it doesn’t come directly from your company.
  • Rather than always focusing on producing and distributing original content, try commenting via social media or in comments sections on third party content. You can still create brand visibility and focus on your company’s positioning and messaging while providing thoughtful, helpful responses.

Double-Dip On Your Marketing Programs

Most marketers use a combination of programs, some intended to generate engagement opportunities, others to increase brand awareness. Try choosing programs that can serve both masters. Tactics such as sponsored listings on product directories/online catalogs, webinars, e-newsletter advertising and display advertising can highlight your brand while including a call-to-action to create engagement opportunities with prospects.

Work Incrementally On Your Website

Marketers should continually invest in their websites. While a complete overhaul can be cost prohibitive, you may be able to make incremental changes to your website that still create impact. Focus on the home page or on specific landing pages associated with campaigns.  Consider outsourcing a searchable product catalog to a media partner with expertise. Add short video clips—interviews, presentation snippets, tutorials and more—which you can create on a limited budget using a smartphone.

Be Smart on Social Media

Social media, with its array of platforms, can eat up resources. Accounts must be regularly updated and monitored. Rather than spread yourself thin trying to keep up with multiple social media channels, choose one or two (LinkedIn and Facebook are most popular with technical professionals) and focus your efforts on those. If you post interesting information regularly, respond to comments, and comment on postings you follow, you will end up being more effective than you would by having a limited presence on multiple social media platforms.

Find a Trusted Media Partner

This an ideal time to find a trusted, expert media partner who can help alleviate your marketing resources challenges. The right partner can help you optimize your marketing mix, laser-target your audience of engineers and technical professionals and get the most out of your budget, while allowing you to free up some internal resources for other efforts.

Some media companies offer extensive solutions and partnering, including content marketing, co-sponsored white papers and webinars, targeted email marketing, and extensive reporting on program performance. Keep in mind that the right media partner is your essential ally, not only during strategic planning and budgeting, but while you are in the midst of executing and measuring campaign results.

Download This Complimentary Resource

The 2017 Industrial Marketing Trends white paper analyzes and presents the results of the latest survey, and offers recommendations to industrial marketers to help them allocate their budgets, develop a sound marketing strategy and plan effective programs and campaigns. Download your copy today.

 

Content Marketing Industrial Marketing and Sales Marketing Strategy Uncategorized

Four Guidelines for More Effective Marketing Measurement

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More than ever, executives are demanding accountability for marketing expenditures.

The need to show return on marketing investment (ROMI) often leaves marketers dwelling on questions such as: How much did this email campaign contribute to the bottom line? How much revenue did that banner ad produce? However, these might not be the best questions to be asking.

It’s highly unlikely that any single campaign or tactic can be correlated on a one-to-one basis with a sale, especially in industries with long and complex buy cycles, and in an environment where your customers use a wide variety of digital tools and information resources to research a potential purchase.

As you begin planning for next year, you might be tempted to drop a marketing program that doesn’t have sales directly associated with it. This may be a mistake, and may lead to abandoning programs that are making real contributions to your overall marketing effectiveness.

Here are four guidelines to help you improve your marketing measurement and ensure that your integrated, multichannel marketing strategy is delivering a positive ROMI. For a more comprehensive analysis of marketing measurement, please download a complimentary copy of the 2018 Marketing Planning Kit.

1. Measure Engagement at Individual Touchpoints

Sixty-two percent of technical professionals wait until at least the Comparison & Evaluation stage of the buy cycle to make contact with a vendor (Digital Media Use in the Industrial Sector). They may have already downloaded a white paper, clicked on a newsletter ad, watched a video, explored your online catalog—and finally decided to reach out. Each of these marketing touchpoints exists as parts of an entire ecosystem of campaigns and they all contributed to this engagement opportunity. Since it’s difficult to match a specific campaign to a sale, try measuring activity and engagement at each touchpoint: clicks, downloads, forms completed, etc.

2. Measure Awareness that Leads to Later Sales Opportunities

Multiple touchpoints—especially early in the buy cycle when prospects are assessing their needs—can help your company establish credibility and be considered when it comes time for engineers to make contact with vendors.

Maintain a broad and consistent presence on the channels that your customers use to help you get noticed early in the buy cycle. You can measure brand awareness by tracking metrics such as impressions, page views, social media shares and mentions.

3. Measure Two Types of Leads

There are two types of marketing leads that can turn into customers: the marketing qualified lead and the marketing influenced lead.

The marketing qualified lead is a lead that marketing has generated through one of its campaigns and passed on to the sales team after qualifying it. Qualified leads are gems. You’ve generated interest from a potential client, and routed that prospect through your lead qualification process. Your sales team wants qualified leads that require less effort and are more likely to convert into customers.

The marketing influenced lead is sometimes overlooked because this lead hasn’t gone through the qualification process and been handed off to sales. It’s less visible than the marketing qualified lead.

However, the marketing influenced lead is any person who engaged with your marketing content before becoming a customer. If these future customers haven’t filled out a form (such as a registration), you may not even know about them yet—but they know about you, and they are being influenced by your marketing content. When they eventually make a buying decision and become a customer, your marketing efforts helped define their path and contribute to their decision, and marketing should get credit for this marketing influenced lead.

4. Don’t Measure Only the “Last Click”

The “last click” attributes a sale to the last marketing-related touch point a customer has before making a buying decision. Last click attribution is a mistake because we know the buy cycle includes many campaign touches that cumulatively add up to help achieve a sale. Today’s path through the buy cycle crosses multiple devices, platforms, sites, and user needs and behaviors. Last click ignores the many supporting tactics that help drive a purchasing decision.

Find out more about marketing measurement, plus gain access to tools and recommendations to build a stellar marketing plan, in the just-published 2018 Marketing Planning Kit. Download your complimentary copy today.

 

 

Industrial Marketing and Sales Marketing Measurement Marketing ROI Uncategorized

How to Connect with Younger Engineers

As a marketer, you likely have long-term relationships with many seasoned engineers who are in leadership roles and in a position to influence decisions and make purchases. You’re probably comfortable communicating with this engineer. They are likely comfortable with your brand and know what you stand for.

These engineers are the strongest advocates for your products, services, brand, and company. Additionally, they can pass their preferences to younger engineers or to colleagues at other companies if they change jobs. Clearly, you should continue to focus on nurturing these technical professionals in your marketing efforts.

At the same time, many older engineers are nearing retirement. Forty-seven percent have been in the engineering field for 30 or more years, and 22 percent for 20-29 years, according to the “2017 Pulse of the Engineer Survey” from IEEE GlobalSpec Media Solutions. Younger engineers, many of them millennials, are beginning to step into positions of authority. This requires you to cultivate new relationships with the next generation of customers.

While many aspects of marketing to engineers hold true regardless of your customer’s age, younger technical professionals have their own preferences that vary slightly from the habits of their older colleagues. Follow these tips to make stronger connections with the next generation of engineers:

Make digital your primary focus.

According to the “Digital Media Use in the Industrial Sector” research report from IEEE GlobalSpec Media Solutions, millennials use a variety of channels in their buying process and there is no single channel preferred. They use social media more than their older colleagues, conduct more product searches , read more news and more e-newsletters. The three most popular channels to research a work-related purchase are general search engines, supplier websites, and online catalogs. You can connect with engineers young and old by having a broad and consistent online.

Build a presence in online forums.

Online forums have seen a significant growth among younger engineers, with 39 percent now using them. The top three activities in online forums are finding technical support (57 percent), searching for product information (52 percent) and viewing videos (40 percent).

Use content to build trust.

Younger engineers may not be familiar with your brand or value propositions.. It’s important that you provide relevant, educational information to them to help build trust for your brand and to increase your younger prospect’s confidence in choosing to work with your company. You can also build trust through Customer case studies that demonstrate ROI, clear warranty and support policies, as well as white papers and articles. Consider working with an industry analyst or respected media partner to sponsor a white paper or research. You can also sponsor a webinar hosted by a trusted third party.

Develop quick-hitting content that is easily consumed.

Sometimes your younger audience wants to dig deep with a 3,000-word white paper. But often, they prefer nuggets of valuable content. This can include a few charts and graphs showing industry trends or product performance, or A two-minute video that explains a technical process or how your product works. You can usually parse longer content such as white papers and webinars into smaller, discrete chunks that can easily be consumed and shared.

Update your website regularly.

Engineers of any age want the latest information, whether it comes from their news feeds or your website. Make sure the content on your site is fresh and reflects your most recent positioning and product portfolio. Purge the old and outdated. If you work with media partners to publish an online catalog or gain industry exposure, make sure your catalog, featured products and banner ads represent and highlight your newest offerings.

Optimize for mobile devices.

While engineers still do the majority of their heavy-lifting work on desktop computers, their mobile usage is increasing. This is especially true for younger engineers, who use their phones for reading email and articles, and conducting product searches. Websites and email should adhere to responsive design standards, so that they can easily be scanned, read and searched on mobile devices. Make sure that media partners and other vendors you work with are mobile friendly and follow best practices for displaying websites on mobile devices. It’s frustrating to users when they have trouble viewing content on their mobile devices. Younger technical professionals might quickly turn elsewhere.

What do you think? Have you struggled to connect with the next generation, or do you already have a strategy in place?

Industrial Marketing and Sales Marketing Strategy Marketing, General Thought Leadership

Why You Should Take Time for a Mid-Year Marketing Checkup

Believe it or not, you’ve been executing your 2017 marketing plan for six months. How’s it going? Whether you’re floundering or charging full steam ahead, we recommend you perform a mid-year marketing checkup.

A mid-year checkup will help you take steps to keep your marketing plan healthy and on course. You’ll discover what’s working, what’s not, and what you can do to improve results (there’s always opportunity for improvement). This post offers you several ways to approach the checkup and how to take action based on what you find.

Analyze Quantitative Data

If measurable marketing objectives are part of your plan, you can compare a snapshot of current marketing data against those benchmarks. Gather up reports from your online media partners, social platforms, and web analytics programs, as well as your in house reporting tools. Take a good look at your click-through rates on e-newsletter ads, attendees and engagement opportunities from webinars, video views and time spent viewing videos, and white paper downloads.

Are you halfway to your goals? Are there any surprises—pleasant or unpleasant?

A challenge arises if you didn’t set up measurable goals at the beginning of the year, are using programs that are difficult to measure, or established only general objectives such as “increase brand awareness in our target markets” or “generate leads for sales” or “increase customer satisfaction.”

If this is your situation, take time now to determine what metrics are important, re-allocate resources to measurable programs, and commit to tracking performance for the remainder of the year.

Collect Qualitative Data

Talk to sales people about their volume and quality of engagement opportunities. Ask if they have any feedback on your marketing programs. Ask if any of their customers have said anything (positive or negative) about your company’s marketing presence or messaging.

Speak to customer service managers to find out what customers are saying. Ask your company’s executives what they’re hearing in the market. Perhaps the best strategy would be talking to a few customers or prospects and asking them what they find engaging about your market presence.

If you work with partners or distributors, make sure you check in with them. Are they aware of your marketing programs? Have they noticed anything about your company’s presence in the market?

Look for common themes in the anecdotal information you compile. What story does it tell? Between quantitative data and qualitative data, you’ll have a great understanding of how marketing is performing.

Look ahead

If you’re halfway to or ahead of year-end goals, you deserve congratulations. But if the metrics and anecdotal evidence show that your marketing is not as healthy as it needs to be, now is the time to make adjustments. If your business is dependent on the seasons or if the fourth quarter is always your biggest, you should account for those variations before drawing conclusions and jumping to make changes.

When deciding where to make changes for the second half of the year, follow these tips:

• Take resources from programs that aren’t working or whose performance you can’t measure, and put them into measurable programs that are more specifically aligned with your goals.

• Add more resource to programs that are working well. Keep in mind that at some point a program could be “saturated” and you’ll experience diminishing returns.

• Diversify your marketing spending across a greater variety of programs—as long as each one can laser target your audience and the programs work together as a cohesive whole.

• Share your results with your media partners and/or your marketing agency to get their recommendations.

• Change your marketing goals. This isn’t the cover-up it might sound like. If your industry or the economic climate has changed, or if something occurs beyond your control (budget reduction, acquisition, elimination of product line), you may need to change your plans for the second half of the year.

• Pick one or two new or revised objectives you want to achieve over the rest of the year, determine the measurements of success, and adjust your marketing resources to achieve them.

Most of all, stay optimistic, make decisions based on data whenever possible, work hard, and keep marketing. You’re halfway there.

Industrial Marketing and Sales Marketing Measurement Marketing ROI Marketing, General

The Millennials are Coming!

Actually, they’re already here. While there are no precise dates for when this generation begins or ends, most consider anyone born from the early 1980’s to the mid 1990‘s to be a millennial. That puts the majority of millennials in the sought after 18-34 demographic.

According to the Pew Research Center, there were approximately 55.2 million millennials in the U.S. workforce in 2015. By 2025, that number is expected to grow to 74 million, representing 44 percent of the workforce.

Millennials are flooding the B2B industrial sector and advancing into positions where they influence and/or make buying decisions. Research conducted by the B2B marketing firm Sacunas found that 73 percent of millennials are involved in product or service purchase decision-making at their companies. Approximately one-third of millennials report being the sole decision-maker for their department.

As marketers, you must learn to connect with this group and win them over.

Preferred Channels for Millennials
Millennials are less reliant on any one information source than other age groups. A report compiled by Chief Marketer claims there is no “silver bullet” to reach the millennial audience, and that a “mix of channels and approaches is your best bet.”

Fortunately, a multichannel strategy is the best way to reach engineers and technical professionals of any age. The three most popular channels to research a work-related purchase are general search engines, supplier websites and online catalogs, according to the “2015 Digital Media Use in the Industrial Sector” research report from IEEE Engineering360 Media Solutions. In addition, online communities have seen a significant growth among younger engineers, with 39 percent now using them.

Naturally, social media is an attractive channel for millennials. Eighty-five percent use social media to research products and services for their companies. Facebook is the most popular platform, and the majority also use LinkedIn (Sacunas).

2015 Digital Media Use in the Industrial Sector” found that professionals under age 35 are more likely to make contact during the needs analysis/research phase of the buy cycle, while professionals over 49 are more likely to wait until the purchasing stage. The takeaway is that suppliers must be discoverable and approachable during any phase of the buy cycle, through a variety of marketing channels. This conclusion aligns with millennials’ desire for a hassle-free, multi-channel client experience that is tailored to their specific needs.

Types of Content Millennials Consume
According to Sacunas, when researching new products and services to make B2B purchasing decisions, millennials prefer video-based content and case studies. In terms of targeted content, they rate training, demos and product news as being the most helpful information to receive from vendors.

The way that millennials consume content is worth noting as well. Technical professionals under age 35 conduct significantly more product searches and read more news and e-newsletters on their smartphones than their older colleagues (“2015 Digital Media Use in the Industrial Sector”). Suppliers should consider creating websites and e-newsletters that are compatible with mobile.

What Millennials Look for in a B2B Vendor
What are millennials looking for in a B2B vendor? The top priority was ease of doing business (35%), followed by willingness to work collaboratively with their organization (33%), and industry/marketplace experience (31%), as reported by IBM. Eighty percent of millennials in the Sacunas survey indicated that social, environmental, or philanthropic efforts of companies are important to their purchase decisions.

How do you ensure you are the right company for a millennial customer? Pay attention to this audience’s preferences for channels, content and brand attributes during their buy cycle, and adjust your marketing accordingly. You might find your customer base becoming both younger and larger as a result.
 

Customer Relationships Industrial Marketing and Sales Market Research Marketing Trends Marketing, General Thought Leadership

Three Tips for More Effective e-Newsletter Marketing

Chances are your company publishes one or more marketing e-newsletters. Eighty-one percent of B2B marketers use e-newsletters as a content marketing tactic, according to joint research conducted by the Content Marketing Institute and MarketingProfs. Sixty-four percent of B2B marketers rate e-newsletters as very effective or effective.

Your audience gravitates toward digital publications. They subscribe to an average of 4.4 digital publications, in contrast to 1.4 printed trade magazines, as reported in the “2015 Digital Media Use in the Industrial Sector” research report from IEEE Engineering360 Media Solutions.

This audience uses e-newsletters as an important information source through all phases of their buy cycle, from early awareness, to research, to consideration and comparison. Engineers and technical professionals are looking for specific types of information in e-newsletters. They don’t want to be sold to; they want to learn and become educated. They want to know who’s who in the supplier world. They want to discover the newest products and technologies, stay-up-to date on industry trends and check the latest news.

Whether e-newsletters have a long-standing role in your marketing program or you’re of the 19 percent that don’t yet use e-newsletters (you should), here are three tips to pump up the effectiveness of e-newsletter marketing.

1. Determine goals and measurements in advance
At the Maven, we like to drill this message home: no matter what marketing campaign you’re launching, establish your campaign goals and metrics for success up front. If you already have them, see if they need tweaking. Also, make sure you know your audience: what they want and need. The reason that goals, audience and measurements come first is that these factors drive all other decisions.

One thing you don’t want to do is keep publishing the same old e-newsletter just because that’s the status quo. Instead, have purpose.. Do you want to increase exposure? Then you should measure opens and forwards. Do you want to drive readers to a web site to take further action? Count clicks and forms completed. Analyze what is working and tweak the aspects that your readers aren’t responding to.

2. Allow form to follow function
The “form follows function” principle says that the shape of a building or object should be primarily based upon its intended function or purpose. The same holds true for e-newsletters, in regards to both advertisements and editorial content. Design follows goals.

For example, if you’re primarily sharing articles, your design might include a branded graphic header, followed by a list of compelling headlines, snippets of copy and links to more information. These design elements combine to make for easy user recognition, scanning and action.

Many organizations include house ads in their company e-newsletters. These should be designed around what action you want the user to take. Provide value through a benefit-oriented headline, image, a bullet point or two, and a compelling call to action—that’s all you really need.

Use images in a similar fashion. If you’re introducing a new product, show a clear photo of it and ask the user to take action: “Download the data sheet.” “Read the article.” “Request a demo.” If you’re promoting a white paper or analyst report, use an image of the document in the banner ad. Show users what they are getting.
Buttons and arrows, as simplistic as they may seem, make good visual cues for the user to take action. The same is true for “action” verbs. All the examples above include action verbs: Download, Read, Request.

3. Think beyond your company newsletter
If you’ve been publishing a newsletter for a number of years, it might be hard to move the needle further forward in terms of user engagement. That’s to be expected. Applying the two tips above will help improve results.

When you take a look at your goals, you might realize they can’t all be achieved through your current newsletter alone. Maybe you want to connect with hard-to-reach prospects who aren’t in your database. Maybe your goal is to penetrate a new sector or geographic market this year. Or, maybe you’re strapped for marketing and production resources but you want to expand your newsletter advertising efforts.

The solution is often to advertise in a respected and relevant third-party newsletter. Ads in third-party newsletters, such as the dozens published by IEEE Engineering 360, deliver broader yet still targeted exposure, giving you access to a highly engaged audience and new markets.

Another advantage of advertising in third-party newsletters is that someone else does all the heavy lifting. The right media partner will handle database and list management, newsletter design and production, and sending and tracking. If the newsletter is opt-in, you should receive timely reports about who clicked on your ad, which will offer new engagement opportunities for your company.

Finally, a media partner can help you integrate newsletter advertising with other digital campaigns, resulting in a holistic approach to the market and producing greater impact for your overall marketing program. To learn more about newsletter advertising options from IEEE Engineering360 Media Solutions, click here.

 

E-Mail Marketing Industrial Marketing and Sales Marketing, General Thought Leadership

Why Print Media Should Still be Part of Your Advertising Mix

For the past few years, the B2B marketing world has been buzzing about the rise and relevance of digital media. It’s true that there are many digital channels available to help companies connect with their potential customers. From social media to webinars, online catalogs to video, email to apps—B2B marketing has experienced a sea of change.

Conversely, spending on print is declining. According to research from CMO Survey, investments in traditional advertising have consistently dropped by single digit percentages each year for the last half decade. Digital marketing spend, by comparison, has consistently grown by double digit increments year after year.

And yet, data shows that print media still plays a role in a successful multichannel marketing strategy:

• The CMO Survey also found that digital spend is only a portion of total marketing spend for most businesses, and that companies are also spending marketing dollars on offline/traditional media.
• Fifty-seven percent of B2B marketers use print or other offline promotions as part of their marketing mix.. (2016 B2B Content Marketing Trends – North America: Content Marketing Institute/MarketingProfs)

The Benefits of Print
There are many benefits to reaching your customers using print media. Print is still a top-of-funnel medium, and can help you establish the value of your brand. Additional benefits of print include:

• With print circulation down, readership for most publications has been culled to only the most engaged, targeted audience, which is a desirable trait from an advertising standpoint.
• Print is perceived to offer credibility, especially in the B2B industrial space.
• Readers of print are not interrupted by targeted digital ads being served up in real-time based on browsing history or digital footprint.
• Readers are more focused when engaged with print, rather than multitasking like they do when consuming digital content.
• Print offers pass-along exposure among colleagues.
• Print offers high visibility—fewer ads mean more impact.

Finding Where Print Belongs
Research by the sales and marketing firm Outsell showed that marketers are increasing the number of tools in their marketing stack. Research from Lewis PR found that 84 percent of senior marketers worldwide state multichannel marketing is a key focus of their current marketing strategy.

Print advertising can still have a place within your stack of tools and overall marketing mix. . The question is finding the right fit in an integrated and multichannel marketing program.

When choosing print media, keep in mind that the real value in print advertising may be in brand awareness and perception, and in getting your message or offer to stick over the long run. By simultaneously using both print and digital media, you can achieve concurrency of media and have a greater opportunity to connect with your target audience in different settings—whether they are at their desks, on their mobile device or offline.

Measuring the effectiveness of print is easier than in the past.. Do this by integrating print and digital efforts. Marketers can include scannable QR codes, or set up ad-specific URLs and corresponding landing pages so that they can track how much traffic is generated from a particular print promotion.

Digital channels are more plentiful, and offer concrete measurements and flexibility. Plus, the majority of the technical audience goes online first when searching for product, services and suppliers. However, a well-planned print should still play an role in your marketing mix – as long as it’s integrated with
digital in your multichannel marketing strategy.

Tell us – Where do you see value in print advertising? How are you merging digital and print?

Industrial Marketing and Sales Marketing Strategy Marketing, General Multichannel Marketing Thought Leadership

Five Industrial Marketing Trends that Matter in 2017

With the new year comes a fresh perspective and another chance to improve and optimize your marketing program. To make sure your plan is rock solid, check out the top industrial marketing trends for 2017 from the Marketing Maven and consider how to best implement them into your own strategy.

Trend #1: Media Mix is More Diversified
With so many media channels now in use, marketers have more competition than ever for share of voice, making it harder to capture the attention of your audience. Moving into 2017, we predict that more industrial marketers will incorporate a carefully planned, comprehensive mix of channels into their marketing plans.

According to a Content Marketing Institute/Marketing Profs survey, marketers use an average of 13 different channels to promote their message to the market. Leading the way are social media content, case studies, blogs and e-newsletters. B2B marketers also use an average of three paid advertising channels. The top three are search engine marketing, print or other offline promotion, and traditional banner ads. It’s not just paid search engine ads anymore.

The Industrial Marketing Trends Survey from IEEE Engineering360 shows that about 80 percent of industrial marketers are diversifying their mix, but the majority say they need to diversify more. If this describes your situation, you might want to work with media partners, agencies and other experts to help you determine the most effective mix for you.

Trend #2: Digital Spend Will Continue to Grow
The statistics are plentiful: At $83 billion, digital B2B spending outweighs all other B2B marketing spending by two times or more (Outsell). Forty-two percent of industrial marketers are growing their online budgets. Online display advertising is up 28 percent, while email spending is up 9.1 percent (Winterberry Group). Overall, 41 percent of marketing budgets will be spent online, a percentage that steadily increases year over year (Industrial Marketing Trends).
Industrial marketers are increasing their spending across a diverse mix of channels. The top areas of increased spending are content creation, search engine marketing, direct mail using in-house lists, social media, online directories/websites, and webinars. With the exception of direct mail, all of these channels are online or directly impact online marketing efforts. Digital is where your peers are focusing more marketing budget, and we expect this focus to continue in the year ahead.

Trend #3: Measuring ROI is a Priority and a Challenge
The pressure continues to rise for marketers to demonstrate ROI on marketing investments. Marketing budgets have gotten tighter, and are often under more scrutiny by executives. Additionally, the growth of digital media channels means an increased ability to measure marketing efforts — making demonstrating ROI no longer the exception, but the rule.

According to The Content Formula by Michael Brenner, 81 percent of B2B marketers say that measuring marketing effectiveness is their greatest challenge. But how is success measured? It depends on what metrics matter.
Salesforce reported that revenue growth is the top metric for digital marketing success. This makes sense, although it is often difficult to attribute a sale to a specific marketing program. A prospect has many touches with a potential supplier and there are often many decision makers and influencers involved before a purchasing decision is made. Hence, it remains a challenge to attach revenue gains to specific marketing initiatives.

After revenue growth, customer satisfaction and retention rates are the most important measures of success. In this way, the industrial space mirrors the overall B2B space. The number one metric of success is sales attributed to marketing campaigns. After that, metrics such as customer acquisition, customer satisfaction, leads and customer retention come into play.

Twelve percent of industrial marketers don’t have a method to measure success. If you fall into this category, consider working with your executive team and media partners to determine what results matter to you, and how you can begin measuring them.

Trend #4: Content is the Kingdom
As marketing expert Lee Odden says, “Content isn’t king. It’s the kingdom.” Content marketing is becoming more evolved, more sophisticated and is driving key performance indicators and measurements. Content is how companies get their message out to the market.

In a recent Content Marketing Institute survey, 88 percent of B2B respondents say they are using content in some way, shape or form. However, effectiveness varies. Only eight percent say they are sophisticated content marketers. Eleven percent say they are just taking first steps and have not yet made content marketing a process. Everyone else falls somewhere between these two extremes.

If you are just getting started with content marketing, you are not alone. Thirty-nine percent of industrial marketers are in the same situation (Industrial Marketing Trends). This means that 2017 presents a big opportunity for improvement and success in this area. Be sure to devote time and resources this year to developing a content strategy, producing engaging content on a consistent basis, and measuring content effectiveness.

Trend #5: Email Marketing Maintains its Value
You may have heard that email is dead, but that simply isn’t true. Email has remained a cornerstone marketing tactic for B2B marketers for almost two decades. With mobile phones and tablets, your audience can connect with email almost anytime, anywhere. And don’t forget that email marketing offers easy to measure metrics like opens, clicks, forwards and conversions.

Data reinforces email’s continued popularity and effectiveness. Salesforce reported that 73 percent of marketers believe email marketing is core to their business, 65 percent say email is an effective marketing channel and 58 percent are increasing their email marketing spend. Newsletters are the most popular email marketing tactic.

As you continue to shape your marketing efforts in 2017, be sure to keep email in your portfolio. If you already publish a newsletter, consider advertising in other industry newsletters to reach a broader yet still targeted audience.

Where do you see 2017 heading for industrial marketers? Comment below and tell us where you’re focusing your efforts in the year ahead.

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5 Key Takeaways from the Industrial Buy Cycle Survey

 Every industrial marketer must be tuned into the industrial buy cycle—a complex, three-stage collaborative process for recommending, specifying and purchasing equipment, components and software, and services in the industrial and electronics space. The three stages of the buy cycle are:

1. Research and Needs Analysis—when you identify specific needs for your company and explore available options. Activities might include web searches, attending webinars, reading white papers, scanning industry news and connecting with peers.
2. Comparison and Evaluation—when you determine the most suitable options for your company. Activities might include comparing specifications, watching how-to videos, testing samples, and interacting with the supplier’s technical staff.
3. Purchase—when you make a specific purchase decision. Many engineers still stay involved when it’s time to negotiate terms, get proper signatures and finalize pricing and scope.

Recently, IEEE Engineering360 Media Solutions conducted the “2106 Industrial Buy Cycle Survey.” Its purpose was to better understand the buying process engineers and other technical professionals engage in, and to provide useful information for industrial marketers who must connect with this target audience. Below are the five key takeaways from the survey.

1. Engineers Have Substantial Buying Authority
Engineers are in the problem-solving business, and if you can demonstrate that your solutions help solve their problems, they will authorize a purchase. Engineers have substantial buying and sign off authority, and they employ this authority to purchase a wide variety of components, software, equipment and services.

Engineers possess an average sign-off authority of nearly US $5,000 when purchasing products and services. In addition, they personally are responsible for an average of $110,900 in spending. Those holding managerial titles are responsible for more personal spending—37 percent more spend than staff engineers—and a commensurately larger sign off authorization level.

2. The Average Buying Cycle is 12 Weeks
The average buying cycle is 12 weeks—although 20 percent of engineers report buying cycles of four weeks or less, and 14 percent of 20 weeks or more. The average annual workload of engineers is four projects per year, regardless of product/service under consideration. When you consider the average number of projects (four) and the average length of buy cycle (12 weeks), engineers are actively involved in buy cycle activities all year long.

This means that engineers and other technical professionals are constantly searching for products and services that will meet the demands of their projects. The question for industrial marketers is: When engineers are searching for solutions like yours, will they find you?

3. Engineers Influence All Phases
While it’s true that the buying process is a team effort, engineers and engineering managers hold the majority of influence—52 percent. They are most involved in specifying, evaluating and recommending products/services to be purchased. Corporate management (particularly financial management) and purchasing are most influential during the purchase stage when terms and conditions are negotiated and the supplier relationship is cemented.

For a supplier, this means that cultivating connections with engineers early in the buy cycle are as important as establishing relationships with the people who ultimately issue the purchase orders.

4. Remember the Rule of Three
Engineering teams are remarkably consistent with regard to the number of suppliers they evaluate or ask to submit quotes. During the buying process, three competing suppliers on average are evaluated and sent RFQs—the “rule of three.” Those spending $1 million or more on products or services are more likely to evaluate or request quotes from four suppliers, but overall this “rule of three” is consistent across product categories, project loads or company sizes.

5. Engineers Have a List of Buying Criteria
Engineers and technical buyers want to work with suppliers that possess certain characteristics. These criteria fall under three general categories (another “rule of three”): supply chain, support and brand.

• Supply chain considerations have to do with product availability, delivery schedule and comfort with the supplier—such as having purchased from the vendor in the past or the supplier being an approved vendor. Lowest cost is also a factor, but not the most important one.
• Technical support is the single most important consideration, with 78 percent of engineers saying it is very important or somewhat important. After-sale customer assistance, design assistance, help with system integration or compatibility with legacy solutions, or simple access to a knowledgeable sales team are all considerations when making a purchase decision. For approximately 40 percent of engineers, the location of a supplier’s manufacturing facilities or service centers is of preeminent concern, especially for those buying services.
• Only half of engineers around the world feel it is critical to deal primarily with vendors with “recognized company names.” This should encourage smaller or lesser known suppliers. However, to win business from the half of engineers who prefer to work with known brands, these lesser known companies must successfully demonstrate there is little risk in doing business with them, both in terms of products and ability to deliver.

Read the Entire Survey Report
Results of the “2016 Industrial Buy Cycle Survey” have just been published by IEEE Engineering360 Media Solutions. You can download your complimentary copy to see all the survey results, read the analysis, and access recommendations for industrial marketers. Click here to download.

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