The latest news coming from the industrial sector looks positive. Of companies responding to the most recent Global Spec annual survey, over half (51%) are expecting higher revenue this year when compared to 2009. And over 2/3’s say the company will meet or exceed revenue projections for 2010. To spur this growth, 17% of industrials have boosted marketing budgets.
The improved business conditions have not led to a spending spree, though. While there have been increases in headcount and overtime, companies are still cutting costs. But fewer companies (when compared 2009) are slicing into line items like capital expenditures, travel and marketing. GlobalSpec analysts point out that this business sector is preparing for a positive future and say the 18% of companies who have increased headcount are setting a growth trend for the rest of the industrials to follow.
GlobalSpec analysts also say businesses in this sector should emphasize the following marketing strategies:
- Ramp up online marketing to reach the 90% of engineers who use this method to find sources of supplies and products.
- Use channels such as online newsletter advertising, online events and vertical search engines to reach new markets in 2010.
- Apply the marketing budgets to the top channels used by customers. These include search engines, supplier web sites, and online catalogs.
These strategies should help the 44% of industrial marketers who say that expanding into new markets is a top concern for 2010.[Source: Industrial Indicator Survey 2010. GlobalSpec.com 2010. Web. 30 Sept. 2010]