Manufacturers Need to Ramp Up Marketing Efforts
In a new study by GlobalSpec, 70 percent of manufacturers reported that their sales will increase this year. However, with growth comes complexity. Growing demands placed on manufacturers requires a clear eye on what is needed to deliver on customer expectations. and that requires an investment in marketing.
According to the survey called "Trends in Industrial Marketing 2010: How Manufacturers are Marketing Today," manufacturers are shifting marketing resources online to achieve their marketing goals, which are customer acquisition and lead generation.
Of the 464 survey respondents, 70 of which hold management positions in sales or marketing and 14 percent are a president or CEO, 42 percent said customer acquisition is their primary marketing goal, with fewer manufacturers reporting customer retention as their main goal.
However, 49 percent said they have too few resources and are not generating enough quality leads for their sales teams. To conduct their marketing efforts, 65 percent intend to use email and in-house lists, and the majority is increasing spending on search engine optimization, video, and social media as new marketing channels.
The bottom line: The majority of manufacturers stated that their company's revenues will be up in 2010 and yet 31 percent are increasing their marketing investments. Now is the time to invest in marketing to stay competitive and earn the opportunity to win new business as the economy improves.
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