by tradesmeninsights | Aug 22, 2012 | Marketing Trends, Social Marketing, Traditional Marketing
GlobalSpec recently released its annual marketing trends report for the industrial sector. The online survey identified trends, challenges and anticipated expenditures in the Industrial market.
Their surveys usually give a relatively good pulse of what’s happening in the space. As I said in my headline, it should come as no surprise that the Industrial market is holding its own especially when you compare it to the last few years.
Here are some highlights:
83% of companies anticipate increased sales over 2011
35% of companies are spending more on marketing in 2012
67% said customer acquisition/lead generation is their primary focus
68% said they would increase spending on webinars
It seems like lead generation is still at the top of priorities. It’s good to see that companies are starting to integrate digital and traditional marketing programs together with online taking more of a role. It was also nice to see more and more manufacturers are starting to use social media with LinkedIn being the most used followed by Facebook.
The report is only 18 pages and is an easy read. Hope you get something out of it.
by tradesmeninsights | Jul 24, 2012 | Marketing Trends, Social Marketing
It still boggles my mind that companies who rush into social media ignore feedback once they do get it. I wonder if they do that with traditional feedback? Why get into it if you aren’t going to participate? What I don’t get is why many companies are ignoring social media on a day-to-day basis. The object of the medium is to engage with like-minded people who are looking for information or products.
I recently read a post by Jeffrey Cohen from socialmediaB2, 69% of B2B Companies Ignore Social Media Feedback. He cites a recent study by Satmetrix that shines some light on worldwide social media practices. They interviewed almost 1200 companies from around the world.
“Businesses recognize the need for a social media strategy, however many are challenged in putting an effective strategy in place,” said Richard Owen, chief executive officer, Satmetrix. “While 77 percent of consumers post about products, 67 percent of businesses have no means of measuring what is being said, and less than one in 20 have any insight into the sentiment of what is being said. This is both a huge threat and a massive lost opportunity. Not only are companies running the risk of losing customers by not addressing their issues shared online, but they are also walking past the opportunity to capitalize on positive comments made on the social web.”
Highlights of the study include:
- Businesses are blind to the threats and opportunities of social media:
- Thirty nine percent have no social media tracking in place at all.
- Fifty one percent of B2B have no tracking compared to 22 percent of B2C companies surveyed.
- Fifty five percent of companies ignore customers who provide feedback via social media – by having no process in place to respond:
- This increases to 69 percent for B2B companies compared to 42 percent for B2C.
- Sixty seven percent of companies do not measure or quantify social media – increasing to 75 percent for B2B companies:
- For those that do have some form of quantification, 56 percent just count the comments and followers.
- Only 4 percent have any form of sentiment analysis.
- Sixty percent of businesses do not have an integrated social media strategy (either do nothing, track or follow-up only).
- North America leads the way with 43 percent of North American companies having a follow-up process compared to about 25 percent in other regions.
So where does your company’s social media program stack up? Do you have a strategy in place?
by tradesmeninsights | Jul 3, 2012 | Marketing Trends, Traditional Marketing
It’s been a few months now since Amazon announced its serious entry into the MRO market with Amazon Supply. The new service directly goes head to head with Grainger, Fastenal, McMaster Carr and MSC Direct.
If you already sell through any of these, what are your feelings about another player in the market?
More importantly, what about all those independent distributors in Hometown USA? I have to believe most of you get more sales from them (and more profits) than you do from the big boys. How do you think this will affect them?
Here are our three takeaways:
1) User Interface – which will challenge the current online transaction experience from established industrial suppliers/distributors; b-to-b commerce will be competing against a better and more established b-to-c customer experience standard
2) Price Transparency – which industry observers say will lead to reduction in pricing and margins
3) Expansion into Other Verticals – potential for Amazon Supply to expand beyond MRO into other vertical markets
What are your thoughts?
by tradesmeninsights | Jun 14, 2012 | Marketing Trends
Our vision architect, Matt Sonnhalter, will be presenting on CFE Media’s webcast, “Mobile Marketing: What Impression Are You Making and How Will You Measure It?”
Matt, along with Kim Dushinski author of The Mobile Marketing Handbook, will discuss how B2B marketers can make a good mobile impression. Whether you’re ready for mobile, or not, it’s here. If you have a website, you’re already being viewed on mobile devices.
Join Matt on Tuesday, June 19 at 2 PM EST for this free, informative presentation. You can register here.
by tradesmeninsights | May 15, 2012 | Marketing Tips, Marketing Tools, Marketing Trends, Social Marketing, Traditional Marketing
The reality is you can’t be all things to all people. Pick a side, draw a line in the sand. Your company will be better for it.
Content marketing over the last few years has become the big buzz word and is often associated with social media. While it can be used to foster social media relationships, content marketing goes way beyond that. As a matter of a fact, it defines who you are and what you stand for.
Years ago you had limited ways to communicate your value proposition, not so today. Today specialists not generalists (no matter what field) are the preferred choice when folks are looking for something and they have a multitude of ways to get information about your company. And people like to be associated with leaders.
Let me ask you a question. If you think this assumption is correct, what do you or your company stand for? Have you chosen a niche? Are you considered the leading expert in it? If not, you’d better do it soon or you may not be around in 10 years. So how are you going to define and get the word out about your specialty? Content marketing.
By creating good content and sharing it, you can establish yourself as the thought leader in your niche. You can attract and retain customers by creating and curating valuable and compelling content on a consistent basis.
Ten years ago before anyone heard of social media, companies still stood for something. I believe you’ve heard of IBM or Apple? You knew one was known for main frames and the other for PCs. Today when you think of either brand, what do you think of…computers or other things? IBM may still make main frames, but they got their butt kicked in PCs and are known more now for their consulting services. Apple was defined by the PC, but not today. When you think of Apple, you think phone, tablet and soon TV.
The point is, both of these companies reinvented themselves and used content marketing to help spread the word in different ways. IBM took advantage of both traditional and social media methods to communicate their position. Apple, on the other hand, didn’t rely on social media directly, but worked the social media system by getting great content out to bloggers and others on the social network to create the buzz for them.
What are you doing to spread the word? Are you using content marketing?
I’d like to hear your thoughts.
Here’s a few other posts you might find interesting:
How Are You Managing Your Content Marketing?
Four B-to-B Marketing Efforts That Can Improve Your Results
by tradesmeninsights | May 1, 2012 | Marketing Trends, Traditional Marketing
I just got back last week from the ISA (Industrial Supply Association) Show in San Antonio, and I have to tell you, if I were a manufacturer, I’d have to think about what I was getting out of that show. Since we represent manufacturers that go to these types of meetings, I thought I’d bring up the subject for some serious conversation.
In theory, it’s a place where manufacturers and their distribution counterparts come together via a format of speed dating where the manufacturer requests meetings with distributors (both existing customers and potentials). Like anything else, there are no shows for appointments. The booth program is a two-day affair and while the traffic was light on the first day, it was almost non-existent the second day.
If I was a distributor and could talk to as many suppliers as I could in a period of a few days, I would think they would want to take advantage of it. The manufacturers, as in most associations, foot the bills. They have to bring in product, booths and their associated expenses. What’s most disturbing is that the ratio of manufacturers to distributors is probably 10 to 1.
I don’t have the answer and I’m not trying to pick on ISA. STAFDA, NAED, NAHAD and many more face the same dilemma. There’s got to be a better way in a shorter period of time to make the most out of these meetings. Back in the day, these meetings were a place to showcase new products and programs, but with internet and all the other tools we have, I would hope at least your current customers would know about anything new.
I do recall that the fall meetings in Chicago for a day and a half at the airport were both efficient and successful. I believe it was due in part because the distributors were in the booth and you did your speed dating, but only the roles were reversed. NAED does this at their regional meetings, and as far as I can tell, the manufacturers like the format.
Any suggestions on how we can get these distributor/supplier get togethers to be better for all parties involved?
