Whether directly expressed or not, the state of the economy is an underlying component to a company’s viewpoint on marketing. Unfortunately, marketing is often treated as an expense and therefore something that can be cut to save money. In cases where a marketing investment does not generate a return it can certainly be classified as an expense, but in cases where the investment generates a return, the decision to cut costs can have a drastic negative effect on the ability to increase revenue for a company. There’s nothing new here, it’s a common decision for all companies to make when it comes to year over year trends, but what has changed is the ability to determine which marketing investments generate a direct return and which ones do not.
If there is any saving grace to the current economic conditions it is that every company seems to be hit to some degree (i.e. no one is insulated). But my experience with meeting with hundreds of industrial suppliers over the past year has shown me that external economic conditions don’t effect all companies the same way. Those that continue doing business as usual are definitely hit harder than those who choose to make a shift in their marketing strategy. In most cases, it does not mean a drastic change or large monetary investment, but those companies who are more proactive are the ones who are being less effected than others.
The first place to look is at your Internet marketing strategy. Studies show that up to 90% of buyers turn to the Internet to find new suppliers, so not only can the Internet NOT be ignored, but it should be the focus of any shift in marketing strategies. Business as we know it did not end, there is still buying activity albeit less of it. For every incumbent supplier there is a purchasing manager demanding that new suppliers be explored. Lower prices, better service, consolidation of resources are the prime motivating factors for this shift and what translates to for industrial suppliers is opportunity, but only when you are positioned where the buyers look.
The companies I meet with who are taking this opportunity to restructure their Internet marketing strategy and open up to new opportunities are winning business at a higher rate than those who site back and weather the storm. Not to mention the fact that when this storm passes (and it WILL pass) it will be the companies who are most visible that will win business while the others catch up.
The full suite of Internet marketing services provided by ThomasNet provide solutions to address just about any need you may have. All of our programs are custom tailored to meet the needs of our clients and all solutions are geared towards bringing buyers and seller together at the key phase in the buying process when a buyer has identified themselves as having a need for your products. The videos below is from three clients who all address the fact that ThomasNet has not only positioned them ahead of the competition, but been instrumental in generating new business opportunities that would have otherwise passed them by.
Can you afford to let business opportunities pass you by?
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