Engineering, technical and industrial professionals have seen an impact of the economic slowdown on their businesses, yet are still working on specific types of projects and specifying and purchasing products and services, according to results of the 2009 GlobalSpec Economic Outlook Survey. More than 3800 GlobalSpec registered users—comprised of engineering, technical, industrial and manufacturing professionals—completed the survey, designed to gather data and report on the 2009 North American economic outlook from the point of view of professionals working in the industrial sector.
Despite the economy, engineering, technical and industrial professionals are still specifying and purchasing products and services. Top products and service areas where respondents will be spending the same or more money in 2009 compared to 2008 include electrical components, mechanical components, calibration and testing services and electronic components.
Results indicate that the industrial audience is performing an increasing amount of work, research and product search online. Forty-two percent of engineers and technical professionals spend six or more hours per week on the Internet for work-related purposes, and 62 percent visit six or more work-related Web sites each week. Online media represents four of the top five resources used by engineers to search for suppliers, products, components and services, and 46 percent of respondents read e-newsletters at least daily or several times per week.
The survey shows that engineering and technical professionals will be spending more time and effort entering new markets, researching future projects, saving energy and working on new product design and development, leading to near-term spending, with more than two-thirds of respondents indicating that they will be working on more or the same number of projects in 2009 compared to 2008. Fifty percent of respondents are spending more time on projects to save energy, 48 percent on projects to reduce waste/scrap and 47 percent on projects to decrease quality rejects.
"In today's challenging business environment, it's more important than ever to understand how your customers are affected by the economy, focus on specific target markets that are most viable and maintain marketing frequency and consistency where the greatest opportunity exists," says GlobalSpec Chief Sales and Marketing Officer Angela Hribar. "Companies looking to gain their share of market opportunity during these uncertain times should consider reviewing the markets they sell into and seeking out new markets if appropriate, fine-tuning their messaging to address the types of projects that industrial professionals are working on, and right-sizing marketing spend to reach their target audience where they are looking—online."
Download the 2009 GlobalSpec Economic Outlook Survey for more information.