2010 Economic Outlook Survey

Global Spec, a B2B vertical search engine company, conducted an economic outlook survey of 2,000 businesses to determine their 2010 economic outlook. The respondents consisted of engineers (54%), corporate management, manufacturing, purchasing, quality control, research and development, and technical support personnel. 92% of them were involved in purchasing components and services. 47% of the respondents anticipate higher revenues in 2010 (compared with 23% in 2009).


Survey respondents predicted packaging machinery sales to increase by 55% in 2010. 59% of respondents said they will be focusing more time and effort on entering new markets in 2010. 47% will focus on new product launches. 72% of respondents stated that they will be spending the same or more on material handling and packaging equipment. Compared to 2009, this is a 6% increase in spending for that category.

The survey predicts that suppliers are increasingly utilizing the internet for sourcing new equipment and supplies. 75% of respondents spend three or more hours per week on the internet for work-related purposes. The top uses for the internet included obtaining product specifications and finding components, equipment, services and suppliers. The number one source for web searching was using general search engines (i.e. Google, Yahoo).

The survey concluded by offering five strategies. These were:

1. Match your message to market need. The respondents were looking to spend more time on projects that will increase production capacity of existing lines, reduce waste, and save energy.

2. Evaluate current markets and seek out new markets. Increase your marketing efforts to the industries anticipating the highest spending growth (i.e. automotive, electronic components).

3. Expand your online presence. Look to new ways to grow your online presence. Consider some of the new social media formats as well as e-newsletters, banner ads, online directories, etc.

4. Maintain marketing frequency. Engineers are currently looking for information on both short and long-term projects via the internet. You need to be there, and be highly visible and easily found. Now is not the time to cut any online budgets.

5. Optimize the allocation of your marketing budget. Internet usage is now and will continue to grow. Look to realign your marketing budget to increase your online presence.

The author, Marge Bonura, is the Director of Sales & Marketing for New England Machinery, Inc. (NEM). NEM is a leading manufacturer of bottle unscramblers, cappers, orienters, retorquers, lidders, pluggers, pump sorter/placers, scoop feeders, hopper elevators and much more. The company has been in business since 1974 selling to the food, beverage, pharmaceutical, personal care, chemical, household products, automotive and other industries. For more information on NEM, visit their website at http://www.neminc.com/.