Market Survey 2009

 

In April 2009, Fire Alarm Marketing sent a survey to friends aimed at gauging current Marketing activity and impressions of economic conditions.   As it was sent to less than 100 people, the results cannot not be viewed as statistically valid.  However, they do paint a snapshot of what many are doing and thinking in April of 2009.

Below are a few highlights. 

  • Perhaps the biggest surprise was that 63%  said that their 2009 Marketing budget was equal to or greater than their 2008.  On the other hand, 21% said that their budget was down 20% or more
  • By a wide margin, Lead Generation was reported that the most pressing demand in 2009
  • 79% see “Convincing buyers to buy” as the biggest hurdle over the next 9 months.

The full report can be found here: Market Survey 2009

If there are any questions regarding the survey and/or its results, please contact Dick Lush or Bob Mannal.

Regards,

Bob Mannal (617-306-6147)

Dick Lush (508-643-0411)

1 comment to Market Survey 2009

  • Hi Bob and Dick,

    Great to have a snapshot. Thank you!

    We also hear lot of people saying that lead generation is their number one requirement. What’s interesting is the companion comment you heard–that getting customers to buy is the greatest hurdle.

    Clearly, sales cycles are stretching out, the question is why. Sure, it’s a recession. But many companies are still buying, they’re just buying goods and services they perceive as necessities.

    The follow up questions I have are:
    -Do their products provide as much value as cash conservation?
    -If so, have they succeeded in making customers aware of that “fact”?
    -Will a greater number of leads necessarily lead to more sales? If survey respondents are having trouble getting their current leads to close–should they be targeting different–rather than more prospects?
    -Or, is the greatest hurdle getting people to buy because they they are not entering the pipeline in the first place–and therefore their are no leads to close?

    If qualified prospects are entering the pipeline, then it seems fair to conclude that the value proposition is not compelling enough to convince companies–already worried about the recession–to part with cash. Or, they just don’t feel a sense of urgency about doing so.

    That begs the question: What can be done to strengthen the value proposition–or alternatively to create a sense of urgency about acting sooner rather than later.

    Some thoughts: Is it worth performing a follow up study to find out where people are spending and why? This might provide clues as to steps participants shorten the sales cycle and accelerate revenues.

    Marketers, perhaps somewhat cynically, often say that people are motivated to buy by fear or greed. Therefore, many use limited time offers to hint at scarcity and encourage people to act while bargains are still availabe.

    Here’s another alternative. One of the things we’ve observed is that everyone is closely following what their competition is doing–using tools such as Google Alerts, Hubspot, etc. What if they found out their competitors were pulling ahead due to some action they’re not taking? And what if that action was using your respondents’ products?

    One way to find out is to approach satisfied clients and asking them to do case studies that quantify the results they’ve accrued from using the survey participants’ products and services.–and then sending these case studies out to the customer’s competitors as encouragement to keep up with the Jones so to speak.

    On the other hand, if the customers haven’t gotten a high ROI, it may be back to strengthening the product or value proposition….

    Your thoughts on next steps?

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