industry-specific magazines

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The Power of Industry-Specific Business Magazines
Overview
ABM engaged Forrester Consulting to complete an independent
research study of the trends and impact of B2B media on both
end-users/decision makers and marketers.
The findings and analysis of this study indicate:
2
•
That industry specific magazines continue to be an important
communications tool and play a critical role in business decisionmaking and purchase processes.
•
The integrated use of industry-specific business media – and
industry-specific magazines in particular -- is the most effective way
to help decision makers evaluate purchases, grow professionally,
and improve their businesses.
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Summary of survey findings
• Despite the growth in digital media use, industry-specific magazines continue to
be an important communication tool:
– Business decision makers (BDMs) rank industry-specific magazines among the top 5 media they
use on the job
– BDMs find industry-specific magazines highly valuable for validating and informing purchase
decisions
– Similarly, B2B marketers find industry-specific magazines are more effective at reaching BDMs
and generating leads than general business media
• Industry-specific magazines help BDMs do their jobs better and grow
professionally.
• BDMs – and top executives in particular – are highly involved and engaged with
industry-specific magazines, and their involvement has remained consistently high
since 2001.
• The unique strengths of industry-specific magazines make them a valuable
component of an integrated communications plan.
• Despite evidence of their unique value, B2B marketers underutilize industryspecific magazines in their current trade marketing spending.
• Even though BDMs indicate that industry-specific magazines will continue to play
an important communications role in 2009, B2B marketers underutilize industryspecific magazines in their future spending plans.
3
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
With digital media’s growing importance, do business decisionmakers (BDMs) continue to read industry-specific magazines
and use them on the job?
Do BDMs rely on industry-specific magazines in making
purchase decisions?
Do B2B marketers find that industry-specific magazines are
more effective at reaching business decision makers and
generating leads compared to magazines?
4
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
For doing their jobs, BDMs rank industry-specific magazines their #2
choice among all media – and rank them ahead of general business
magazines
“Which B2B media do you use or interact with to do your job?”
Email or electronic newsletters
76%
Industry-specific business magazines
69%
Peer advice, word of mouth
67%
Vendors’ Web sites
66%
Industry-specific conferences
65%
Industry-specific trade shows
62%
Web portals (e.g. Google)
57%
Industry-specific Web sites
55%
General business magazines
55%
Newspapers
54%
Web-based events
52%
Direct mail
General business magazine Web sites
51%
45%
Base: 878 B2B decision makers
Fewer than 45% of respondents chose the following media: Specialized business Web sites, Online video or rich
Internet apps, Custom media, Online forums/communities/social networks, TV, Mobile/wireless devices, Listings in
online directories, B2B blogs, Radio, Outdoor, Podcasts, and Syndicated content feeds/RSS.
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Entire contents © 2007 Forrester Research, Inc. All rights reserved.
When making purchase decisions, BDMs rely on industry-specific
magazines – and media – more than general business media
“Which business-related media are most effective at informing or validating
your firm's business purchase decisions?”
Base
48%
48%
Peer advice, word of mouth
Vendors’ Web sites
584
582
Industry-specific trade shows
45%
544
Industry-specific Web sites
Industry-specific conferences
45%
44%
485
569
Industry-specific business magazines
40%
609
Email or electronic newsletters
40%
37%
666
37%
354
Web-based events
Specialized business Web sites (e.g. IT Toolbox)
General business magazines
General business magazine Web sites
Web portals (e.g. Google)
Direct mail
Newspapers
27%
26%
484
26%
500
23%
23%
Online videos or rich Internet applications
17%
458
395
447
348
478
Fewer than 40% of respondents chose the following media : Custom media, Online forums/communities/ social
networks, TV, Mobile/wireless devices, Listing in online directories, B2B blogs, Radio, Outdoor, Podcasts, and
Syndicated content feeds/RSS.
6
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
B2B marketers agree that industry-specific magazines reach decision
makers and generate leads better than general business magazines
Reach Decision Makers Effectively
• 327 agree industry-specific magazines reach BDMs effectively
• 126 agree general business magazines reach BDMs effectively
• 132 – or 67% more – agree that industry-specific magazines are better
at reaching BDMs than general business magazines.
Generating Leads Effectively
• 260 agree industry-specific magazines generate leads effectively
• 173 agree general business magazines generate leads effectively
• 87 – or 50% more – agree that industry-specific magazines are
better at generating leads than general business magazines.
7
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
How do industry-specific magazines help BDMs on the job or in
their careers?
In light of their busy schedules – and the availability of online
content – do BDMs spend time reading magazines? Do BDMs
visit industry-specific magazine Web sites as well?
How has their time spent with industry-specific magazine titles
and Web sites changed over time?
Do BDMs find industry-specific magazines more engaging than
general business magazines?
8
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Industry-specific magazines provide information BDMs can trust and use to
grow professionally – when used alone or with other industry-specific media
Percentage of business decision makers who chose the following media
as the best medium for the following statements:
Industryspecific
magazines
Industryspecific
Web sites
IndustrySpecific
Tradeshow
Provides objective information
25% (2)
27% (1)
9% (4)
Provides information that I can trust
26% (1)
25% (2)
10% (4)
Vendor Web site = 12% (3)
Keeps me ahead of the competition
20% (2)
24% (1)
14% (3)
Gen’l business magazine
Web site = 9% (4)
Helps me do my job better
20% (2)
22% (1)
11% (3)
Web portals =10% (4)
Helps me advance my career
19% (2)
22% (1)
14% (3)
General business
magazine = 10% (3)
Helps me grow my business
18% (2)
21% (1)
15% (3)
Gen’l business magazine
Web site = 8% (4)
Helps me become aware of new
products or services
19% (2)
17%(3)
22% (1)
Vendor Web site = 16% (4)
Response
Base: 878 Business decision makers
Other media
General business
magazine = 11% (3)
Key: Percentage of respondents
selecting each medium
(Overall rank in parentheses)
Q11 Decision Makers survey: Please indicate which of the following media best helps you do the following activities.
9
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
BDMs are highly-involved with industry-specific magazines
► 64% of BDMs read 3 or more industry-specific business magazine titles in
the last month.
►
Even more top executives (67%) read 3 or more titles in the last month.
► 44% of BDMs spend 3 or more hours reading industry-specific magazines
per week. This rate has more than doubled from 20% of BDMs in 2001.*
►
Even more top executives (51%) spend 3 or more hours reading industryspecific magazines per week.
*In 2001, ABM engaged Yankelovich Partners and Harris Interactive to complete an independent research study of the role
of B2B media on fulfilling 505 executives’ information needs. The 2001 trend data is taken from the findings of this survey
available at: http://www.americanbusinessmedia.com/abm/Yankelovich.asp?SnID=395133682.
10
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
BDMs are also highly-involved with industry-specific magazine
Web sites
► 54% of BDMs visited 5 or more industry-specific magazine Web sites
in the last month.
►
This rate has more than tripled from just 16% of BDMs visiting industryspecific magazine Web sites in 2001.*
►
In 2007, even more top executives (61%) visited 5 or more industryspecific magazine Web sites last month.
► 47% of BDMs spent 3 hours or more visiting industry-specific
magazine Web sites per week
►
This rate has increased from just 29% of BDMs visiting industry-specific
magazine Web sites 3 hours or more in 2001.*
*In 2001, ABM engaged Yankelovich Partners and Harris Interactive to complete an independent research study of the role
of B2B media on fulfilling 505 executives’ information needs. The 2001 trend data is taken from the findings of this survey
available at: http://www.americanbusinessmedia.com/abm/Yankelovich.asp?SnID=395133682.
11
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
In fact, top executives read more titles – and spend more time reading –
industry-specific magazines compared to other decision makers
► Top executives are 2 times more likely to read 6 or more
industry-specific magazine titles per month than other BDMs.
► Top executives are more than twice as likely to spend 6 or
more hours reading industry-specific magazine titles in the
past week when compared to other BDMs.
12
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
The majority of BDMs find industry-specific content and advertising
more engaging than general business media
Statement
Agree
When reading or interacting with industry-specific magazines, I find that
I spend more time reading or thinking about the editorial content and
product/service messages than with other general business media
80%
Base: 878 B2B decision makers
What’s more, 85% of senior-most executives agree with this
statement compared to 79% of other BDM titles.
13
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
When used together with other industry-specific media, do
industry-specific magazines help BDMs recognize brands and
products better?
Do they help B2B marketers attract more qualified buyers?
Are B2B marketers spending plans keeping pace with the value
decision makers get from industry-specific magazines?
14
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
When used together, B2B magazines and other B2B media help BDMs
recognize brands and B2B marketers find more qualified buyers
B2B Decision Makers
Agree
It is easier for me to recognize or remember a company’s brand or
products/services when I see messages about it in multiple media such as
magazines, online, or at events
91%
Base: 878 Business decision makers
B2B Marketers
Agree
Our firm gets more qualified buyers when we integrate industry-specific
B2B media like magazines and events with online media like Web ads and
sponsored links.
Base: 816 B2B marketers
Q14 Decision Makers survey: Please rate your level of agreement with the following statements:
Q9: Marketers survey; Please indicate your level of agreement with the following statements
15
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
85%
B2B marketers rank industry-specific magazines among the top 3 media
tactics they use in their marketing programs
“Which B2B media or trade marketing tactics does your company use in the past 12 months?”
Corporate Web site
79%
Industry-specific trade shows
71%
Industry-specific business magazines
63%
Industry-specific conferences
63%
62%
Direct mail
61%
Email or electronic newsletters
56%
Public relations
49%
Custom media
44%
Web-based events
42%
Newspapers
41%
Web portals (e.g. Google)
Product listings/ads in online directories
40%
General business magazines
40%
39%
Industry-specific Web sites
Base: 816 B2B marketers
Fewer than 39% of respondents chose the following media: Online video/rich Internet apps, Specialized Web
sites, B2B blogs, TV, General business magazine Web sites, Outdoor, Radio, Online
forums/communities/social networks, Mobile/wireless devices, Syndicated content feeds/RSS, and Podcasts.
16
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
While BDMs rank industry-specific magazines #2 of all media they use for
doing their job, B2B marketers spend a significant percentage of their
budgets on media that BDMs use or rely on less, such as general
business media and traditional broadcast
Reported % trade marketing budget spent on each marketing tactic in 2007
Base: 816 Marketers
17
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Will BDMs continue to use industry-specific magazines in 2009?
Will B2B marketers’ spending plans for advertisements in
industry-specific magazines keep pace with BDMs expected use
of industry-specific magazines?
18
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Industry-specific magazines will continue to be more important for BDMs
than general business media in 2009
“How will your use of business-related media change in the next two years (2009)?”
% who say their use of tactics will “increase” or “increase significantly” in 2009.
Web-based events
66%
63%
Industry-specific Web sites
Web portals (e.g. Google)
59%
Email or electronic newsletters
58%
Vendors’ Web sites
58%
Industry-specific conferences
45%
Industry-specific trade shows
45%
Industry-specific business magazines
44%
Peer advice, word of mouth
43%
39%
General business magazine Web sites
General business magazines
Direct mail
29%
22%
Newspapers
22%
Base: 878 business decision makers,
Q10 Decision Makers survey: How will your use of traditional media change in the next two years (2009)?
19
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Similarly, B2B marketers expect to increase their spending on industryspecific magazines more than on general business magazines
“How do you expect your spending on business-related media to change in the next two years (2009)?”
Corporate Web site
31%
Industry-specific trade shows
44%
Industry-specific conferences
Email or electronic newsletters
Industry-specific Web sites
Web portals (e.g. Google)
Public relations
32%
16%
27%
9%
26%
22%
37%
17%
13%
Spend about the same on this tactic in 2009
Base: 816 B2B marketers
12%
31%
41%
33%
15%
33%
30%
34%
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
8%
35%
Spend significantly more on this tactic in 2009
20
15%
27%
28%
Direct mail
Key: % of respondents who say:
12%
32%
44%
34%
Newspapers
12%
30%
34%
General business magazine Web sites
General business magazines
24%
28%
42%
Industry-specific business magazines
Web-based events
39%
10%
10%
6%
6%
Spend somewhat more on this tactic in 2009
Despite evidence of persistent value, B2B marketers’ budget plans will
underutilize industry-specific magazines in 2009
“In 2009, how will your spending on – or use of – the following marketing
tactics change compared with 2007?”
% who say their use of these tactics will “increase” or “increase significantly” in 2009
Media/tactic
B2B Decision Makers
B2B Marketers
Industry-specific trade shows OR
conferences
58%
40%
Industry-specific business
magazines
44%
35%
Industry-specific Web sites
63%
45%
Corporate Web site
58%
62%
Email or electronic newsletters
58%
47%
Public relations
43%
42%
General business magazine Web sites
39%
36%
Traditional broadcast
33%
35%
General business magazines
29%
23%
Direct mail
22%
32%*
Base: 816 B2B marketers, 878 business decision makers
21
Q3: Marketers survey
Q10: BDM survey
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
* = over-utilized
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