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The Power of Industry-Specific Business Magazines - PowerPoint PPT Presentation


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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:

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Presentation Transcript
overview
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:

  • That industry specific magazines continue to be an important communications tool and play a critical role in business decision- making 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.
summary of survey findings
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 industry-specific 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 industry-specific magazines in their future spending plans.
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With digital media’s growing importance, do business decision-makers (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?

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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.

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?”

Base: 878 B2B decision makers

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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.

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?”

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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.

B2B marketers agree that industry-specific magazines reach decision makers and generate leads better than general business magazines
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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?

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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:

Key: Percentage of respondents selecting each medium

(Overall rank in parentheses)

Base: 878 Business decision makers

Q11 Decision Makers survey: Please indicate which of the following media best helps you do the following activities.

bdms are highly involved with industry specific magazines
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 industry-specific 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.

bdms are also highly involved with industry specific magazine web sites
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 industry-specific magazine Web sites in 2001.*
    • In 2007, even more top executives (61%) visited 5 or more industry-specific 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.

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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.
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What’s more, 85% of senior-most executives agree with this statement compared to 79% of other BDM titles.

The majority of BDMs find industry-specific content and advertising more engaging than general business media

Base: 878 B2B decision makers

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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?

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When used together, B2B magazines and other B2B media help BDMs recognize brands and B2B marketers find more qualified buyers

Base: 878 Business decision makers

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

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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.

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?”

Base: 816 B2B marketers

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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

slide18

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?

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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.

Base: 878 business decision makers,

Q10 Decision Makers survey: How will your use of traditional media change in the next two years (2009)?

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Spend about the same on this tactic in 2009

Spend somewhat more on this tactic in 2009

Spend significantly more on this tactic in 2009

Similarly, B2B marketers expect to increase their spending on industry-specific 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)?”

Key: % of respondents who say:

Base: 816 B2B marketers

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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

Base: 816 B2B marketers, 878 business decision makers

* = over-utilized

Q3: Marketers survey

Q10: BDM survey

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