TROY, N.Y. -- The majority of organizations within the U.S. industrial sector are on track to meet or exceed revenue goals, but many say they are reducing overall spending in 2008, according to a survey of engineering, manufacturing, technical and industrial professionals by GlobalSpec.
Eighty-one percent of respondents said their company is on or ahead of revenue targets for 2008. Sixty percent said their 2008 revenue will be ahead of 2007 revenue.
Moreover, 41 percent of respondents said they have expanded sales into new markets in 2008. Thirty-two percent said they are increasing their sales and marketing spending.
While many companies are maintaining momentum and growing, current economic conditions are taking a toll on some companies. Forty-one percen of respondents said that they are reducing overall spending in 2008.
Forty-nine percent of respondents indicated that rising energy costs are an issue they are currently concerned about or focused on, with 10 percent stating that it's the biggest issue facing their company this year. Forty-four percent of respondents said healthcare costs are a concern, and 41 percent said transportation costs are an issue.
“According to our survey results, current economic conditions have not yet made a significant impact on the revenue targets of companies within the industrial sector, but there is concern over rising costs,” says GlobalSpec Chief Sales and Marketing Officer Angela Hribar. “Companies looking to gain their share of market opportunity during these uncertain times should consider prioritizing marketing investments by focusing on programs that provide a greater return and offer a consistent, ongoing presence in front of a targeted audience. They can also benefit from expanding sales and increasing product lines to reach a broader and deeper audience than ever before to allow for additional sales opportunities."
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