| "When doesn't money matter?" exclaimed one of my | | | | Click (PPC) advertising, as the name suggests, |
| clients during a recent conversation about the merits | | | | charges a pre-determined fee every time someone |
| of industrial internet marketing. His company, a | | | | clicks to your website from an advertisement placed |
| medium-sized electric motor supplier, was earning | | | | in a search engine's results page (e.g. Google or |
| approximately $15 million dollars in annual revenue - a | | | | Yahoo). Because the majority of web surfers use |
| long way from 1991; his first year in business and | | | | search engines to find products and services, it |
| sales of $145,000. We were discussing the company's | | | | makes a lot of sense for companies to place their |
| 15 year history and looking over his portfolio of trade | | | | advertisements on these pages. Consequently, it also |
| journal advertisements and tradeshow booth pictures. | | | | made a lot of sense for my client.For over a year |
| Many of the trade journal ads were proudly displayed | | | | and a half my client's business has been using Pay Per |
| in the front lobby, laminated on beautiful wood | | | | Click marketing to target online prospects searching |
| plaques with brass plates denoting the magazine issue | | | | for electric motors, specifically the type that his |
| and date. Whereas most of the tradeshow pictures | | | | company manufactures. Furthermore, his marketing |
| were kept in a leather binder, casually surfacing at | | | | dollars are producing a handsome return on |
| the end of facility tours with vendors and | | | | investment - remember he only pays on |
| distributors.My client was proud of his company's | | | | advertisements that were clicked, sending a visitor |
| success and prominently showcased his yesteryear | | | | directly to his website. Compared with tradeshows |
| marketing memorabilia. At a glance, most people | | | | and trade journals, Pay Per Click marketing is a tough |
| would suspect his industrial company spent a good | | | | act to follow.Let's assume that the average industrial |
| deal of money advertising in multiple trade journals. | | | | tradeshow costs around $4,500 to attend and that |
| Additionally, it would seem a safe bet that his Sales | | | | the average half-page, four color advertisement in a |
| team spent the better part of their time on the road | | | | single trade journal issue costs approximately $3,900. |
| attending tradeshows. Both assumptions would be | | | | Turning our sights to Pay Per Click marketing, we'll |
| dead wrong. For the last couple of years, my client's | | | | assume that the average cost per click is |
| focus has been squarely set on his company's web | | | | somewhere in the neighborhood of 0.35 cents...now |
| presence. While it's no secret that smart B2B | | | | let's work out the math.If my client attended a |
| suppliers and manufacturers harness the Internet's | | | | tradeshow ($4,500) instead of Pay Per Click |
| flexibility to save money and bolster sales, there are | | | | marketing (0.35 cents per click/website visitor), he'd |
| a large number of industrial companies behind the | | | | have to showcase his entire product line to at least |
| proverbial curve.About three years ago his company | | | | 12,857 expressly interested people ($4,500 / 0.35 = |
| saw a trend emerging - "no name" competitors were | | | | 12,857). Furthermore, Pay Per Click marketing only |
| cropping up, seemingly out of nowhere, and reaping | | | | requires a fraction of the resources and manpower |
| the rewards of a strong web presence. Some of | | | | that go into planning and attending a tradeshow. |
| these online competitors were headquartered | | | | Lastly, Pay Per Click marketing is completely |
| overseas, however the majority of them were U.S. | | | | measurable, capturing real time marketing data |
| based manufacturers who creatively stretched their | | | | through web-based reports.Applying the same logic |
| modest marketing budgets on the Internet. During | | | | to a single trade journal advertisement ($3,900) vs. |
| this time, my client ignored the "hype" surrounding | | | | Pay Per Click marketing (0.35 cents per click/website |
| the World Wide Web and stayed the course, | | | | visitor), my client would have to ensure that 11,142 |
| attending his usual roster of tradeshows and | | | | qualified prospects found his ad page, read his |
| advertising in a faceless number of trade | | | | advertisement, and then immediately logged onto the |
| journals.About one year later, my client began | | | | Internet to access his company's website for more |
| rethinking his hasty disregard for everything Internet. | | | | information on the product in question. Additionally, |
| After all, several of his largest suppliers were now | | | | he'd have to account for the cost of designing a |
| offering web-based e-catalogs in lieu of print literature | | | | printed advertisement too. Lastly, the costs |
| and many of his customers were requesting .pdf | | | | associated with this inflexible marketing channel are |
| versions of his motors' specification sheets and user | | | | difficult to justify since there it is virtually impossible |
| manuals. The writing was on the wall...or monitor if | | | | to measure return on investment...there is no |
| you will.Once my client moved past his apprehension | | | | mechanism in place to track leads, RFQs, and sales |
| surrounding the world of web marketing, he quickly | | | | generated from this advertisement.Fast forward to |
| realized two things. 1.) The Internet is an incredibly | | | | present day and I am happy to report that my |
| powerful sales tool, capable of delivering unmatched | | | | client's electric motor business is booming. His annual |
| return on investment and unbeatable market | | | | marketing spend has been slashed by 45% and |
| penetration 2.) Industrial marketing on the Internet | | | | company wide sales are up 18% over last year. |
| enabled him to easily measure and track the | | | | Furthermore, his Sales team spends less time |
| performance of their marketing dollars, making it | | | | "speculating" on their next marketing expenditure and |
| possible to systematically improve the company's | | | | more time following up on leads and closing sales. In |
| ROI vs. a "gut feel" approach.After some time and | | | | my client's words, "growing sales becomes a lot |
| effort, my client's industrial Electric Motor Company | | | | easier when you can track the marketing responsible |
| had developed their first website and posted it live | | | | for your success".All of my clients share one thing in |
| to the Internet. From a Customer Support | | | | common - they're forward thinking businesses, facing |
| standpoint, it worked like a charm. Visitors could | | | | today's stiff competition. They recognize the winds |
| access the company website and locate distributors, | | | | of change and don't turn a blind eye to any |
| download user manuals, email tech support, and so | | | | advantage in the marketplace. No matter if it's driving |
| much more. However, my client's website had a very | | | | sales, generating leads, or simply building product and |
| big problem - the only people logging on were | | | | brand awareness, progressive companies will always |
| existing customers. How could he drive qualified | | | | be a step ahead of the competition.Payton Wolfe is |
| visitors to his company's website, creating product | | | | a co-founder of and their Director of Marketing |
| awareness and generating online requests for quote | | | | Campaign Strategy. Mr. Wolfe welcomes inquires and |
| (RFQ)?Allow me to introduce Pay Per Click | | | | provides no charge consultations to interested |
| advertising - arguably the most targeted and cost | | | | parties. |
| effective form of direct marketing available. Pay Per | | | | |