Manufacturers are optimists

A new national survey from ThomasNet finds that professionals from manufacturing and industrial companies are not only optimistic about their ability to ride through the recent economic slowdown, but even expect to grow in 2009 as the economy shows signs of a rebound.

Among the 800 executives, managers and engineers from small, midsize and large companies responding to ThomasNet’s Industry Market Barometer survey, 76% say they think the US economy will improve by the second quarter of 2010 or sooner, and 35% expect their own businesses to grow by the end of this year.

“The leaders of today’s industrial marketplace are demonstrating classic American ingenuity,” said Eileen Markowitz, president of ThomasNet. “The buyers and sellers of industrial products and services are taking matters into their own hands to design their futures and rebuild market share. They’re also savvy enough not to go it alone — bringing in experts to help with online sales strategies, for instance, while they focus on their core strengths.”

OTHER FINDINGS
• More than half (54%) report a decline in their businesses during the first half of 2009, mostly fueled by customer losses.

• 61% don’t see the Federal Stimulus Package helping them.

• 70% of manufacturers responding to the survey are instituting new sales tactics, specifically: looking for business in new industries such as medical or aerospace, exploring new sales channels like distributors, and increasing their online marketing.

• In order to more than just survive – but succeed – 38% are developing new and innovative products.

• Comments from survey respondents about their new strategies, included: “You can’t be diversified enough in a down market.”; “The Internet is one of the best business tools available, period.”; and  “Innovation must never end.”