July 29th, 2020 / Tags: Survey Insights
New Survey of Manufacturers Shows Over Half Have Not Accepted PPP Assistance
Despite a tumultuous first half of 2020 that has impacted every industry across the globe, particularly manufacturing, a new study of hundreds of manufacturers, commissioned by the modern digital agency for manufacturers, Shift7 and conducted by Zogby Analytics, reveals that while four in ten manufacturers say they’ve furloughed and laid off employees this year, over half (56 percent) have not taken any form of government financial aid, including the Small Business Administration’s Paycheck Protection Program (PPP). At the same time, the survey shows they’re shifting focus to optimize their digital presence during this time.
“Every manufacturer can benefit from a more robust digital footprint right now, and the pandemic has given many the push into the space they needed to make it happen,” said Andrew Walker, CEO of Shift7 Digital. “This shift is paramount as brands need a stronger direct relationship with consumers, retailers and resellers alike. Manufacturers that are addressing this revolution are the ones that will survive and thrive in this environment and beyond.”
The Shift7 study finds over two-thirds of manufacturers have moved marketing dollars from traditional to digital channels this year and with eight in ten investing the most of their marketing spend on their own website. This trend correlates directly with where manufacturers are seeing sales – 52 percent say the majority of their sales have come from online channels in 2020.
Shift7 Digital works with businesses to guide them through the changing digital landscape, including analyzing their online presence, integrating the brand experience across platforms and streamlining a company’s digital properties.
About Shift7 Digital
Shift7 Digital is revolutionizing the digital experience for manufacturers and their customers. Backed by a team of experts with deep industry insights, Shift7 truly understands the challenges and opportunities facing the B2B market today and delivers a customized, yet prescriptive process for partnering with companies as they evolve from a product-centric to a customer-centric approach. Shift7 is modernizing manufacturing to help businesses transform through digital marketing to drive connections, commerce and revenue.
About the Zogby Survey
Zogby Analytics was commissioned by Shift7 to conduct an online survey of 208 business decision-makers at manufacturing businesses from June 30 – July 2, 2020. Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation was password coded and secure so that one respondent could only access the survey one time. Using information based on census data, voter registration figures, CIA fact books and exit polls, we use complex weighting techniques to best represent the demographics of the population being surveyed. Weighted variables may include age, race, gender, region, party, education, and religion. Based on a confidence interval of 95%, the margin of error for 208 is +/- 6.8 percentage points. This means that all other things being equal, if the identical survey were repeated, its confidence intervals would contain the true value of parameters 95 times out of 100.