NFPA Provides Key Fluid Power Economic Reports

NFPA News

Eric Lanke headshot 2017

 

By Eric Lanke
NFPA President/CEO

The NFPA Board of Directors met the week of June 18, 2018, for its annual strategic retreat. There they reviewed the program successes NFPA achieved in its 2017-18 fiscal year. In this post, I would like to share with our membership some of those successes, especially those associated with NFPA’s second major objective: Providing its members with timely and accurate industry statistics and business intelligence that support improved decision-making.

Statistics Programs: Several improvement objectives were met within our portfolio of market information programs. We also integrated Producer Price Index data into our Customer Market File, helping it to become one of our most accessed reports, and made several improvements to our Stats Toolkit.

Statistics Satisfaction: According to our latest membership satisfaction survey, overall satisfaction with our market information programs grew from 4.07 to 4.31 (compared to a goal of 4.00) on a 5-point scale.

Statistics Participation: Participation in our participation-based market information programs is either growing or staying at already high levels. Average monthly participation in Confidential Shipment Statistics held steady at 94% (in dollar terms) of eligible manufacturer members (compared to a goal of 90%), while participation in our Customer Market Survey grew from 67% to 83% (in dollar terms) of eligible manufacturing members (compared to a goal of 75%), and average monthly participation in our State of the Fluid Power Industry Survey came in at 40% of eligible manufacturer members (compared to a goal of 40%) and at 52% of eligible distributor members (compared to a goal of 50%). Finally, participation in our Stats Toolkit grew from 57% to 68% of eligible members (compared to a goal of 65%).

Statistics Conferences: Participation in our Industry and Economic Outlook Conference (IEOC) and Economic Webinars remains at high levels. Fifty-four percent of manufacturer member companies (compared to a goal of 50%) and 60% of distributor member companies (compared to a goal of 50%) sent at least one representative to the IEOC. The Conference was also highly evaluated, with 91% of attendees agreeing that it delivered good returns on their investments.

For our Economic Webinars, the percentage of participating manufacturer companies stood at 38% (compared to a goal of 40%), while distributor companies stood at 42% (compared to a goal of 40%). These percentages only count those participating when the webinars are broadcast, and do not include those who may have downloaded and watched a recorded session, which we believe an increasing number of members are choosing to do.

All of these resources are available to our members in order to equip them with the necessary tools and reports that outline the size and economic impact of the fluid power industry. This data summarizes key challenges and opportunities in fluid power technology and manufacturing. If you would like your company to become more engaged with NFPA, please reach out to me at elanke@nfpa.com or (414) 778-3351.