Believe it or not, marketing is actually very important for industrial companies. However, many do not dedicate much effort to this aspect of their business, leading to wasted opportunities for them to improve sales.
The problem is that many industrial companies do not have a proper understanding of what kind of marketing their business entails. This is because what they think of as marketing actually refers only to consumer marketing. Consumer marketing is utilized primarily for items that we use in our daily lives, such as clothes, food, and appliances. Given how different these are from the heavy equipment and specialized materials that industrial companies focus on, marketing and selling these items is naturally going to be quite different.
Fortunately, there are marketing agencies that specialize in servicing industrial companies. This kind of agency can educate companies on how to maximize their marketing potential, as well as help them prepare marketing plans that are tailored to their needs as a company. Industrial marketing is an incredibly different beast altogether from consumer marketing, which is why companies are going to need all the help they can get.
Here are some of the things that make industrial marketing different from consumer marketing:
A difference in products
The products being sold by companies that utilize consumer marketing are usually the end products, such as a piece of clothing or a home appliance. However, the products typically being sold by industrial companies are components or parts that are used to construct these final products. An example of this is a company that sells batteries, which are then used to build a smartphone or laptop.
Because of this, industrial products are highly specialized. This means that they require deep knowledge on the parts of both buyer and seller. This also necessitates something unique about the product that will result in improved performance, at not a great cost to the buyer.
A difference in customers
Consumer market buyers are everyday folk, which is why consumer products are mass-marketed. In contrast, industrial companies are marketing their products to other companies. This means that while consumer market buyers can easily be swayed by good advertising and other psychological tricks, industrial buyers know exactly what they are looking for.
Industrial buyers are interested in product specifications and costs. As a result, they are more appreciative of marketing material that is much more comprehensive and detailed in scope. This will be the basis for their decision, and a company that gives them as much good information as possible is definitely going to land on their good side.
A difference in values
Purchasing consumer products can be a one-time act. As a result, consumers make purchasing decisions relatively quickly, and can simply purchase a different item if they are not satisfied with their first purchase.
On the other hand, purchasing decisions in the industrial market usually take place over a longer period of time. One reason for this is of the highly specialized nature of the products — the buyers would want a longer period of time to do their research. Furthermore, as these products will be used as components, the supplier they choose also represents a much more significant investment, as this will affect their business for a long while down the line.
Hence, industrial buyers are looking for a long-term partner with whom they can do business with. This is why providing technical support, and good service is of great importance to industrial buyers, more so than with consumer market buyers.