3 revelations about the way customers purchase in industry
Business has been changing for some years now in the world of industry: the most dynamic countries in the industrial sector, such as the US, Brazil and China, have all experienced a downturn, whereas developing countries are growing rapidly.
As an observer watching these emerging businesses take a greater share of the market, you are possibly asking yourself, how did the situation get to this point?
Above all, you would like to become as a leader in your own market sector. But before thinking about your market share, you must first review your marketing strategy. What works, what doesn’t work, or what works less well.
Component manufacturers: review your marketing strategy now by downloading the guide to successfully launching your catalog.
The market has evolved but if we look closer, we can see it is mainly buyer behavior that has altered the market.
Here are 3 revelations that say a lot about your customers’ needs and the problems they face.
Revelation no.1 – customers have seized power
Everything started with the arrival of the internet. BtoC companies were the first to be affected and have since adjusted their way of communicating.
Today, in the BtoB sector, we can see customers are behaving in a similar way to those in the BtoC sector.
Internet now plays a central role in the purchasing process. The simpler it is the easier it will be to sell, without the active involvement of your sales force.
Consumers are now more demanding: they have every available offer at their fingertips, meaning they are more powerful and demanding as a result.
But BtoB businesses have still not totally adapted to this new environment, which is understandable since it takes time to adapt. However, in the future, advertising will no longer address broad targets but rather each individual.
Revelation no.2 – Your products no longer really interest anyone
Stop believing that your products are the next big thing. There are numerous suppliers that will offer similar products to your own.
What really interests your customers is what they can gain by choosing your products. Or knowing what the added value of your products is in relation to competing products.
The power dynamic between brands and consumers is beginning to switch. Buyers expect greater transparency and are now able to denounce examples of abuse (via the company’s Facebook page for example, or via a process of mutual consumer support using collaborative platforms.)
The challenge for industrial manufacturers is to take on board these changes and to be even more responsive. This mass of information can be valuable, but it also represents a risk.
Your customers’ indifference with regards to your products can therefore be overcome by using a transparent communication strategy and by promoting a spirit of support with regards to buyers.
Revelation no.3 – You no longer control information
In this age of controversy concerning the use of personal data, you are probably aware that we are not exactly the masters of our professional data either!
In other words, your manufacturing secrets are no longer really secrets… Your competitors know everything about you, your prices and your range of products… And it is difficult to be innovative in these conditions!
So, how do you adapt?
Here again, I cannot stress enough the importance of transparency! Because if you seek to deceive your customers by embellishing your figures, you risk paying a hefty price!
If you wish to know more about the people who are likely to buy your products, download our e-book “Interactions between component suppliers and designers”