When trying to appeal to industrial buyers, price is not the only point on which they are making a purchasing decision.
According to Modern Distribution Management, industrial buyers purchasing decisions are being influenced by several factors, which were stated from the report, The Considered Purchase Decision: What Matter, What Doesn’t, and What It Means for B2B Marketing and Sales.
- Don’t misjudge the significance of price – 59% of purchasers make over 60% of their purchasing decisions based on price. Therefore, if your prices tend to be higher than your competitors, it is vital that you clarify your price components for your customers so they understand why your price is worthwhile.
- Don’t depend too heavily in your corporate brand – When compared next to product benefits and product features, the suppliers brand was ranked least important by over 75% of respondents.
- Keep your technical data sheets up to date – 78% of respondents classified data sheets as important to very important in their purchasing decisions, 32% more important than supplier websites.
- Tie Total Cost of Ownership into your marketing message – TCO was a factor in 60% of purchasing decisions for 51% of respondents.
- Monitor online forums to ensure you know what potential customers are saying – 82% of respondents that participate in online forums indicated that the information they found there influenced their purchasing decisions.
Price remains the most important from the five points from the article. Although, if that type of research conclusion is taken word for word, it could cause bad business decisions.
Some customers pay too much attention to price, and some do not pay enough. Customers pricing opinions differentiate because of factors such as: customer sectors, sizes, and product groups. Obviously, customers are most price sensitive over the things they buy the most often.
The study also makes some good points over customer opinions; it’s important to make sure you know the customers in your market well.
Contact us to learn about tools that you can use to get to know your customers and your market so that you can best appeal to your buyers.