While consumer market buyers can be swayed by social or psychological motives, industrial market buyers know exactly what they want and are often a part of a buying team while an individual may purchase a product, the decision may be a highly scrutinized team decision. Buyers are looking for benefits often hard ROI numbers and how this purchase will help them meet their goals.
Through case studies , white papers and other factual content marketing material, industrial companies can differentiate themselves and provide the reliable information that industrial buyers seek to analyze before making decisions.
In consumer marketing you may be able to convince a buyer to buy a pair of socks based on their impulses. In the industrial market, gaining a buyer requires a longer timeline sometimes months or years and a formation of trust and expertise.
Based on the products the industrial company sells, a sale can result in a partnership that lasts for years. As can be deduced from above, the industrial buying process is vastly different from the typical consumer buying process. The industrial market is comprised of products that are highly specialized, consists of professional buyers that conduct considerable research on products before buying and relies on establishing relationships between buyers and sellers.
The sale cycle is much longer, again emphasizing that relationships and communication channels between industrial companies and potential customers must stay open and nurtured. A survey from Engineering showed that the top most important characteristics during the buying process included technical support, delivery and availability, characteristics that stressed service vs price 3.
As such, marketing and customer service are inextricably linked in the industrial buying process , again showing the importance of brand loyalty through the implementation of such marketing tactics as customer surveys, newsletters and open forums.
When it comes to marketing, industrial companies have both a lot to learn and a lot to gain. Industrial goods are materials used in the production of other goods, while consumer goods are finished products that are sold to and used by consumers. Industrial goods are bought and used for industrial and business use. They are made up of machinery, manufacturing plants, raw materials , and any other good or component used by industries or firms.
Consumer goods are ready for the consumption and satisfaction of human wants, such as clothing or food. Industrial goods are based on the demand for the consumer goods they help to produce. Industrial goods are classified as either production goods or support goods. Production goods are used in the production of a final consumer good or product, while support goods help in the production process of consumer goods such as machinery and equipment.
Unlike consumer goods, which are purchased by the general public, there are very specific buyers of industrial goods. They include component part buyers such as car manufacturers , those who purchase and install machinery, and distributors or anyone else who buys for resale. Characteristics of industrial goods include:. Companies involved in the industrial goods sector represent a variety of industries including but not limited to machinery, construction, defense, aerospace, and housing.
Consumer goods are tangible commodities produced and purchased to satisfy the wants of a buyer. That's why these goods are also referred to as final goods or end products. They are goods that consumers can typically find stocked on store shelves. As such, they can be purchased for use at home, school, or work or for recreational or personal use. Consumer goods are divided into three different types: Durable goods, non-durable goods, or consumer services.
Durable goods have a significant lifespan of three or more years. The consumption of a durable good is spread out over the entire life of the good, which causes demand for maintenance and upkeep. Bicycles, furniture, and cars are examples of durable goods. Non-durable goods are purchased for immediate consumption or use.
These goods generally have a lifespan of fewer than three years. Food, beverages, and clothing are examples of non-durable goods. Consumer services are also intangible products or services produced and consumed at the same time. Haircuts and car washes are typical examples of consumer services.
Because of consumer buying patterns, consumer goods are typically classified into four different categories including convenience, shopping, specialty, and unsought goods. There are other key differences between both industrial and consumer goods including buyers. A common example is utilities, such as gas and electricity. Manufacturing plants require electricity to operate equipment that in turn produces the goods that the factor owner sells.
The energy company supplying the power to the plant would consider the company that operates the factory to be an industrial consumer. It is not unusual for an industrial consumer to purchase goods and services in bulk. This strategy helps the customer to obtain discounts that would not be possible with purchasing smaller quantities from time to time. Volume purchasing agreements are created with industrial consumers in mind, since they often provide a lower price per unit purchased in exchange for the customer making a commitment to purchase a minimum number of units within a defined period of time.
A contract of this type can be used for all sorts of goods, as well as for telecommunication services and similar products.
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