An Ultimate Guide on Industrial Marketing

Industrial marketing is a marketing strategy where one business sells industrial products and goods to the other to gain more profits. This marketing strategy generally involves industrial manufacturers, suppliers and consumers. The sales process involved in industrial marketing may even take months or years. Industrial goods are produced from raw materials. Nowadays, industrial marketing is well known as the B2B service (business-to-business marketing).

Industrial marketing generally covers two main marketing aspects:

• The promotion of the business improves the company’s image and attracts the customers to the company to buy the products.
• The promotion of the products by developing various strategies that involve pushing the products way more in the market.

Various strategies are involved in successful industrial marketing. They are as follows:

• Customer needs should be discovered by proper research and analysis. 
• Strategies used by the competitors should be studied and understood. Knowing their strengths and weaknesses will give an advantage to the company in promoting their own products.
• Trust should be built among the consumers. Their changing needs should be monitored, and products should be released to the market that results in satisfaction.
• Positioning the product is essential by displaying its advantages to the audience and justifying why one should buy their product compared to others.

Examples of industrial marketing

The industrial market is also known as the producer or business market, which sells, rents and supplies the products to the customers. The various types of industries such as agriculture, forestry, mining, transportation, banking, communication and others make up industrial marketing.

There are three examples of industrial marketing, which are as follows:

1. Intuit infographic

It is an example of industrial marketing, which develops and sells business to the consumers, accountants and small businesses. Over the last 11 years, Brad Smith remained an outstanding leader for Intuit when he transformed it into a global cloud-driven platform. It creates content on industrial marketing to add value to the audience’s lives.

1. Litmus

It is a platform for industrial marketing that creates various email campaigns by using unique, creative and innovative ideas. Various eye-catching GIFs and colours make the customers feel like reading and browsing the self-created websites. Those websites are professionally designed using the tactics of social media marketing. Since Litmus is an example of industrial marketing that uses digital technology to attract its viewers, it has high efficiency and creates a high-mindful impact on the reader.

1. Hootsuite

The last but not the least example of industrial marketing is the Hootsuite which hosts video campaigns to promote its brand. Apart from promoting the products, Hootsuite also highlights the personality of its clients. 

Features of industrial marketing 

The main features of industrial marketing are described as follows:

1. A healthy and positive relationship between the producer and the consumer is needed to be built. It is one-to-one and can influence each other.
2. Industrial marketing hires skilled professionals and trained people to sell the products by marketing them.
3. The process of buying and selling the products is tedious. It involves complex stages involving various approvals from the officials or individuals at different stages in selling the product.
4. The demand for industrial goods lies in the increased demand for the product by the consumer. The demand for industrial goods and services is generally more volatile.
5. The unique feature of industrial marketing includes the customers having pre-formed knowledge about the products they are willing to purchase. Industrial marketing entertains the customer who has well-informed bargaining skills.
6. In business-to-business marketing, fewer clients are involved, whereas it includes large volumes of products. So, a saturation state is never reached, and the seller can meet the customer’s needs.
7. Industrial marketing doesn’t encourage biddings and quotes.
8. Another remarkable feature of industrial marketing is that it doesn’t confine to a specific region. Instead, it includes a broad area to acquire information on the market shares by conducting research or interviewing people.
9. Inelastic demand is seen in such marketing practices because the demand for a product does not change with the change in the price of the same product.
10. A group of members or a team generally leads the industrial marketing forward, consisting of experts in different fields such as technology, financing, and others.

The buyers that are involved in the industrial marketing are grouped into three categories:

• Some buy the components instead of the whole product as such.
• Some buy the whole product, including all its components.
• Some buy for reselling the products to other industries.

Conclusion

Industrial marketing does not target a specific group audience, but it sells and promotes the goods and services to a broad range of people. There is a long term relationship between the manufacturers and the clients. Though it requires hard work and perseverance, it has got high rewards. It is important to know industrial marketing examples and features for a holistic understanding. It is a challenging field where the seller should face any type of ups and downs, but it will be completely worth it in terms of selling the products and gaining the trust of its buyers.