There are at least three (3) factors that can have profound implications for downstream marketing. First, reputation is critical. Second, the number of customers is limited. Third, many capital equipment brands tend to be so technical, that engineering involvement and information must be part of both buying and selling, including marketing.
Related content our capital equipment marketing best practices series includes a Guide to Capital Equipment Marketing, a Marketing Capital Equipment Checklist, a Capital Equipment Marketing Infographic, and 4 Aspects of Capital Equipment Purchasing.
Reputation
Regarding reputation, when investing huge sums of money, while multiple decision makers evaluate multiple options, the lowest price is rarely the most important criterion, certainly in comparison to brand reputation. Risk avoidance is paramount. This is further reinforced by the fact that larger capital equipment purchases require so much more than the equipment itself. The implications for marketing are profound.
Limited Amount of Companies
One of great things about capital equipment marketing is that the target market is relatively small, certainly in comparison to consumer markets. There is no mass market. For the most complex and expensive capital equipment there might be only hundreds of potential customers, worldwide. International marketing is often a requirement. No question, the marketing mix for targeting a small number of very important prospects is unique.
Technical Knowledge Needed for Capital Equipment Marketing
Finally, marketing of complex or technical capital equipment is the need for engineering for both buying and selling, and yes marketing. There may be a need for joint development projects, or requirements for extensive testing or evaluation of performance specifications. Consultants and systems integrators may be involved. For these scenarios, effective marketing-engineering processes are critical.
Questions regarding the marketing of capital equipment? Contact Modern Marketing Partners for a free capital equipment marketing consultation.
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