Marketing automation helps you collect data on your prospects like never before, helping you identify the real issues.
Based on responses to our annual industrial marketing survey, one of the top frustrations that industrial marketing professionals are having (alongside dealing with their independent reps) is competing on price.
We asked respondents to describe their greatest sales frustration. They answered.
“Not too many companies look at the total cost. They do not want to buy value. They just want the lowest price.”
“We sell premium products that work better and last longer but are higher priced. Getting customers to understand value is always a frustration.”
“Competitors promise more than they can do and lower prices below a reasonable amount.”
The good news for these respondents and the other manufacturers out there who are worried about being unable to compete on price is that (as I’ve written before), price is rarely the issue for most buyers.
“You’re not selling them a price. You’re selling them a solution to their problem. Maybe they need the product quickly. Perhaps they need an assurance of quality…
…You’ll never fail if you can get to the root of your potential customer’s problem and offer them a tailored solution.”
How exactly do you get to the root of a business buyer’s problem? The answer is data. Lots and lots of data.
Marketing automation software now allows you to identify visitors to your website by offering them content that helps solve their particular problem.
You can track which pages on your site a lead views, which white papers or case studies they view, and then tailor your message based on their interests.
Ultimately, for some buyers, price is the only thing that matters. You’re not going to change that. But to be able to identify and cater to buyers who have more pressing needs – that’s a game-changer.
So, while you may not be able to compete on price, the truth is, you don’t have to – and you shouldn’t have to. Industrial marketing tactics have advanced to the point where you can identify and nurture quality leads you can be confident in converting.
(Side note: if you’d like to receive a copy of our industrial marketing report, simply click here and register for your copy.)