How to Craft Content for the Three Types of Industrial Buyers

The industrial buy cycle can be long and complex, and can involve any number of recommenders, influencers, gatekeepers and decision makers who all have a say in the final purchase decision. It’s a daunting task for a marketer to create content and design communications that are relevant and that resonate with these various audience types.

To make your job easier, you can segment all of those involved on the customer side into one of three buyer types: the analytical buyer, the economic buyer and the technical buyer. Speak to the needs and interests of these three types of buyers and you can simplify your communication efforts while increasing your opportunities for winning the deal.

industrial buyers

The Analytical Buyer: Will it Solve My Problem?
The analytical buyer is the technical professional who has a problem to solve. They need, for example, an oscillating pump or a diode laser or a circuit board to perform a specific function. The analytical buyer is often the first point of contact your company has with a potential customer. They’re the person who has performed initial research to identify the suppliers, products or components that could meet their needs.

The biggest question on the analytical buyer’s mind is whether your product or service will solve their problem. They’re asking: What functions does the product perform? What are its specifications? Why is your product better than another product? Or: How does your service meet my needs?

Analytical buyers want facts and solutions. They respond to content such as demos, how-to videos, problem-solving webinars, and white papers.

The Economic Buyer: Will We Earn ROI?
The economic buyer’s greatest concern is return on investment. They often have significant sway in any large or long-term purchase. Economic buyers asking that if their company buys your product or service, will the return they earn in terms of economic benefit be higher than the price they pay?

The benefits to economic buyers might be measured in terms of expected time savings, increased efficiency, uptime, product lifespan, reliability, warranties, opportunity cost (if they purchase your product over a competitive one, how do they gain or lose) or other factors.

Effective content for the economic buyer might be interactive ROI calculators, case studies showing demonstrated success and benefits other customers have achieved, analyst reports, depreciation schedules, and executive briefs. The content should be numbers oriented and benefit focused.

The Technical Buyer: Is it the Right Fit for Our Company?
The technical buyer is often behind the scenes and may not come into play early in the buy cycle. They are concerned with the bigger picture of whether your product, component or service will fit into the larger technical infrastructure, environment or policies at their company. For example: Are your products compatible with other products the customer uses? Do your products integrate well or will modifications elsewhere be necessary? How is support provided? These questions are particularly relevant with software and hardware purchases, but also for other industrial products.

Fitting into environment also includes questions such as: Is this kind of company we want to do business with? If the customer has a policy to prefer suppliers that engage in “green” business practices, or that manufacture only in the United States, you’ll find this out from the technical buyer. Also, if the customer requires a certain type of support, such as on-site or 24/7, the technical buyer as well as the analytical buyer will be looking for that type of information.

Technical buyers want specifications, but they also want to see your policies and procedures. They can nix a sale for any number of reasons, and so you’ll have to produce content that answers their questions.

The Buyers Together
You might produce individual pieces of content for each type of buyer or you might try to communicate with all your audiences at once. There are no set rules other than to be clear and relevant to your customers and to address their concerns: Does your product do the job well, deliver required benefits, and fit seamlessly into their environment?

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How do you communicate to the needs of these three types of buyers? What advice would you give to your peers in industrial marketing? Share your thoughts in the comments section below.

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Seven Strategies for Measuring Marketing ROI

The pressure has never been greater on marketers in the industrial sector to demonstrate results from their marketing programs. Yet many marketers aren’t able to measure ROI or don’t know how to begin. These seven strategies will help you. Not all of them may apply to your organization or situation, so pick the ones that make the most sense and use them. Soon you’ll gain a solid approach to measuring marketing ROI.

1. Shift the marketing conversation
Whether you are the executive making financial and budget decisions, or reporting to one who is, you need to reframe the marketing conversation. For example, rather than focusing measurement on marketing “activity,” focus on marketing “results.” Rather than presenting in terms of “defending” your marketing budget and having executives look at marketing as a “cost center,” advocate to alter perceptions so that marketing is considered an “investment in revenue and profitability.” This strategy may represent only an attitude or culture change, but it should definitely help in your efforts.

2. Design measurable programs
You’ve heard the cliché that you can’t manage what you can’t measure. It’s only a cliché because it expresses a universal truth. By committing only to measurable programs, you are laying the foundation for determining ROI. Fortunately, the best-performing programs today are digital media. And digital media by its nature is measurable. You can track impressions, clicks, inquiries, conversions, time on page, length of view, and more.

3. Choose measurements that matter
Focus on those measurements that can give you valuable insight leading to decisions that will improve your marketing program. Here are some measurements that matter:

  • The three V’s: Volume, Value, and Velocity. Volume is the count of leads or deals delivered by a marketing program. Value is how much that lead is worth; a program might not deliver a high volume of leads, but can still be a strong program because those leads produce a higher amount of sales. Velocity considers how fast a lead converts to a sale.
  • Cost per inquiry. Measure, but beware of deceptive results. For example, a program may have a high cost per inquiry but deliver highly qualified prospects and more sales. On the other hand, a program that delivers a low cost per inquiry might look good but not result in sales.
  • Brand awareness. Brand awareness is the fuel that powers other marketing programs and can help prospects accelerate through their buy cycle because they are familiar (and presumably comfortable) with your company and its reputation. Good measurements of brand awareness include how much of your target audience you get in front of, the frequency of being in front of them, and cost per branding tactic.

4. Meet the needs of financially-focused executives
Many of the metrics that marketers track—impressions, clicks, video views, engagement opportunities, and so on—may not interest financially-focused C-level executives. Their interest is in revenue, growth, and net contribution. If you need to demonstrate ROI to an executive team, you should think in terms of financial outcomes, which are the most challenging to measure in marketing.

If a sale occurs quickly after initial contact, or if you are using only a limited number of marketing channels, it may be apparent what program generated the engagement opportunity that led to the sale, making financial ROI easier to measure. But it’s not always this easy. The industrial buy cycle can be long and complex, involve multiple decision makers, and include many marketing touch points. So when the sale finally occurs, which marketing program(s) get the credit? Most likely, all of the touch points contributed to the sale.

Some financial-based measurement strategies include assigning all credit for a sale to the first, or last, touch point. This approach is an easy one to take, but also serious flaws. It can make otherwise effective marketing programs that helped contribute to the sale look bad, or weak marketing programs that may have been the first or last touch look better than they are. Another approach is to track all touch points for a customer and assign them a weight, then calculate a percentage contribution to each touch point.

5. Demonstrate ROI for early stages of buy cycle
Although many customers don’t initiate contact with a vendor until later in their buy cycle, you can still demonstrate ROI of marketing programs that supports customers in the earlier buy cycle stages.

For example, web page views, clicks, content downloads, video views, webinar attendance, and mentions or shares on social media can all be tracked and tied to your marketing efforts. These important metrics measure customer awareness, interest, and engagement with your brand, products, and services. If you perform well in these measurements and show improvement over time, then you can reasonably assume your marketing is helping customers through their early stage buy cycle, and you are increasing opportunities to be on their list in later consideration and purchase stages.

6. Assign responsibility to ensure success
A person or a team should be assigned responsibility for measuring ROI. This includes tracking contacts and inquiries through the marketing and sales funnel, knowing the status of any contact or inquiry at any given time, and tracking all marketing touch points for any given customer or prospect. This is critical information as it is the only way you accurately measure the quality of your engagement opportunities, effectiveness of marketing programs, and the return you achieve.

7. Make decisions to drive improvements
Don’t just measure something because you can. Measure only what you can act upon to improve the performance of your marketing program. Each measurement should help you expand your understanding of how to make the program better and align it with your company’s strategic objectives. With every measurement, always ask: Why am I tracking this? What decisions will I be able to make? How will this help our program improve?

This post on measuring ROI was partially excerpted from “Taking a Strategic Approach to Digital Media.” This complimentary white paper also details ways to develop an effective digital media strategy and create a budget for digital marketing, as well as how to solve the challenge of measuring marketing ROI in this digital era. Download your copy today.

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How do you measure ROI? What strategies for effectively measuring ROI would you pass along to your peers in industrial marketing? Share your thoughts in the comments section below.

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