According to a new report from IEN and RH Blake, the way companies are buying big ticket high-value B2B manufacturing purchases is changing dramatically.
Critical operational needs, like asset aging and technology obsolescence, are the primary drivers for initiating major purchasing.
By the numbers:
- 59% of manufacturers said old equipment is the top reason they start shopping
- 53% said it’s because their equipment is no longer compliant
However, only 7% of manufacturers say economic or government incentives move the needle, and a mere 16% say they start the process to stay competitive.
So, when it comes to marketing, manufacturers need to focus on how easily their products can replace obsolete equipment. Don't waste time talking about how they will help companies meet their environmental goals, because that is not what is opening the wallet for manufacturers.
For more information, download the "B2B Manufacturing Buyer Journey Study."
