How To Manage A Growing Industrial Equipment Business: Five Ways To Maximize Sales

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Sales are at the heart of a growing industrial equipment business. So, as your company scales, you need to implement a new approach for maximizing your sales. Here are five great ways to do just that.

1. Sell Your Equipment via a Third Party

If you have used and functioning industrial equipment that is gathering dust because you cannot find a buyer through your usual avenues, you can expand your customer reach by listing your equipment on multiple platforms. One of the best options is to sell your used process equipment in Revelation Machinery. You are five to six times more likely to sell your industrial equipment compared to selling it through your own platform. Furthermore, Revelation Machinery deals with all of the customer contact, which means you have more time to focus on other areas of your business operations. When you use an experienced and reputable third party to shift equipment that has been hanging around for months, you can easily and quickly make sales.

2. Know Your Customers Intimately

When your sales reps have access to customer analyses and reports, they will be much better positioned to target the right potential customers with marketing strategies and create a better customer experience. So, your company should get to know your customers intimately. When you look at previous customers’ historical data, you will know what equipment they have purchased in the past, what prices they have paid, how often they have purchased equipment and many other things that directly correlate with your gross profit margins. You will be much better placed to target the right customers in a way that suits their individual needs when you have valuable insights into their shopping habits. Not only does that allow you to maximize sales. It also helps you to foster a good relationship with your customers because they will know that you understand their needs and can provide precisely what they want.

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3. Monitor Customer Equipment and Sale Add-ons

Not only can you maximize sales by looking in detail at customer statistics. You can also gain more sales by using the right tools to monitor the health of the equipment your customers use. With dashboards and user-friendly reports, you can easily alert customers when maintenance is required. Your customers will be only too pleased that you are able to provide that service because it gives them one less thing to worry about. Use a BI and Analytics tool that is designed for the industrial equipment to monitor all of the most vital KPIs. When you do that, your sales reps can much more easily sell not only maintenance services but also add-ons to suit the specific customer’s needs. For example, if you monitor an excavator that a customer has purchased, you could sell add-ons like belts and attachments as well as accessories like earplugs, goggles, and hardhats. Furthermore, when you sell add-ons as bundles, your sales rep is more likely to make a sale and the customer will be happy at getting a discount.

4. Nurture Your High-value Customers

Typically, 80% of your revenue will come from just 20% of your customer base. So, you should focus more on taking care of your high-value accounts and also give nudges to potential customers to become high-value. One of the best ways of achieving that is to create free educational materials such as webinars and blog posts. The more value and resources you can provide your customers with, the more they will remain loyal to your company and purchase more equipment.

5. Know Your Competition

Sure, you need to focus on your customers. But you also need to get to know your competitors if you want to effectively grow your business and maximize sales. In order for your sales team to persuade potential buyers to contact your company and make purchases, it is pivotal you understand why your products and conditions are better than the competition. You can then convey that to new customers. You should pay attention to things like the cost of your competitors’ products and services, the technical features of their equipment, the warranties they offer, and which brands they sell the most. When you know such things and keep up-to-date with your competitors’ operations, you can effectively adjust your own products and services to ensure potential customers come to you rather than the competition.