What is industrial marketing?
First, it is closely associated with B2B (business-to-business) marketing, whose main characteristics are as follows:
- The clients are companies.
- There are fewer customers and prospects, but their potential unit value is higher.
- The search for information can be very thorough.
- Decision cycles are generally longer than in B2C.
- The value of a single customer can represent a significant portion of revenue.
- B2B customers want to benefit from greater expertise and support.
- B2B relationships are generally closer than B2C relationships.
A subcomponent of B2B marketing
However, industrial marketing is more restrictive. It is a subset of B2B marketing. It should be considered a separate field of study.
Our definition of industrial marketing can be broken down into three parts. First, it logically concerns only marketing techniques specific to industrial products and services. Second, the main differences lie in the great importance given to the functional characteristics of products (and potentially services), as well asto the company's expertise in a very specific field. Finally, industrial marketing strategies also take into account the specificities of the purchasing process, which are even more pronounced than in general B2B cases: derived demand, customer-supplier interdependence, functional interdependence, multiple contacts, long-term relationships, high amounts committed, etc.
We can now move on to the more concrete aspects, namely: the benefits of developing an industrial marketing strategy and the techniques to prioritize in this sector. See you very soon on the blog to find out more 😉
