One of the key things to know about the manufacturing business is that such businesses are constantly making purchases of components and raw materials, as well as the tools they need to make whatever it is they make. That can create big opportunities for companies that supply them.
One thing you need to know about selling to manufacturing companies is that you may have to go through a chain of command to make a sale. According to research, more than 60% of manufacturing purchases involve at least three people. That could be a purchasing manager, a department manager and a senior management representative, for example. The thing to keep in mind when selling to a manufacturing business is that you need to be patient.
Once you are able to make a sale to a manufacturer, make sure you establish a rapport and work toward a long-term relationship. About 70% of manufacturing businesses purchase goods and services on a weekly basis, which could mean a lot of business for you. Whether you are working with a large company or a small one, it is likely to have constant need for things like drills, clamps for clamping, abrasives and other tools and equipment.
Bigger equipment is also a lucrative sales opportunity, although such purposes are much more infrequent because companies only buy large equipment if they need to replace something or if they are expanding. If you can make a sale of such equipment, it likely will be a pricey one. Companies were forecast to spend more than $8.8 billion just on precision metal cutting equipment last year.
You may figure that you don’t need to do a lot of advertising to sell clamping, drilling or other supplies to manufacturers, but that’s not necessarily the case. While manufacturers may have very specific needs that don’t leave room for a lot of variety, they still need to know what is on the market so they can compare, so advertising is important. Research shows that product providers just in the metalworking industry are expected to spend nearly $500 million on advertising this year.
Manufacturing is a very cyclical industry that can be affected greatly by macroeconomic factors, so any company in the business of selling goods and services to manufacturers should have a good business plan that takes that factor into account. More. Helpful sites.
