Buyer Facts September 2011 Ipb


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Buyer Facts September 2011 Ipb

  1. 1. IPB Fast FactsThomasNet’s Industrial Purchasing Barometer (IPB) arms industrial companies with insights aboutindustrial buyers to help them understand the needs of these buyers and grow their businesses.Company information that influences buying decisions IPB September 2011Buyers of industrial products and/or services responded to this IPB via an online surveyconducted in September 2011. More than 8 out of 10 respondents (80%) included those withjob functions in engineering (21.4%), purchasing (20.4%), general management (27.5%), andmanufacturing/production/operations (11.4%).Here are the fast facts you need to know:• Buyers compare multiple suppliers… Nearly 89% of respondents state they compare multiple suppliers when sourcing. The majority (64%) evaluate 2 to 3 companies before making a decision. Another 20% look at 4 or 5. Just shy of 5% will even compare 6 or more.• Buyers want product specs and full catalogs… When it comes to industrial products, the only information more highly influential than pricing was detailed product information and specifications (82%). Also important to buyers are product catalogs and brochures (54%). Brands carried (37%) and part numbers (38%) are also highly ranked. CAD drawings (24%) and industries served (21%) also drew frequent mention.• Specialization and capabilities: a must for custom manufacturers… Second only to pricing, specializations/expertise of custom manufacturers is most influential to buyers (74%). This is followed by applications and capabilities (69%). Buyers also indicate preference for equipment lists (32%), ISO or other certifications (28%) and technical case studies/portfolios (25%). Not to be neglected was how to submit an RFQ (24%).• Tell buyers about your company… Buyers of custom manufacturing put heavy emphasis on the history and background of a company they are considering buying from (51%). Just under 40% of buyers feel similarly about product manufacturers. History doesn’t just mean a timeline, however—buyers want to know about past projects in the form of case studies (13%). Moreover, about half of all buyers also stress the value of company location(s) and distributor information for both custom and product manufacturers.
  2. 2. IPB Fast FactsHere are the fast facts you need to know: (continued)• Tell buyers about your customers… Your customers, past and present, matter to buyers. For buyers of custom manufacturing, 21% want to see lists of current customers, as do 12% of product buyers. Customer testimonials are also influential to 19% of buyers of custom manufacturing, as well as 13% of product buyers.What do these fast facts mean for you?Between smartphones, WiFi and the pervasiveness of on-demand digital information, industrialbuyers have more access to information resources than ever before. As such, buyers want as muchknowledge about a potential supplier and its products/services as they can find before consideringbuying from them. While buyers want different information from custom manufacturers than fromstandard product suppliers, one thing remains the same—details, details, details! The most likelyplace a potential customer will go to find this information is your website. If you do not have thisinformation on your website, you could be losing business.ThomasNet has helped thousands of companies just like yours to create an onlinemarketing strategy and website that meet the needs of industrial buyers who expectrelevant and detailed information so that they will contact those companies and buyfrom them. We can help you too.To find out more:Visit us at: http://promoteyourbusiness.thomasnet.comEmail us at ipb@thomasnet.comCall us at: 866.585.1191