In the fast-paced world of e-commerce, where industries and businesses constantly evolve, industrial marketing emerges as a pivotal domain. For instance, consider scenarios where a manufacturer is looking to optimise their production process, a software company is seeking cybersecurity measures, or a construction firm requires raw materials. Who connects all these diverse industries? This is where industrial marketing takes center stage. This type of marketing revolves around identifying the demands and needs of businesses, as illustrated in the previous example of a software company, and promoting solutions that match those requirements.
This form of marketing often serves as a bridge that connects multiple companies and enables them to thrive. To support this claim, here are some interesting industrial marketing statistics:
- A significant 85% of industrial marketers indicated that they have a well-defined marketing strategy.
- By 2027, the global industrial marketing automation market is projected to achieve an estimated value of $45.3 billion.
- By 2024, digital commerce revenue is expected to reach $25.5 trillion.
- A staggering 84% of industrial manufacturers are increasing their digital marketing budget.
Since these stats prove how industrial marketing can boost sales, industries should consider employing various tools to enhance their efforts. Exhibit 360 is one such innovative tool that has surfaced for B2B marketers today.
How Exhibit 360 Helps in Industrial Marketing
Exhibit 360 is a new-age solution designed to elevate industrial marketing through its array of services, including virtual showrooms, 3D product configurators, and 3D product demonstrations. Businesses can leverage these modern services to upgrade their B2B marketing efforts and drive business success.
1. Virtual Showrooms
Virtual showrooms are dynamic online platforms that empower businesses to exhibit their products or services in a visually immersive and interactive manner. They recreate the experience of visiting a physical showroom while overcoming the challenges related to them. It allows customers to explore products virtually, just as they would in a physical showroom. Businesses can harness the power of virtual showrooms to increase sales and conversion by:
- Enhancing Product Engagement: Virtual showrooms offer a 360-degree view of products, enabling customers to examine them closely. It also enables them to understand the functioning of the products through animations and annotations. This hands-on experience makes customers feel more involved and connected with the products.
- Breaking Geographical Barriers: Virtual showrooms can efficiently break down geographical barriers that have traditionally constrained businesses in the industrial sector. Unlike physical showrooms, which are confined to specific locations, virtual showrooms transcend borders, allowing them to reach a global audience. As a result, the brand’s presence expands far beyond its physical reach, leading to enhanced visibility.
- Reducing Decision Time: Unlike traditional physical stores, virtual showrooms empower customers to explore products at their own convenience and pace. They can delve deep into product details, zoom in on features, and compare options with a few clicks. As a result, potential buyers can make well-informed decisions about the products and understand how they align with their needs.
2. 3D Product Configurators
3D product configurators allow customers to customise and visualise products in real-time. They can select various options such as colours, sizes, and features to create a personalised product. This solution can help increase sales by:
- Enhancing Personalisation: 3D product configurators foster a sense of ownership among customers by enabling them to customise the products to meet their needs and preferences. Instead of relying on static images or descriptions, customers can see their choices come to life in a three-dimensional environment.
- Reducing Returns: These configurators enable customers to see exactly how their customised product will look with the help of real-time visualisation. Customers can experiment with different configurations and immediately see the impact of their choices on the product. This reduces the likelihood of dissatisfaction upon delivery and subsequent returns.
- Boosting Confidence: 3D configurators offer customers complete transparency and control over customisation. They can fine-tune their choices until they are satisfied with the product. This leads to more informed and confident purchasing decisions.
3. 3D Product Demos
3D product demos provide an interactive and detailed representation of a product’s features and functionalities. These demos offer unparalleled product experience to potential customers, significantly increasing the chances of conversion by:
- Effective Product Education: 3D demos enable customers to explore every attribute of the product, from its design and functionality to its unique features and benefits. This approach allows users to grasp complex concepts more easily and remember product details better.
- Building Trust: Detailed 3D product demonstrations allow customers to witness all aspects of the product firsthand. This transparency fosters trust since customers feel more confident about their investments.
- Reducing Customer Queries: These demos are clear and comprehensive and can answer queries upfront. This reduces the need for additional inquiries post-demo and accelerates the purchase process.
Incorporating these services can allow businesses to reach their customers efficiently and enhance their industrial marketing efforts.
A Comprehensive Introduction to Industrial Marketing Statistics
Industrial marketing (also known as B2B marketing) is a form of marketing that focuses on promoting and selling products from one business to another. It differs from B2C marketing in the following ways.
- Target Audience: Unlike B2C marketing, which targets individual consumers, industrial marketing focuses on organisations, institutions, or entities. The customers are typically professionals, decision-makers, and procurement managers who make purchasing decisions on behalf of their companies. In contrast, B2C marketing seeks to appeal to individual customers’ needs, preferences, and emotions.
- Relationship Focus: B2C marketers often focus on one-time transactions and individual customer experience. However, that’s not the case in B2B marketing. Industrial marketing places a substantial emphasis on cultivating and maintaining client relationships due to the fact that B2B transactions often involve ongoing contracts, negotiations, and post-sale assistance.
- Messaging and Content: Industrial marketing typically focuses on technical and informational content that addresses the needs and challenges of businesses. Content often includes industry research, technical specifications, and case studies. In B2C marketing, content and messaging are often more emotional or aspirational, appealing to individual desires and lifestyles.
Decision-making in industrial marketing is crucial since it requires careful consideration and involves multiple stakeholders, leading to longer sales cycles. B2B markets often involve niche segments with unique needs. Here, data-driven insights are useful since they help identify and segment potential customers accurately. This ensures that the marketing efforts are targeted toward the most promising prospects.
Through data analysis, businesses can create detailed customer profiles, encompassing factors like industry, size, location, and purchasing behaviour. This information allows for the customisation of marketing strategies tailored to specific client segments. Data analytics also reveal which marketing channels are most effective in reaching and engaging industrial buyers. By harnessing the power of data, companies can make informed decisions and optimise resource allocation.
What’s Our Understanding of Industrial Marketing in the Present-Day Scenario?
Over recent years, the industrial marketing landscape has undergone significant changes due to technological advancements. The rapid digitisation of industrial marketing has led to B2B buyers relying on online channels for product research and procurement. As a result, businesses have had to enhance their digital presence, invest in e-commerce capabilities, and optimise their websites for a seamless customer experience.
Content marketing has become a pivotal domain of industrial marketing. Industrial buyers often require in-depth technical information, whitepapers, case studies, and instructional content. As a result, industrial businesses have amped up their content creation efforts to provide value and set them apart as industrial experts.
Today, industrial buyers have access to multiple options due to the competitive market. In order to stand out from the competition, industrial marketers are employing personalisation tactics according to client needs.
Essential Statistics for Understanding Industrial Marketing
In light of the recent swift pace of digitisation, staying up-to-date with the latest industrial marketing stats and trends has become increasingly crucial. Here are some of the most important B2B marketing stats you should know.
1. Digital Presence and Engagement
- 90% of B2B buyers typically explore between 2 to 7 websites for research before making a purchase.
- 79% of industrial marketers have employed SEO strategies.
- 57% of industrial buyers refrain from buying from a business with a poorly designed or non-existent mobile site.
- 62% of industrial buyers indicate that they use web searches as one of their initial three resources for getting information.
- 90% of B2B buyers mention that their purchase journey starts with an online search.
- Approximately 29% of Google users visit just a single page from the search results.
2. Content Marketing in B2B
- 97% of marketers have integrated content marketing into their marketing strategies.
- The most effective video formats were instructional videos (53%), online seminars or webinars (35%), and conversations with experts in the industry (30%).
- Industrial manufacturing organisations primarily utilise social media publishing and analytics (85%), analytics tools (78%), and email marketing softwares (75%) as their top technologies for supporting content marketing efforts.
- Videos were the most commonly created content format by industrial marketers.
- 83% of B2B marketers utilised short articles as a part of their content marketing strategy.
- 67% of industrial marketers used content marketing with the goal of establishing credibility and trust.
- 46% of B2B companies intend to boost their investment in content marketing.
3. Social Media and B2B
- 84% of CEOs and VPs employ social media to make purchase decisions.
- 95% of B2B marketers use social media content in various ways, making it the most widely used content type.
- LinkedIn is the source of 4 out of 5 B2B leads from social media.
- LinkedIn is considered the most effective platform for content distribution by 93% of B2B businesses.
- 66% of B2B marketers have reported witnessing an ROI from paid ads on social media.
4. Email Marketing and Automation
- 18% of industrial marketers identified email marketing as their company’s best-performing marketing strategy.
- 42% of industrial marketers are unaware of their email open rates.
- The average open rate for B2B mail is 20%.
- B2B marketers notice a 20% increase in sales revenue when their email campaigns are personalised.
What Are the Rising Trends in Industrial Marketing?
In the ever-evolving landscape of industrial marketing, it is crucial to stay on top of the rising trends. Here are some of the trends that are shaping the future of B2B marketing.
1. Account-Based Marketing (ABM)
Account-based marketing (ABM) is a strategic marketing approach where businesses focus their efforts on targeting and engaging specific high-value accounts or companies rather than a broader audience.
- 76% of marketers achieved higher ROI with ABM than any other marketing strategy.
- 75% of industrial marketers reported that ABM enabled them to identify and engage with the right buyers early in their buying journey.
2. Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine learning (ML) are transforming industrial marketing by automating complex tasks and providing data-driven insights.
- 73% of marketing executives, both B2B and B2C, have adopted AI tools in their companies.
- 57% of industrial marketers utilise AI chatbots to better understand their audience.
3.Virtual Reality (VR) and Augmented Reality (AR)
Virtual reality (VR) and augmented reality (AR) have numerous use cases in B2B sales and marketing, such as immersive product demonstrations, interactive training, and real-time configuration.
- Revenue in the AR and VR market is expected to reach $52.5 billion in 2027.
Conclusion
Harnessing the power of industrial marketing statistics is paramount for crafting effective strategies. These insights enable businesses to not only stay competitive but also achieve better returns on their investments. As trends evolve and markets change, staying updated and adopting a data-driven approach is crucial to remain relevant.
At Exhibit 360, we specialise in providing cutting-edge industrial marketing solutions tailored to your unique needs. Contact us today to explore how our services can help propel your business to unforeseen heights with data-driven precision.
FAQs
What is industrial marketing?
Industrial marketing refers to the process of promoting and selling goods and services from one business to another.
Why do we need to study statistics for marketing?
Studying statistics for marketing is essential to make data-driven decisions, optimise strategies, and maximise the effectiveness of marketing efforts.
What is the purpose of industrial marketing?
Industrial marketing aims to efficiently promote and sell specialised products or services to businesses, focusing on building strong B2B relationships and meeting the unique needs of industrial customers.
What are the benefits of industrial marketing?
The benefits of industrial marketing include increased brand visibility, targeted customer engagement, stronger customer relationships, and enhanced profitability.
What are some effective strategies for industrial marketing?
Some of the effective industrial marketing strategies are account-based marketing (ABM), personalised marketing, data-driven decision-making, and leveraging digital channels for B2B lead generation.
Why is strategy important to an industrial marketer?
Strategy is crucial for industrial marketers to navigate complex B2B landscapes, allocate resources effectively, and tailor marketing efforts to meet the specialised needs of customers, ultimately driving success and growth.
