Gaining Market Share as a Construction Equipment OEM
In order to capture a larger share of the market, you have to convince potential customers that your construction equipment is better. And a better deal. You want to be seen as the source of must-have equipment. But in today’s marketplace, as a construction equipment OEM, you also have to be seen as a trusted information resource.
Gaining market share requires establishing working partnerships with customers that go beyond the old buyer-seller relationship.
Achieving that level of acceptance requires more strategic thinking about your marketing — a different approach that allows you to create highly-targeted, customized implementation tactics. That’s critical because you need to speak directly to each of your target audiences.
You do have multiple audiences.
You’re selling new equipment. You’re selling parts. You need a strong network of dealerships so your products are readily accessible. Your dealers need a strong supply of buyers who are committed to your brand, both when they need more equipment and when they need parts and service. Your target audience even shifts somewhat depending on the specific type of equipment your prospect needs.
So, in reality, your goal is to grow an entire series of separately-defined “market shares.” Web-based marketing enables you to create and deliver tailored content – information – designed to engage different types of buyers, so you can grow each segment of your market.
You can single out an audience, no matter how narrowly defined, and provide the information that’s most useful or timely for them, whether they’re “just-looking” or they’re ready to make a final purchasing decision. Engaging them where they are in the sales funnel makes you immediately relevant for them, so it’s easy to start and continue a conversation that leads to conversion.
Name familiarity is good, but trust is critical to gain market share.
If you’re a relative newcomer among OEM’s, at least in certain geographic locations, building basic name familiarity is essential. Fortunately, technology innovations and global acceptance of the internet as the place to shop have leveled the playing field, brand vs. brand and smaller vs. multi-national. And even the biggest construction equipment OEM has to keep their name in front of people.
But that’s just the beginning. Buyers want to know what you can do for them, individually. Building that kind of credibility and trust requires delivering more than just a sales pitch. Of course, you have to answer all their facts-and-figures questions. Spec sheets, detailed product descriptions, etc. should be easily accessible on your website or as downloads.
However, the bottom-line question is: how does your equipment help someone grow their construction company? After all, that’s their goal. Machines are tools of the trade, but they’re a significant investment. You’ll increase market share when you can demonstrate your machines and your support system can help customers complete their jobs better, more efficiently, more cost-effectively. Using real-life examples is a great way to showcase your products in action, solving problems your customers can easily relate to.
Your dealers are an important part of the equation, too. They’re your front line. They give your brand a face and engage customers in ways that build personal relationships and instill long-term loyalty.
Creating broad-based, useful and well-targeted content customers can read and watch via your own website, blog, social media, etc. will help increase market share. But you’ll gain the most by actively cross-marketing with your dealers. The content they can share with customers and content-specific links to and from their websites will ensure a seamless experience that builds trust, demonstrates value and generates sales.