How OEM Manufacturers of Engineered Products Can Maximize Sales and Revenue?How OEM Manufacturers of Engineered Products Can Maximize Sales and Revenue?

How OEM Manufacturers of Engineered Products Can Maximize Sales and Revenue?

Instead of tirelessly amplifying factors that drive sales, let's address the barriers creating friction, preventing potential customers from making that vital decision.

Identifying and tackling friction head-on opens new avenues for growth and success.

Let's consider an example with a website conversion rate of 2%

While doubling it to 4% might seem challenging, consider a shift in focus. Instead of solely focusing on increasing buyers, concentrate on reducing the number of non-buyers among the existing 98%.

Isn't it easier to achieve a 2.5% reduction in non-buyers vs. 100% increase in buyers? This principle holds true for physical product sales as well.

Now, let's delve into the heart of the matter: the types of friction that can hinder sales success:

1. Product Info and Purchase Friction:

Product which can't be found will not get sold with 100% certainty and product that you can't sell is a wrong answer to customer search.

Incomplete or outdated product information, including tech. details, end-of-life (EOL), and end-of-support (EOS) statuses lead to uncertainty, hindering potential buyers' informed decisions. Additionally, the lack of up-to-date stock availability and specifications obstructs smooth transactions, resulting in missed sales opportunities.

2. Buyer identification friction:

The success of product sales relies on knowing who your buyers are. With multiple users in different roles, experiences, and positions within the indirect sales channel, any uninformed link can lead to lost sales opportunities.

To bridge this gap, product information must cater to the entire channel, including Inside, VAD, SI, End-User, and Consultants, while supporting all levels of experience, from technical users to business users and approvers/managers. Facilitating seamless sharing and discovery of product information becomes a critical component of a product information channel.

3. Business Systems Friction:

Internal systems: Inefficiencies and missed opportunities can arise from disconnected systems within an organization. For instance, the absence of a centralized single source of truth repository and the lack of synchronization between website product data and the ERP system can lead to critical mistakes and lost deals. Moreover, when different teams work in isolated silos, it further exacerbates the challenges.

External systems: If product information is inaccessible via API and your buyers don't use it, you are losing potential orders for new products. Effective communication to the right users via right channels is vital to generate demand and share knowledge.

Address questions like "Are you engaging the right people?", "Will they pass on information?", and "Is new product data shared with relevant teams?" Implementing a seamless Master Data Management (MDM) process is key to overcoming external frictions and maximizing opportunities.

4. Discovery Friction:

I would start with a questions: how do people select products? What are they looking for? I can bet it isn't just selling individual products like sensors, cameras, or turnstiles. Instead, it revolves around empowering customers to meet their specific needs and intents. Whether it's facilitating the smooth entry of 500 people through a turnstile in a Dubai building while adhering to all regulations, or addressing unique security challenges, the key lies in helping customers and partners find the right products and solutions tailored to their specific requirements.

So, what are they looking for?

Role based selection? Vertical use case selection? Application selection?

Overcoming this discovery friction is crucial to ensuring a seamless and effective sales process.

Here's the pivotal question: Do you agree that friction is a real problem during the selling process? If decreasing frictions could add more to your sales, then just for example adding resources to your sales team or adding additional feature to your new camera?

At Neurologik, we're committed to providing solutions that not only decrease friction but also increase the velocity and capacity of sales, marketing, and product teams of security manufacturers. However, for now, let's focus on exploring the theory and concepts behind optimizing manufacturing sales processes.

Get ready for more exciting updates on optimizing sales for manufacturers. We'll be delving into each type of friction and exploring effective strategies to overcome them in great detail. Your valuable input and ideas are always encouraged and highly appreciated as we embark on this journey together.

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